Lumentum Holdings Inc. (NASDAQ:LITE - Get Free Report) Director Alan S. Lowe sold 20,000 shares of the company's stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $93.47, for a total transaction of $1,869,400.00. Following the sale, the director now owns 230,471 shares of the company's stock, valued at $21,542,124.37. This represents a 7.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Lumentum Stock Up 0.0%
LITE stock traded up $0.04 during midday trading on Friday, hitting $94.75. The stock had a trading volume of 2,729,233 shares, compared to its average volume of 2,109,948. The business has a 50-day moving average of $74.31 and a two-hundred day moving average of $75.01. The company has a debt-to-equity ratio of 2.91, a current ratio of 4.72 and a quick ratio of 3.53. Lumentum Holdings Inc. has a 52-week low of $38.29 and a 52-week high of $104.00.
Lumentum (NASDAQ:LITE - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.07. Lumentum had a negative net margin of 29.87% and a negative return on equity of 8.69%. The company had revenue of $425.20 million during the quarter, compared to analyst estimates of $418.18 million. During the same period last year, the business earned $0.09 EPS. Lumentum's quarterly revenue was up 16.0% compared to the same quarter last year. Equities analysts anticipate that Lumentum Holdings Inc. will post 0.03 EPS for the current year.
Institutional Inflows and Outflows
A number of large investors have recently added to or reduced their stakes in the stock. PointState Capital LP bought a new position in shares of Lumentum during the first quarter valued at $213,503,000. Capital World Investors increased its stake in Lumentum by 108.3% during the 4th quarter. Capital World Investors now owns 3,600,132 shares of the technology company's stock valued at $302,231,000 after purchasing an additional 1,871,572 shares in the last quarter. Analog Century Management LP bought a new stake in Lumentum during the 1st quarter valued at about $60,348,000. Norges Bank purchased a new position in Lumentum in the fourth quarter worth about $68,962,000. Finally, Nuveen Asset Management LLC lifted its stake in shares of Lumentum by 98.9% in the fourth quarter. Nuveen Asset Management LLC now owns 1,228,371 shares of the technology company's stock worth $103,122,000 after buying an additional 610,938 shares in the last quarter. Hedge funds and other institutional investors own 94.05% of the company's stock.
Wall Street Analysts Forecast Growth
LITE has been the topic of a number of recent analyst reports. Rosenblatt Securities reissued a "buy" rating and issued a $105.00 price target on shares of Lumentum in a report on Thursday, June 12th. JPMorgan Chase & Co. raised their target price on Lumentum from $87.00 to $100.00 and gave the stock an "overweight" rating in a research note on Thursday, June 12th. Morgan Stanley boosted their price target on Lumentum from $70.00 to $76.00 and gave the company an "equal weight" rating in a report on Wednesday, June 4th. Stifel Nicolaus increased their price objective on Lumentum from $85.00 to $100.00 and gave the stock a "buy" rating in a report on Thursday, June 5th. Finally, UBS Group reduced their target price on Lumentum from $96.00 to $78.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 7th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $84.93.
View Our Latest Research Report on Lumentum
Lumentum Company Profile
(
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Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. The company operates through two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers). The OpComms segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and data over high-capacity fiber optic cables.
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