Harold L. Covert Sells 15,000 Shares of Lumentum Holdings Inc. (NASDAQ:LITE) Stock

Lumentum Holdings Inc. (NASDAQ:LITE) Director Harold L. Covert sold 15,000 shares of the firm’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $87.17, for a total transaction of $1,307,550.00. Following the transaction, the director now directly owns 8,761 shares of the company’s stock, valued at approximately $763,696.37. This trade represents a 63.13 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Lumentum Trading Down 3.3 %

NASDAQ:LITE traded down $2.93 during midday trading on Thursday, reaching $85.13. 1,736,934 shares of the stock traded hands, compared to its average volume of 1,473,607. The company has a debt-to-equity ratio of 2.87, a quick ratio of 4.04 and a current ratio of 5.36. The company has a fifty day moving average of $65.76 and a 200 day moving average of $55.13. The stock has a market capitalization of $5.85 billion, a P/E ratio of -10.28, a PEG ratio of 8.83 and a beta of 0.88. Lumentum Holdings Inc. has a 12 month low of $38.28 and a 12 month high of $89.70.

Lumentum (NASDAQ:LITE) last released its earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.03. The firm had revenue of $308.30 million for the quarter, compared to the consensus estimate of $301.36 million. Lumentum had a negative net margin of 40.70% and a negative return on equity of 6.79%. The company’s revenue was down 16.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.12 EPS. On average, research analysts predict that Lumentum Holdings Inc. will post 0.17 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have commented on LITE. Morgan Stanley lifted their target price on shares of Lumentum from $61.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Thursday. Barclays increased their target price on Lumentum from $40.00 to $80.00 and gave the stock an “underweight” rating in a research note on Monday. Northland Securities increased their target price on Lumentum from $45.00 to $60.00 and gave the company a “market perform” rating in a report on Friday, November 8th. Susquehanna lifted their target price on Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a report on Friday, November 8th. Finally, JPMorgan Chase & Co. lifted their price target on Lumentum from $57.00 to $65.00 and gave the stock an “overweight” rating in a research note on Monday, August 12th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $74.85.

Institutional Trading of Lumentum

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Eventide Asset Management LLC purchased a new stake in shares of Lumentum in the 3rd quarter worth about $1,675,000. Goodman Financial Corp grew its position in shares of Lumentum by 1.3% in the 3rd quarter. Goodman Financial Corp now owns 259,618 shares of the technology company’s stock worth $16,455,000 after buying an additional 3,355 shares during the period. West Tower Group LLC purchased a new stake in shares of Lumentum in the 3rd quarter worth about $444,000. Charles Schwab Investment Management Inc. grew its position in shares of Lumentum by 5.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 738,155 shares of the technology company’s stock worth $46,784,000 after buying an additional 37,109 shares during the period. Finally, John G Ullman & Associates Inc. boosted its stake in Lumentum by 1.7% in the 3rd quarter. John G Ullman & Associates Inc. now owns 87,670 shares of the technology company’s stock worth $5,557,000 after purchasing an additional 1,432 shares in the last quarter. 94.05% of the stock is owned by hedge funds and other institutional investors.

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.