Harold L. Covert Sells 3,345 Shares of Lumentum Holdings Inc. (NASDAQ:LITE) Stock

Lumentum Holdings Inc. (NASDAQ:LITE) Director Harold L. Covert sold 3,345 shares of the business’s stock in a transaction that occurred on 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 in the company, valued at $713,857.62. This trade represents a 27.70 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Lumentum Trading Up 4.1 %

Shares of Lumentum stock opened at $89.09 on Friday. The firm has a 50-day moving average of $69.43 and a 200-day moving average of $56.89. The stock has a market cap of $6.12 billion, a PE ratio of -10.76 and a beta of 0.88. Lumentum Holdings Inc. has a 52-week low of $38.28 and a 52-week high of $90.51. The company has a debt-to-equity ratio of 2.87, a quick ratio of 4.04 and a current ratio of 5.36.

Institutional Trading of Lumentum

Several hedge funds and other institutional investors have recently bought and sold shares of LITE. Geode Capital Management LLC grew its position in shares of Lumentum by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,186,163 shares of the technology company’s stock worth $75,198,000 after purchasing an additional 15,799 shares in the last quarter. M&T Bank Corp grew its position in Lumentum by 69.1% during the third quarter. M&T Bank Corp now owns 11,743 shares of the technology company’s stock worth $745,000 after buying an additional 4,798 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its stake in Lumentum by 67.5% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock worth $42,000 after acquiring an additional 270 shares during the period. Castleark Management LLC acquired a new position in Lumentum in the 3rd quarter valued at $6,205,000. Finally, Weiss Asset Management LP bought a new stake in shares of Lumentum during the 3rd quarter valued at $1,093,000. Institutional investors and hedge funds own 94.05% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on LITE. Bank of America boosted their target price on shares of Lumentum from $45.00 to $50.00 and gave the stock an “underperform” rating in a report on Thursday, August 15th. Jefferies Financial Group upped their target price on shares of Lumentum from $53.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Northland Securities lifted their price target on Lumentum from $45.00 to $60.00 and gave the stock a “market perform” rating in a report on Friday, November 8th. Morgan Stanley boosted their price target on Lumentum from $61.00 to $76.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 14th. Finally, Barclays lifted their target price on Lumentum from $40.00 to $80.00 and gave the stock an “underweight” rating in a research note on Monday, November 11th. Three investment 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 data from MarketBeat, Lumentum presently has an average rating of “Hold” and a consensus price target of $74.85.

About Lumentum

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.