Lumentum (NASDAQ:LITE) Hits New 52-Week High – Here’s What Happened

Lumentum Holdings Inc. (NASDAQ:LITE)’s stock price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $90.10 and last traded at $89.41, with a volume of 466053 shares trading hands. The stock had previously closed at $82.47.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on LITE shares. Bank of America raised their price objective on Lumentum from $45.00 to $50.00 and gave the company an “underperform” rating in a research note on Thursday, August 15th. Northland Securities raised their price target on Lumentum from $45.00 to $60.00 and gave the stock a “market perform” rating in a research note on Friday, November 8th. Jefferies Financial Group raised their price target on Lumentum from $53.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Raymond James raised their price target on Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Finally, Susquehanna raised their price target on Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a research note on Friday, November 8th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $74.85.

Lumentum Price Performance

The stock has a fifty day moving average price of $68.13 and a 200-day moving average price of $56.26. The firm has a market capitalization of $6.08 billion, a PE ratio of -10.71 and a beta of 0.88. The company has a debt-to-equity ratio of 2.87, a quick ratio of 4.04 and a current ratio of 5.36.

Insider Activity

In related news, Director Penny Herscher sold 1,625 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $81.09, for a total transaction of $131,771.25. Following the transaction, the director now directly owns 6,852 shares in the company, valued at $555,628.68. The trade was a 19.17 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Harold L. Covert sold 15,000 shares of the business’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $87.17, for a total value of $1,307,550.00. Following the transaction, the director now owns 8,761 shares in the company, valued at approximately $763,696.37. This trade represents a 63.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,797 shares of company stock worth $2,155,188. 0.19% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quarry LP increased its holdings in shares of Lumentum by 85.5% in the third quarter. Quarry LP now owns 436 shares of the technology company’s stock valued at $28,000 after purchasing an additional 201 shares during the period. Capital Performance Advisors LLP acquired a new position in shares of Lumentum in the third quarter valued at about $33,000. Point72 DIFC Ltd acquired a new position in shares of Lumentum in the second quarter valued at about $36,000. Nomura Asset Management Co. Ltd. increased its holdings in shares of Lumentum by 67.5% in the third 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 during the period. Finally, GAMMA Investing LLC increased its holdings in shares of Lumentum by 141.6% in the third quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock valued at $57,000 after purchasing an additional 524 shares during the period. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

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.