Lumentum Holdings Inc. (NASDAQ:LITE) CAO Sells $715,867.20 in Stock

Lumentum Holdings Inc. (NASDAQ:LITE) CAO Matthew Joseph Sepe sold 8,172 shares of the company’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $87.60, for a total value of $715,867.20. Following the sale, the chief accounting officer now owns 21,138 shares of the company’s stock, valued at $1,851,688.80. The trade was a 27.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Lumentum Stock Down 4.3 %

LITE opened at $81.45 on Friday. The company has a debt-to-equity ratio of 2.87, a current ratio of 5.36 and a quick ratio of 4.04. The company’s 50-day moving average is $66.35 and its 200 day moving average is $55.48. Lumentum Holdings Inc. has a fifty-two week low of $38.28 and a fifty-two week high of $89.70. The firm has a market capitalization of $5.60 billion, a P/E ratio of -9.84, a PEG ratio of 8.98 and a beta of 0.88.

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

Wall Street Analyst Weigh In

Several research firms have weighed in on LITE. Morgan Stanley upped their target price on Lumentum from $61.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Thursday. Raymond James lifted their target price on shares of Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Needham & Company LLC raised their price target on shares of Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. B. Riley raised their price target on shares of Lumentum from $40.00 to $50.00 and gave the stock a “neutral” rating in a report on Thursday, August 15th. Finally, Susquehanna raised their price objective 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. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Lumentum has an average rating of “Hold” and an average target price of $74.85.

Institutional Trading of Lumentum

Several hedge funds have recently added to or reduced their stakes in LITE. Swedbank AB bought a new stake in Lumentum in the first quarter worth about $71,025,000. Atreides Management LP raised its position in Lumentum by 28.5% in the third quarter. Atreides Management LP now owns 1,691,017 shares of the technology company’s stock worth $107,177,000 after acquiring an additional 375,389 shares during the period. Point72 Hong Kong Ltd bought a new stake in Lumentum in the third quarter worth about $17,981,000. Van Lanschot Kempen Investment Management N.V. raised its position in Lumentum by 17.8% in the second quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,154,805 shares of the technology company’s stock worth $58,803,000 after acquiring an additional 174,828 shares during the period. Finally, Pinnacle Associates Ltd. raised its position in Lumentum by 50.4% in the third quarter. Pinnacle Associates Ltd. now owns 407,789 shares of the technology company’s stock worth $25,846,000 after acquiring an additional 136,659 shares during the period. Institutional investors own 94.05% of the company’s stock.

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.