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 firm’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $87.17, for a total value of $1,307,550.00. Following 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 document filed with the Securities & Exchange Commission, which is accessible through this link.

Lumentum Price Performance

NASDAQ LITE traded down $2.93 during trading hours on Thursday, reaching $85.13. 1,736,934 shares of the stock traded hands, compared to its average volume of 1,473,607. The company has a market cap of $5.85 billion, a price-to-earnings ratio of -10.28, a price-to-earnings-growth ratio of 8.83 and a beta of 0.88. The stock has a 50 day simple moving average of $65.76 and a two-hundred day simple moving average of $55.13. The company has a debt-to-equity ratio of 2.87, a current ratio of 5.36 and a quick ratio of 4.04. Lumentum Holdings Inc. has a 1 year low of $38.28 and a 1 year high of $89.70.

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

Wall Street Analyst Weigh In

Several research firms have recently weighed in on LITE. Barclays lifted their price target on shares of Lumentum from $40.00 to $80.00 and gave the company an “underweight” rating in a research note on Monday. B. Riley upped their price objective on shares of Lumentum from $40.00 to $50.00 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. Craig Hallum upped their price target on shares of Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Susquehanna increased their price target on shares of Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a research note on Friday, November 8th. Finally, Bank of America boosted their price target on shares of Lumentum from $45.00 to $50.00 and gave the company an “underperform” rating in a research report on Thursday, August 15th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Lumentum presently has an average rating of “Hold” and an average price target of $74.85.

Institutional Trading of Lumentum

Several large investors have recently bought and sold shares of LITE. Capital Performance Advisors LLP bought a new stake in shares of Lumentum during the 3rd quarter valued at $33,000. Point72 DIFC Ltd bought a new position in shares of Lumentum during the 2nd quarter valued at about $36,000. 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 buying an additional 524 shares in the last quarter. Signaturefd LLC raised its position in shares of Lumentum by 93.9% during the 2nd quarter. Signaturefd LLC now owns 1,144 shares of the technology company’s stock valued at $58,000 after buying an additional 554 shares in the last quarter. Finally, EntryPoint Capital LLC purchased a new stake in Lumentum in the 1st quarter worth about $112,000. 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.