Lumentum (NASDAQ:LITE) Trading 3.8% Higher – Here’s Why

Lumentum Holdings Inc. (NASDAQ:LITE) was up 3.8% during mid-day trading on Thursday . The company traded as high as $70.06 and last traded at $69.74. Approximately 786,252 shares traded hands during trading, a decline of 53% from the average daily volume of 1,680,354 shares. The stock had previously closed at $67.17.

Analysts Set New Price Targets

Several equities analysts have issued reports on LITE shares. Stifel Nicolaus increased their price objective on shares of Lumentum from $95.00 to $105.00 and gave the company a “buy” rating in a report on Friday, February 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $110.00 price objective on shares of Lumentum in a report on Friday, February 7th. Morgan Stanley decreased their price objective on shares of Lumentum from $83.00 to $81.00 and set an “equal weight” rating on the stock in a report on Friday, January 31st. Northland Securities increased their price objective on shares of Lumentum from $60.00 to $70.00 and gave the company a “market perform” rating in a report on Friday, February 7th. Finally, Jefferies Financial Group initiated coverage on shares of Lumentum in a report on Friday, February 21st. They set a “buy” rating on the stock. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $88.33.

Lumentum Stock Down 3.2 %

The business’s 50 day moving average is $77.36 and its 200-day moving average is $75.47. The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60. The company has a market cap of $4.61 billion, a PE ratio of -8.66 and a beta of 1.03.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. As a group, analysts predict that Lumentum Holdings Inc. will post 0.03 EPS for the current year.

Insider Transactions at Lumentum

In other news, CFO Wajid Ali sold 2,172 shares of Lumentum stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total value of $170,154.48. Following the transaction, the chief financial officer now directly owns 51,976 shares of the company’s stock, valued at $4,071,799.84. The trade was a 4.01 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Lumentum

Institutional investors have recently modified their holdings of the business. UMB Bank n.a. increased its holdings in shares of Lumentum by 301.2% in the 4th quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock valued at $28,000 after acquiring an additional 253 shares during the period. Jones Financial Companies Lllp increased its holdings in shares of Lumentum by 54.2% in the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock valued at $31,000 after acquiring an additional 130 shares during the period. CoreCap Advisors LLC increased its holdings in shares of Lumentum by 2,235.3% in the 4th quarter. CoreCap Advisors LLC now owns 397 shares of the technology company’s stock valued at $33,000 after acquiring an additional 380 shares during the period. Quarry LP increased its holdings in shares of Lumentum by 85.5% in the 3rd quarter. Quarry LP now owns 436 shares of the technology company’s stock valued at $28,000 after acquiring an additional 201 shares during the period. Finally, J.Safra Asset Management Corp increased its holdings in shares of Lumentum by 31.1% in the 4th quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company’s stock valued at $43,000 after acquiring an additional 122 shares during the period. 94.05% of the stock is owned by institutional investors and hedge funds.

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.