Lumentum (NASDAQ:LITE) Shares Up 4.4% – Here’s Why

Lumentum Holdings Inc. (NASDAQ:LITE) shares traded up 4.4% during trading on Wednesday . The company traded as high as $65.03 and last traded at $66.41. 129,843 shares traded hands during trading, a decline of 92% from the average session volume of 1,725,456 shares. The stock had previously closed at $63.59.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Needham & Company LLC restated a “buy” rating and set a $110.00 price objective on shares of Lumentum in a report on Friday, February 7th. Northland Securities boosted their price objective on shares of Lumentum from $60.00 to $70.00 and gave the company a “market perform” rating in a research report on Friday, February 7th. B. Riley upped their target price on Lumentum from $62.00 to $75.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Raymond James upgraded Lumentum from an “outperform” rating to a “strong-buy” rating and lowered their target price for the stock from $96.00 to $82.00 in a report on Monday, March 24th. Finally, BNP Paribas raised shares of Lumentum from a “neutral” rating to an “outperform” rating and set a $92.00 target price for the company in a research report on Tuesday, March 11th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $87.40.

Lumentum Price Performance

The firm has a 50-day simple moving average of $73.97 and a two-hundred day simple moving average of $76.40. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. The company has a market capitalization of $4.65 billion, a price-to-earnings ratio of -8.73 and a beta of 1.03.

Lumentum (NASDAQ:LITE) last posted its earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. As a group, analysts predict that Lumentum Holdings Inc. will post 0.03 earnings per share for the current fiscal year.

Insider Buying and Selling at Lumentum

In related news, CFO Wajid Ali sold 2,172 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total value of $170,154.48. Following the transaction, the chief financial officer now directly owns 51,976 shares of the company’s stock, valued at approximately $4,071,799.84. This trade represents a 4.01 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.19% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Lumentum

A number of large investors have recently made changes to their positions in LITE. UMB Bank n.a. boosted its stake in Lumentum by 301.2% during the fourth quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock worth $28,000 after buying an additional 253 shares during the last quarter. Jones Financial Companies Lllp boosted its position in shares of Lumentum by 54.2% during the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock valued at $31,000 after acquiring an additional 130 shares during the last quarter. CoreCap Advisors LLC grew its holdings in shares of Lumentum by 2,235.3% in the fourth quarter. CoreCap Advisors LLC now owns 397 shares of the technology company’s stock valued at $33,000 after purchasing an additional 380 shares during the period. Quarry LP increased its position in Lumentum by 85.5% during the third quarter. Quarry LP now owns 436 shares of the technology company’s stock worth $28,000 after purchasing an additional 201 shares during the last quarter. Finally, J.Safra Asset Management Corp raised its stake in Lumentum by 31.1% during the fourth quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company’s stock worth $43,000 after purchasing an additional 122 shares during the period. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

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.