Alan S. Lowe Sells 6,113 Shares of Lumentum Holdings Inc. (LITE) Stock
Lumentum Holdings Inc. (NASDAQ:LITE) CEO Alan S. Lowe sold 6,113 shares of the business’s stock in a transaction on Thursday, November 17th. The shares were sold at an average price of $40.68, for a total transaction of $248,676.84. Following the completion of the transaction, the chief executive officer now directly owns 158,306 shares in the company, valued at $6,439,888.08. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.
Shares of Lumentum Holdings Inc. (NASDAQ:LITE) opened at 40.50 on Tuesday. The company’s 50-day moving average is $39.48 and its 200-day moving average is $32.12. Lumentum Holdings Inc. has a 52-week low of $18.10 and a 52-week high of $45.25. The firm has a market cap of $2.43 billion, a P/E ratio of 750.00 and a beta of 0.63.
Lumentum Holdings (NASDAQ:LITE) last released its earnings results on Thursday, October 27th. The company reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.05. The firm had revenue of $258.10 million for the quarter, compared to analyst estimates of $251.95 million. Lumentum Holdings had a return on equity of 15.22% and a net margin of 0.62%. Lumentum Holdings’s revenue was up 21.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.26 earnings per share. Equities research analysts forecast that Lumentum Holdings Inc. will post $2.01 earnings per share for the current fiscal year.
Several brokerages have issued reports on LITE. B. Riley reissued a “buy” rating and issued a $41.50 price objective on shares of Lumentum Holdings in a research note on Monday, August 15th. Needham & Company LLC raised shares of Lumentum Holdings from a “buy” rating to a “strong-buy” rating and boosted their price objective for the company from $35.00 to $40.00 in a research note on Monday, July 25th. Morgan Stanley cut shares of Lumentum Holdings from an “equal weight” rating to an “underweight” rating and boosted their price objective for the company from $20.00 to $27.00 in a research note on Thursday, August 11th. Barclays PLC upped their price target on shares of Lumentum Holdings from $23.00 to $30.00 and gave the stock an “underweight” rating in a research note on Wednesday, August 10th. Finally, Jefferies Group upped their price target on shares of Lumentum Holdings from $34.00 to $39.00 and gave the stock a “buy” rating in a research note on Wednesday, August 10th. Three research analysts have rated the stock with a sell rating, one has issued a hold rating, seven have assigned a buy rating and three have issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $41.40.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. RS Investment Management Co. LLC boosted its position in shares of Lumentum Holdings by 1,548.6% in the second quarter. RS Investment Management Co. LLC now owns 1,395,702 shares of the company’s stock worth $33,776,000 after buying an additional 1,311,042 shares in the last quarter. Falcon Point Capital LLC bought a new position in shares of Lumentum Holdings during the second quarter worth $5,202,000. Dynamic Technology Lab Private Ltd boosted its position in shares of Lumentum Holdings by 19.1% in the second quarter. Dynamic Technology Lab Private Ltd now owns 11,729 shares of the company’s stock worth $284,000 after buying an additional 1,884 shares in the last quarter. Mason Street Advisors LLC bought a new position in shares of Lumentum Holdings during the second quarter worth $224,000. Finally, JPMorgan Chase & Co. boosted its position in shares of Lumentum Holdings by 44.3% in the first quarter. JPMorgan Chase & Co. now owns 150,064 shares of the company’s stock worth $4,047,000 after buying an additional 46,065 shares in the last quarter. 79.33% of the stock is currently owned by hedge funds and other institutional investors.
About Lumentum Holdings
Lumentum Holdings Inc is a provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers).
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