Lumentum Holdings Inc. (NASDAQ:LITE) shares were down 1.3% on Tuesday . The stock traded as low as $24.34 and last traded at $24.42, with a volume of 216,752 shares traded. The stock had previously closed at $24.75.

Several research analysts have recently weighed in on LITE shares. Zacks Investment Research cut shares of Lumentum Holdings from a “hold” rating to a “sell” rating in a research note on Wednesday, May 11th. Jefferies Group restated a “buy” rating and set a $34.00 price objective on shares of Lumentum Holdings in a research report on Monday, March 14th. Northland Securities raised their price objective on shares of Lumentum Holdings from $30.00 to $33.00 and gave the company an “outperform” rating in a research report on Monday, March 28th. Drexel Hamilton started coverage on shares of Lumentum Holdings in a research report on Friday, April 8th. They set a “hold” rating on the stock. Finally, Needham & Company LLC restated a “buy” rating and set a $35.00 price objective on shares of Lumentum Holdings in a research report on Wednesday, June 15th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the stock. Lumentum Holdings presently has an average rating of “Hold” and an average price target of $28.12.

The company has a 50-day moving average price of $24.28 and a 200 day moving average price of $23.90. The firm’s market capitalization is $1.48 billion.

Lumentum Holdings (NASDAQ:LITE) last posted its quarterly earnings results on Wednesday, May 4th. The company reported $0.32 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.01. During the same period last year, the business earned $0.11 earnings per share. The firm had revenue of $230.40 million for the quarter, compared to analysts’ expectations of $226.81 million. The firm’s revenue for the quarter was up 16.0% on a year-over-year basis. Equities analysts anticipate that Lumentum Holdings Inc. will post $1.25 earnings per share for the current fiscal year.

In related news, Director Harold L. Covert sold 7,376 shares of the firm’s stock in a transaction that occurred on Wednesday, May 11th. The stock was sold at an average price of $23.70, for a total value of $174,811.20. Following the transaction, the director now directly owns 6,558 shares of the company’s stock, valued at approximately $155,424.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Several hedge funds and institutional investors recently modified their holdings of the stock. Principal Financial Group Inc. bought a new position in shares of Lumentum Holdings during the fourth quarter worth $6,838,000. Marshall Wace LLP bought a new position in shares of Lumentum Holdings during the fourth quarter worth $7,126,000. Dimensional Fund Advisors LP bought a new position in shares of Lumentum Holdings during the fourth quarter worth $12,841,000. Finally, Pinnacle Associates Ltd. bought a new position in shares of Lumentum Holdings during the fourth quarter worth $19,312,000.

Lumentum Holdings Inc (Lumentum) is a provider of optical and photonic products. The Company’s products are used in a range of end markets, including data communications (Datacom) and telecommunications (Telecom) networking, and industrial and commercial lasers (commercial lasers) for manufacturing, inspection and life-sciences applications.

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