Lumentum Holdings Inc. (LITE) Trading Down 5.7%
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.
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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).
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