Lumentum Holdings Inc. (LITE) Shares Up 0.8%
Lumentum Holdings Inc. (NASDAQ:LITE)’s share price shot up 0.8% during mid-day trading on Wednesday . The stock traded as high as $34.99 and last traded at $34.82, with a volume of 329,373 shares changing hands. The stock had previously closed at $34.55.
A number of equities research analysts recently commented on the company. B. Riley reiterated a “buy” rating and issued a $33.00 price objective on shares of Lumentum Holdings in a report on Sunday, May 8th. Zacks Investment Research downgraded Lumentum Holdings from a “hold” rating to a “sell” rating in a report on Wednesday, May 11th. JPMorgan Chase & Co. reiterated a “buy” rating on shares of Lumentum Holdings in a report on Monday, August 8th. MKM Partners upped their price objective on Lumentum Holdings from $28.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, July 20th. Finally, Morgan Stanley downgraded Lumentum Holdings from an “equal weight” rating to an “underweight” rating and upped their price objective for the company from $20.00 to $27.00 in a report on Thursday, August 11th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Lumentum Holdings has an average rating of “Buy” and a consensus target price of $33.35.
The firm has a 50-day moving average of $31.30 and a 200-day moving average of $26.51. The stock’s market capitalization is $2.06 billion.
Lumentum Holdings (NASDAQ:LITE) last issued its quarterly earnings data on Tuesday, August 9th. The company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.05. During the same period in the prior year, the firm posted $0.15 earnings per share. The company had revenue of $241.70 million for the quarter, compared to the consensus estimate of $238.52 million. The business’s revenue for the quarter was up 15.7% on a year-over-year basis. Equities analysts anticipate that Lumentum Holdings Inc. will post $1.84 EPS for the current fiscal year.
In other news, COO Vincent Retort sold 1,523 shares of the business’s stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $33.96, for a total value of $51,721.08. Following the transaction, the chief operating officer now owns 587 shares in the company, valued at approximately $19,934.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Aaron Tachibana sold 6,086 shares of the business’s stock in a transaction that occurred on Friday, August 19th. The stock was sold at an average price of $34.64, for a total value of $210,819.04. Following the completion of the transaction, the chief financial officer now owns 13,239 shares in the company, valued at approximately $458,598.96. The disclosure for this sale can be found here.
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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