Lumentum Holdings Inc. (NASDAQ:LITE) reached a new 52-week high during trading on Friday . The stock traded as high as $31.89 and last traded at $31.42, with a volume of 333,359 shares trading hands. The stock had previously closed at $30.89.

LITE has been the subject of several research reports. Needham & Company LLC raised shares of Lumentum Holdings from a “buy” rating to a “strong-buy” rating and upped their price target for the company from $35.00 to $40.00 in a research report on Monday, July 25th. MKM Partners upped their price target on shares of Lumentum Holdings from $28.00 to $32.00 and gave the company a “buy” rating in a research report on Wednesday, July 20th. Zacks Investment Research lowered shares of Lumentum Holdings from a “hold” rating to a “sell” rating in a research report on Wednesday, May 11th. Drexel Hamilton initiated coverage on shares of Lumentum Holdings in a research report on Friday, April 8th. They set a “hold” rating for the company. Finally, JPMorgan Chase & Co. raised shares of Lumentum Holdings from a “neutral” rating to an “overweight” rating and upped their price target for the company from $25.00 to $28.00 in a research report on Thursday, May 5th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $28.81.

The firm’s market capitalization is $1.86 billion. The firm has a 50-day moving average of $26.36 and a 200-day moving average of $24.79.

Lumentum Holdings (NASDAQ:LITE) last issued its quarterly earnings results on Wednesday, May 4th. The company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.01. The business earned $230.40 million during the quarter, compared to analyst estimates of $226.81 million. During the same period in the prior year, the business posted $0.11 EPS. Lumentum Holdings’s revenue was up 16.0% compared to the same quarter last year. Analysts anticipate that Lumentum Holdings Inc. will post $1.25 earnings per share for the current fiscal year.

In other news, Director Harold L. Covert sold 7,376 shares of the firm’s stock in a transaction dated Wednesday, May 11th. The stock was sold at an average price of $23.70, for a total value of $174,811.20. Following the completion of the transaction, the director now directly owns 6,558 shares in the company, valued at $155,424.60. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Vincent Retort sold 39,473 shares of the firm’s stock in a transaction dated Monday, July 25th. The stock was sold at an average price of $30.00, for a total value of $1,184,190.00. Following the completion of the transaction, the chief operating officer now owns 40,060 shares of the company’s stock, valued at $1,201,800. The disclosure for this sale can be found here.

Several hedge funds and institutional investors have recently made changes to their positions in LITE. Marshall Wace LLP purchased a new position in shares of Lumentum Holdings during the fourth quarter valued at about $7,126,000. Principal Financial Group Inc. purchased a new position in shares of Lumentum Holdings during the fourth quarter valued at about $6,838,000. Finally, Employees Retirement System of Texas purchased a new position in shares of Lumentum Holdings during the fourth quarter valued at about $5,236,000.

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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