Insider Selling: Lumentum Holdings Inc. (NASDAQ:LITE) Director Sells 15,000 Shares of Stock

Lumentum Holdings Inc. (NASDAQ:LITE) Director Harold L. Covert sold 15,000 shares of the stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $87.17, for a total value of $1,307,550.00. Following the completion of the sale, the director now directly owns 8,761 shares in the company, valued at approximately $763,696.37. This represents a 63.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Lumentum Trading Down 4.3 %

Shares of NASDAQ:LITE opened at $81.45 on Friday. The stock’s 50-day simple moving average is $66.35 and its two-hundred day simple moving average is $55.39. The stock has a market capitalization of $5.60 billion, a price-to-earnings ratio of -9.84, a PEG ratio of 8.98 and a beta of 0.88. Lumentum Holdings Inc. has a 52-week low of $38.28 and a 52-week high of $89.70. The company has a debt-to-equity ratio of 2.87, a quick ratio of 4.04 and a current ratio of 5.36.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Wednesday, August 14th. The technology company reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.03. Lumentum had a negative net margin of 40.70% and a negative return on equity of 6.79%. The company had revenue of $308.30 million for the quarter, compared to the consensus estimate of $301.36 million. During the same quarter last year, the firm posted $0.12 earnings per share. The firm’s revenue was down 16.9% compared to the same quarter last year. Analysts expect that Lumentum Holdings Inc. will post 0.17 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of LITE. Quarry LP grew its stake in shares of Lumentum by 85.5% during the 3rd quarter. Quarry LP now owns 436 shares of the technology company’s stock valued at $28,000 after acquiring an additional 201 shares during the period. Capital Performance Advisors LLP purchased a new position in Lumentum during the third quarter valued at approximately $33,000. Point72 DIFC Ltd bought a new position in shares of Lumentum in the second quarter worth approximately $36,000. Nomura Asset Management Co. Ltd. increased its stake in shares of Lumentum by 67.5% in the third quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock worth $42,000 after purchasing an additional 270 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Lumentum by 141.6% during the 3rd quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock valued at $57,000 after purchasing an additional 524 shares during the period. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Morgan Stanley increased their price objective on shares of Lumentum from $61.00 to $76.00 and gave the company an “equal weight” rating in a research report on Thursday. Susquehanna increased their price target on shares of Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a report on Friday, November 8th. JPMorgan Chase & Co. boosted their price objective on shares of Lumentum from $57.00 to $65.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. Bank of America increased their target price on Lumentum from $45.00 to $50.00 and gave the company an “underperform” rating in a research note on Thursday, August 15th. Finally, Jefferies Financial Group boosted their price target on Lumentum from $53.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $74.85.

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.