Lumentum (NASDAQ:LITE) Hits New 52-Week High - Time to Buy?

Lumentum Holdings Inc. (NASDAQ:LITE - Get Free Report) shares hit a new 52-week high on Monday . The company traded as high as $105.47 and last traded at $105.04, with a volume of 1746715 shares changing hands. The stock had previously closed at $102.22.

Wall Street Analyst Weigh In

LITE has been the subject of a number of research analyst reports. JPMorgan Chase & Co. lifted their price target on Lumentum from $100.00 to $123.00 and gave the company an "overweight" rating in a report on Thursday. B. Riley increased their price objective on Lumentum from $65.00 to $73.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 4th. Raymond James Financial raised their price objective on Lumentum from $80.00 to $90.00 and gave the company a "strong-buy" rating in a research note on Wednesday, June 4th. Stifel Nicolaus raised their price objective on Lumentum from $85.00 to $100.00 and gave the stock a "buy" rating in a research report on Thursday, June 5th. Finally, UBS Group cut their target price on Lumentum from $96.00 to $78.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 7th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $87.07.

Lumentum Stock Up 1.6%

The business has a fifty day moving average of $85.42 and a two-hundred day moving average of $75.77. The company has a market cap of $7.21 billion, a price-to-earnings ratio of -16.10 and a beta of 1.34. The company has a current ratio of 4.72, a quick ratio of 3.53 and a debt-to-equity ratio of 2.91.

Lumentum (NASDAQ:LITE - Get Free Report) last issued its quarterly earnings data 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 return on equity of 8.69% and a negative net margin of 29.87%. The firm had revenue of $425.20 million during the quarter, compared to the consensus estimate of $418.18 million. During the same period in the previous year, the firm posted $0.09 EPS. The company's quarterly revenue was up 16.0% compared to the same quarter last year. As a group, equities analysts anticipate that Lumentum Holdings Inc. will post 0.03 EPS for the current fiscal year.

Insider Buying and Selling at Lumentum

In other news, SVP Jae Kim sold 4,577 shares of Lumentum stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $77.98, for a total value of $356,914.46. Following the completion of the transaction, the senior vice president owned 31,534 shares of the company's stock, valued at $2,459,021.32. The trade was a 12.67% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Wajid Ali sold 2,222 shares of the stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $83.58, for a total value of $185,714.76. Following the transaction, the chief financial officer owned 47,460 shares of the company's stock, valued at $3,966,706.80. This represents a 4.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,520 shares of company stock valued at $5,742,078 in the last quarter. 0.19% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Lumentum

Large investors have recently modified their holdings of the stock. Proficio Capital Partners LLC bought a new position in Lumentum in the 4th quarter valued at about $531,000. Envestnet Portfolio Solutions Inc. raised its holdings in Lumentum by 14.5% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 4,383 shares of the technology company's stock worth $368,000 after purchasing an additional 556 shares in the last quarter. Thrivent Financial for Lutherans boosted its holdings in shares of Lumentum by 1.3% during the 4th quarter. Thrivent Financial for Lutherans now owns 16,165 shares of the technology company's stock valued at $1,357,000 after acquiring an additional 213 shares during the last quarter. Xponance Inc. increased its position in Lumentum by 10.7% in the fourth quarter. Xponance Inc. now owns 8,064 shares of the technology company's stock worth $677,000 after purchasing an additional 779 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in Lumentum by 1.4% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 15,173 shares of the technology company's stock worth $1,274,000 after acquiring an additional 206 shares during the period. 94.05% of the stock is owned by institutional investors.

Lumentum Company Profile

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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