Insider Selling: Lumentum Holdings Inc. (NASDAQ:LITE) Director Sells 3,345 Shares of Stock

Lumentum Holdings Inc. (NASDAQ:LITE) Director Harold L. Covert sold 3,345 shares of the company’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $81.78, for a total value of $273,554.10. Following the transaction, the director now directly owns 8,729 shares of the company’s stock, valued at approximately $713,857.62. This represents a 27.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Lumentum Price Performance

Shares of LITE traded up $3.48 during mid-day trading on Friday, hitting $89.09. The company’s stock had a trading volume of 2,309,649 shares, compared to its average volume of 1,487,331. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87. The firm has a 50-day simple moving average of $68.76 and a 200 day simple moving average of $56.47. The firm has a market capitalization of $6.12 billion, a P/E ratio of -10.76 and a beta of 0.88. Lumentum Holdings Inc. has a 1-year low of $38.28 and a 1-year high of $90.51.

Institutional Trading of Lumentum

Several hedge funds have recently modified their holdings of LITE. Quarry LP increased its stake in Lumentum by 85.5% in the 3rd quarter. Quarry LP now owns 436 shares of the technology company’s stock valued at $28,000 after purchasing an additional 201 shares in the last quarter. Capital Performance Advisors LLP purchased a new position in Lumentum in the 3rd quarter valued at approximately $33,000. Point72 DIFC Ltd purchased a new position in Lumentum in the 2nd quarter valued at approximately $36,000. Nomura Asset Management Co. Ltd. increased its stake in Lumentum by 67.5% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock valued at $42,000 after purchasing an additional 270 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in Lumentum by 141.6% in 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 in the last quarter. 94.05% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on LITE shares. Morgan Stanley upped their price objective on Lumentum from $61.00 to $76.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 14th. Rosenblatt Securities upped their target price on Lumentum from $69.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Craig Hallum upped their target price on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Susquehanna upped their target price on Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a research report on Friday, November 8th. Finally, Northland Securities upped their target price on Lumentum from $45.00 to $60.00 and gave the company a “market perform” rating in a research report on Friday, November 8th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Lumentum has an average rating of “Hold” and a consensus price target 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.