Lumentum Holdings Inc (NASDAQ:LITE) Sees Significant Growth in Short Interest

Lumentum Holdings Inc (NASDAQ:LITE) was the recipient of a large growth in short interest in the month of October. As of October 31st, there was short interest totalling 6,690,000 shares, a growth of 10.6% from the September 30th total of 6,050,000 shares. Approximately 8.9% of the company’s shares are short sold. Based on an average daily trading volume, of 1,210,000 shares, the days-to-cover ratio is presently 5.5 days.

LITE has been the topic of a number of recent analyst reports. Barclays boosted their price objective on Lumentum from $60.00 to $65.00 and gave the company an “overweight” rating in a research note on Friday, August 9th. Needham & Company LLC reissued a “buy” rating and issued a $70.00 price objective on shares of Lumentum in a research note on Monday, October 28th. JPMorgan Chase & Co. set a $74.00 price objective on Lumentum and gave the company a “buy” rating in a research note on Friday, November 1st. Stifel Nicolaus set a $70.00 price objective on Lumentum and gave the company a “buy” rating in a research note on Friday, October 18th. Finally, TheStreet raised Lumentum from a “c+” rating to a “b” rating in a research note on Friday, November 1st. Two research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $71.07.

In other news, CEO Alan S. Lowe sold 36,245 shares of the business’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $53.54, for a total value of $1,940,557.30. Following the transaction, the chief executive officer now directly owns 256,423 shares of the company’s stock, valued at approximately $13,728,887.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Vincent Retort sold 8,904 shares of the business’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $56.74, for a total value of $505,212.96. Following the completion of the transaction, the chief operating officer now directly owns 143,456 shares in the company, valued at $8,139,693.44. The disclosure for this sale can be found here. Insiders have sold a total of 189,519 shares of company stock worth $11,030,676 over the last ninety days. Company insiders own 0.48% of the company’s stock.

A number of institutional investors have recently bought and sold shares of LITE. Supplemental Annuity Collective Trust of NJ lifted its holdings in shares of Lumentum by 7.1% during the second quarter. Supplemental Annuity Collective Trust of NJ now owns 15,000 shares of the technology company’s stock worth $801,000 after buying an additional 1,000 shares during the last quarter. Copper Rock Capital Partners LLC lifted its holdings in shares of Lumentum by 9.1% during the second quarter. Copper Rock Capital Partners LLC now owns 372,386 shares of the technology company’s stock worth $19,889,000 after buying an additional 30,935 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its holdings in shares of Lumentum by 5.0% during the second quarter. Oregon Public Employees Retirement Fund now owns 30,784 shares of the technology company’s stock worth $1,644,000 after buying an additional 1,478 shares during the last quarter. Oakbrook Investments LLC acquired a new position in shares of Lumentum during the second quarter worth approximately $288,000. Finally, Commonwealth Equity Services LLC lifted its holdings in shares of Lumentum by 13.0% during the second quarter. Commonwealth Equity Services LLC now owns 13,730 shares of the technology company’s stock worth $733,000 after buying an additional 1,583 shares during the last quarter. Institutional investors and hedge funds own 94.72% of the company’s stock.

LITE stock traded up $0.91 during trading on Friday, reaching $68.90. 1,547,100 shares of the stock were exchanged, compared to its average volume of 1,367,142. Lumentum has a twelve month low of $37.29 and a twelve month high of $69.09. The company has a current ratio of 4.49, a quick ratio of 3.85 and a debt-to-equity ratio of 0.58. The firm’s 50 day moving average is $57.48 and its 200 day moving average is $54.79. The firm has a market cap of $5.25 billion, a P/E ratio of 20.88, a price-to-earnings-growth ratio of 1.70 and a beta of 1.37.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Thursday, October 31st. The technology company reported $1.44 EPS for the quarter, beating the consensus estimate of $1.20 by $0.24. Lumentum had a positive return on equity of 17.81% and a negative net margin of 2.18%. The business had revenue of $449.90 million for the quarter, compared to the consensus estimate of $448.16 million. During the same quarter in the prior year, the business earned $1.31 earnings per share. Lumentum’s revenue for the quarter was up 27.1% on a year-over-year basis. As a group, analysts predict that Lumentum will post 3.99 earnings per share for the current fiscal year.

About Lumentum

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 and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.

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