Insider Selling: Lumentum Holdings Inc. (NASDAQ:LITE) CAO Sells 8,172 Shares of Stock

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

Lumentum Stock Performance

Lumentum stock traded down $2.93 during mid-day trading on Thursday, reaching $85.13. The company’s stock had a trading volume of 1,736,934 shares, compared to its average volume of 1,473,607. The firm has a market cap of $5.85 billion, a price-to-earnings ratio of -10.28, a PEG ratio of 8.83 and a beta of 0.88. The business has a 50 day moving average price of $65.76 and a 200-day moving average price of $55.13. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87. Lumentum Holdings Inc. has a twelve month low of $38.28 and a twelve month high of $89.70.

Lumentum (NASDAQ:LITE) last posted its earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share (EPS) 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 analysts’ expectations of $301.36 million. Lumentum had a negative return on equity of 6.79% and a negative net margin of 40.70%. The firm’s quarterly revenue was down 16.9% compared to the same quarter last year. During the same period last year, the business posted $0.12 earnings per share. Sell-side analysts predict that Lumentum Holdings Inc. will post 0.17 EPS for the current fiscal year.

Institutional Investors Weigh In On Lumentum

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Capital Performance Advisors LLP bought a new stake in Lumentum in the third quarter worth about $33,000. Point72 DIFC Ltd bought a new stake in Lumentum in the second quarter worth about $36,000. GAMMA Investing LLC raised its position in Lumentum by 141.6% in the third quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock worth $57,000 after acquiring an additional 524 shares in the last quarter. Signaturefd LLC raised its position in Lumentum by 93.9% in the second quarter. Signaturefd LLC now owns 1,144 shares of the technology company’s stock worth $58,000 after acquiring an additional 554 shares in the last quarter. Finally, EntryPoint Capital LLC bought a new stake in Lumentum in the first quarter worth about $112,000. 94.05% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on LITE. Bank of America increased their price target on shares of Lumentum from $45.00 to $50.00 and gave the stock an “underperform” rating in a report on Thursday, August 15th. B. Riley increased their price objective on shares of Lumentum from $40.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, August 15th. 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 report on Thursday. Craig Hallum increased their price objective on shares of Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Finally, Barclays increased their price objective on shares of Lumentum from $40.00 to $80.00 and gave the company an “underweight” rating in a report on Monday. Three analysts have rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Lumentum has a consensus rating of “Hold” and an average 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.