Lumentum Holdings Inc. (NASDAQ:LITE) traded down 5.7% during mid-day trading on Monday . The company traded as low as $51.15 and last traded at $51.98. 2,168,701 shares were traded during trading, an increase of 6% from the average session volume of 2,047,310 shares. The stock had previously closed at $55.10.

A number of equities research analysts have recently weighed in on the stock. Barclays PLC restated a “hold” rating on shares of Lumentum Holdings in a report on Friday, July 14th. Stifel Nicolaus restated a “buy” rating and issued a $73.00 price objective on shares of Lumentum Holdings in a report on Saturday, July 22nd. B. Riley restated a “buy” rating and issued a $77.00 price objective (up from $58.00) on shares of Lumentum Holdings in a report on Tuesday, June 27th. BidaskClub lowered shares of Lumentum Holdings from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Finally, DA Davidson assumed coverage on shares of Lumentum Holdings in a report on Thursday, June 22nd. They issued a “neutral” rating and a $77.00 price objective on the stock. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $64.75.

The company’s 50-day moving average price is $58.20 and its 200-day moving average price is $58.20. The company’s market cap is $3.20 billion.

Lumentum Holdings (NASDAQ:LITE) last posted its quarterly earnings results on Wednesday, August 9th. The technology company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.18. The firm had revenue of $222.70 million for the quarter, compared to analysts’ expectations of $229.45 million. Lumentum Holdings had a negative net margin of 10.25% and a positive return on equity of 18.12%. The firm’s quarterly revenue was down 7.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.41 earnings per share. On average, analysts predict that Lumentum Holdings Inc. will post $3.02 earnings per share for the current fiscal year.

In related news, COO Vincent Retort sold 14,875 shares of the company’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $51.59, for a total value of $767,401.25. Following the sale, the chief operating officer now directly owns 92,694 shares of the company’s stock, valued at $4,782,083.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Penny Herscher sold 1,313 shares of the company’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $53.04, for a total transaction of $69,641.52. Following the completion of the sale, the director now directly owns 26,464 shares in the company, valued at $1,403,650.56. The disclosure for this sale can be found here. Insiders sold 52,199 shares of company stock worth $2,692,047 over the last ninety days. 0.76% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Lord Abbett & CO. LLC raised its holdings in Lumentum Holdings by 169.4% in the second quarter. Lord Abbett & CO. LLC now owns 584,992 shares of the technology company’s stock valued at $33,374,000 after acquiring an additional 367,860 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in Lumentum Holdings in the second quarter valued at $311,000. WINTON GROUP Ltd raised its holdings in Lumentum Holdings by 28.4% in the second quarter. WINTON GROUP Ltd now owns 25,319 shares of the technology company’s stock valued at $1,444,000 after acquiring an additional 5,594 shares in the last quarter. Public Employees Retirement System of Ohio raised its holdings in Lumentum Holdings by 2,773.3% in the second quarter. Public Employees Retirement System of Ohio now owns 51,576 shares of the technology company’s stock valued at $2,942,000 after acquiring an additional 49,781 shares in the last quarter. Finally, Piedmont Investment Advisors LLC acquired a new stake in Lumentum Holdings in the second quarter valued at $686,000. 95.74% of the stock is currently owned by hedge funds and other institutional investors.

COPYRIGHT VIOLATION NOTICE: “Lumentum Holdings Inc. (LITE) Trading Down 5.7%” was first published by Daily Political and is the property of of Daily Political. If you are accessing this story on another site, it was stolen and reposted in violation of US & international trademark and copyright law. The original version of this story can be read at https://www.dailypolitical.com/2017/09/25/lumentum-holdings-inc-lite-trading-down-5-7.html.

About Lumentum Holdings

Lumentum Holdings Inc is a provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers).

Receive News & Ratings for Lumentum Holdings Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lumentum Holdings Inc. and related companies with MarketBeat.com's FREE daily email newsletter.