Lumentum (NASDAQ:LITE) Trading 2.3% Higher

Lumentum Holdings Inc. (NASDAQ:LITE)’s share price traded up 2.3% on Tuesday . The stock traded as high as $43.01 and last traded at $42.77. 207,078 shares were traded during trading, a decline of 86% from the average session volume of 1,434,735 shares. The stock had previously closed at $41.81.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Stifel Nicolaus reaffirmed a “buy” rating and set a $62.00 price objective on shares of Lumentum in a research note on Monday, April 1st. Craig Hallum raised shares of Lumentum from a “hold” rating to a “buy” rating in a research note on Friday, December 22nd. JPMorgan Chase & Co. decreased their price target on shares of Lumentum from $62.00 to $57.00 and set an “overweight” rating on the stock in a research note on Thursday, April 11th. Barclays increased their price target on shares of Lumentum from $40.00 to $45.00 and gave the company an “underweight” rating in a research note on Tuesday, January 16th. Finally, Needham & Company LLC reissued a “buy” rating and set a $50.00 price target on shares of Lumentum in a research note on Friday, February 9th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Lumentum currently has an average rating of “Hold” and an average price target of $51.79.

Lumentum Stock Performance

The stock’s 50 day moving average price is $48.44 and its 200 day moving average price is $47.14. The company has a debt-to-equity ratio of 1.96, a current ratio of 3.13 and a quick ratio of 2.42.

Lumentum (NASDAQ:LITE) last released its earnings results on Thursday, February 8th. The technology company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.07). Lumentum had a negative net margin of 18.52% and a positive return on equity of 1.04%. The company had revenue of $366.80 million for the quarter, compared to analyst estimates of $363.44 million. Equities research analysts forecast that Lumentum Holdings Inc. will post -0.61 earnings per share for the current year.

Insiders Place Their Bets

In other Lumentum news, CAO Matthew Joseph Sepe sold 9,903 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $49.23, for a total transaction of $487,524.69. Following the transaction, the chief accounting officer now owns 33,188 shares in the company, valued at $1,633,845.24. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.60% of the company’s stock.

Institutional Trading of Lumentum

Several institutional investors and hedge funds have recently made changes to their positions in LITE. Norges Bank bought a new stake in Lumentum in the 4th quarter valued at about $53,785,000. Earnest Partners LLC increased its position in shares of Lumentum by 576.4% during the first quarter. Earnest Partners LLC now owns 680,435 shares of the technology company’s stock valued at $66,410,000 after buying an additional 579,835 shares during the period. Westfield Capital Management Co. LP bought a new stake in shares of Lumentum during the fourth quarter valued at about $29,675,000. Vanguard Group Inc. increased its position in shares of Lumentum by 6.5% during the fourth quarter. Vanguard Group Inc. now owns 7,196,205 shares of the technology company’s stock valued at $377,225,000 after buying an additional 442,177 shares during the period. Finally, Van Lanschot Kempen Investment Management N.V. increased its position in shares of Lumentum by 88.1% during the fourth quarter. Van Lanschot Kempen Investment Management N.V. now owns 939,269 shares of the technology company’s stock valued at $49,236,000 after buying an additional 439,907 shares during the period. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Lumentum Company Profile

Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. The company operates through two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers). The OpComms segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and data over high-capacity fiber optic cables.