Lumentum (NASDAQ:LITE) Trading Down 4.3% Following Insider Selling

Lumentum Holdings Inc. (NASDAQ:LITE) shares were down 4.3% during mid-day trading on Wednesday following insider selling activity. The company traded as low as $82.61 and last traded at $83.28. Approximately 400,135 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 1,488,146 shares. The stock had previously closed at $86.98.

Specifically, Director Julia Suzanne Johnson sold 2,058 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $85.82, for a total value of $176,617.56. Following the completion of the transaction, the director now directly owns 23,287 shares of the company’s stock, valued at $1,998,490.34. This represents a 8.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Vincent Retort sold 41,710 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $89.52, for a total transaction of $3,733,879.20. Following the sale, the insider now directly owns 147,515 shares in the company, valued at approximately $13,205,542.80. The trade was a 22.04 % decrease in their position. The disclosure for this sale can be found here. In other news, Director Harold L. Covert sold 3,345 shares of the company’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $81.78, for a total value of $273,554.10. Following the completion of the transaction, the director now owns 8,729 shares in the company, valued at approximately $713,857.62. This represents a 27.70 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Wall Street Analyst Weigh In

LITE has been the subject of several research analyst reports. JPMorgan Chase & Co. upped their price objective on shares of Lumentum from $57.00 to $65.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Needham & Company LLC raised their price target on Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Northland Securities boosted their price objective on Lumentum from $45.00 to $60.00 and gave the company a “market perform” rating in a research note on Friday, November 8th. Craig Hallum raised their target price on shares of Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Finally, Morgan Stanley upped their price target on shares of Lumentum from $61.00 to $76.00 and gave the company an “equal weight” rating in a research report on Thursday, November 14th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $74.85.

Lumentum Stock Down 4.3 %

The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87. The stock has a market capitalization of $5.72 billion, a PE ratio of -10.50 and a beta of 0.88. The firm’s fifty day moving average is $70.04 and its 200-day moving average is $57.30.

Hedge Funds Weigh In On Lumentum

A number of large investors have recently modified their holdings of the business. Quarry LP grew its holdings 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 acquiring an additional 201 shares during the period. Capital Performance Advisors LLP purchased a new stake in shares of Lumentum during the 3rd quarter worth $33,000. Point72 DIFC Ltd acquired a new position in shares of Lumentum during the 2nd quarter worth $36,000. Nomura Asset Management Co. Ltd. increased its holdings in shares of Lumentum by 67.5% in the 3rd 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 in the last quarter. Finally, GAMMA Investing LLC lifted its stake 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 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.