Lumentum (NASDAQ:LITE) Trading 3.8% Higher – Here’s Why

Lumentum Holdings Inc. (NASDAQ:LITE) shares traded up 3.8% during mid-day trading on Thursday . The stock traded as high as $70.06 and last traded at $69.74. 786,252 shares were traded during mid-day trading, a decline of 53% from the average session volume of 1,680,354 shares. The stock had previously closed at $67.17.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Needham & Company LLC reissued a “buy” rating and issued a $110.00 price objective on shares of Lumentum in a research note on Friday, February 7th. Stifel Nicolaus boosted their price objective on shares of Lumentum from $95.00 to $105.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Rosenblatt Securities reissued a “buy” rating and issued a $110.00 price objective on shares of Lumentum in a research note on Friday, February 7th. Raymond James upped their price target on shares of Lumentum from $94.00 to $96.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Finally, UBS Group upped their price target on shares of Lumentum from $93.00 to $96.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Lumentum has an average rating of “Moderate Buy” and an average target price of $88.33.

Lumentum Stock Down 3.2 %

The company has a debt-to-equity ratio of 2.94, a quick ratio of 3.60 and a current ratio of 4.76. The firm’s 50-day moving average is $77.36 and its 200 day moving average is $75.47. The firm has a market capitalization of $4.61 billion, a PE ratio of -8.66 and a beta of 1.03.

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

Insider Buying and Selling at Lumentum

In other Lumentum news, CFO Wajid Ali sold 2,172 shares of the company’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 in the company, valued at approximately $4,071,799.84. This represents a 4.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.19% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LITE. California State Teachers Retirement System lifted its holdings in shares of Lumentum by 0.4% during the 4th quarter. California State Teachers Retirement System now owns 64,170 shares of the technology company’s stock worth $5,387,000 after acquiring an additional 251 shares during the period. CWC Advisors LLC. acquired a new stake in Lumentum in the fourth quarter valued at approximately $201,000. Virtue Capital Management LLC acquired a new stake in Lumentum in the fourth quarter valued at approximately $899,000. Woodline Partners LP grew its position in Lumentum by 377.7% in the fourth quarter. Woodline Partners LP now owns 282,055 shares of the technology company’s stock valued at $23,679,000 after acquiring an additional 223,011 shares in the last quarter. Finally, Two Sigma Advisers LP grew its position in Lumentum by 30.5% in the fourth quarter. Two Sigma Advisers LP now owns 243,600 shares of the technology company’s stock valued at $20,450,000 after acquiring an additional 57,000 shares in the last quarter. 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.