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

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

Lumentum Price Performance

LITE stock traded down $1.84 during trading on Friday, hitting $83.29. 209,000 shares of the company’s stock traded hands, compared to its average volume of 1,467,911. The business has a fifty day simple moving average of $65.76 and a 200 day simple moving average of $55.13. Lumentum Holdings Inc. has a 52 week low of $38.28 and a 52 week high of $89.70. The company has a debt-to-equity ratio of 2.87, a current ratio of 5.36 and a quick ratio of 4.04.

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

Institutional Investors Weigh In On Lumentum

Several hedge funds have recently modified their holdings of LITE. Janney Montgomery Scott LLC lifted its stake in shares of Lumentum by 1.8% during the 1st quarter. Janney Montgomery Scott LLC now owns 14,587 shares of the technology company’s stock worth $691,000 after purchasing an additional 260 shares during the last quarter. Envestnet Portfolio Solutions Inc. lifted its position in shares of Lumentum by 11.0% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 9,062 shares of the technology company’s stock valued at $429,000 after buying an additional 901 shares during the last quarter. Entropy Technologies LP boosted its holdings in shares of Lumentum by 83.3% in the 1st quarter. Entropy Technologies LP now owns 7,161 shares of the technology company’s stock valued at $339,000 after buying an additional 3,254 shares in the last quarter. State Board of Administration of Florida Retirement System grew its position in shares of Lumentum by 2.2% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 79,009 shares of the technology company’s stock worth $3,741,000 after buying an additional 1,706 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Lumentum by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 7,218,293 shares of the technology company’s stock worth $341,786,000 after acquiring an additional 22,088 shares in the last quarter. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Analyst Upgrades and Downgrades

LITE has been the topic of a number of recent research reports. Craig Hallum increased their target price on Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Morgan Stanley increased their price target on shares of Lumentum from $61.00 to $76.00 and gave the company an “equal weight” rating in a report on Thursday. Rosenblatt Securities boosted their price target on Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Bank of America increased their price objective on Lumentum from $45.00 to $50.00 and gave the company an “underperform” rating in a research report on Thursday, August 15th. Finally, Raymond James lifted their price target on shares of Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $74.85.

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 (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.