Alan S. Lowe Sells 28,095 Shares of Lumentum Holdings Inc. (LITE) Stock
Lumentum Holdings Inc. (NASDAQ:LITE) CEO Alan S. Lowe sold 28,095 shares of the stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $51.20, for a total value of $1,438,464.00. Following the sale, the chief executive officer now owns 249,655 shares of the company’s stock, valued at approximately $12,782,336. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Shares of Lumentum Holdings Inc. (LITE) opened at 56.70 on Friday. The company’s 50 day moving average price is $59.24 and its 200-day moving average price is $53.83. The company’s market capitalization is $3.49 billion. Lumentum Holdings Inc. has a 52 week low of $32.90 and a 52 week high of $68.63.
Lumentum Holdings (NASDAQ:LITE) last announced its quarterly earnings data on Wednesday, August 9th. The technology company reported $0.39 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.18. Lumentum Holdings had a negative net margin of 10.25% and a positive return on equity of 18.12%. The company had revenue of $222.70 million during the quarter, compared to analysts’ expectations of $229.45 million. During the same period in the previous year, the company earned $0.41 EPS. The business’s quarterly revenue was down 7.9% compared to the same quarter last year. Analysts anticipate that Lumentum Holdings Inc. will post $3.02 earnings per share for the current fiscal year.
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Hedge funds have recently made changes to their positions in the stock. Chicago Equity Partners LLC bought a new stake in shares of Lumentum Holdings during the first quarter valued at about $651,000. Riggs Asset Managment Co. Inc. boosted its stake in shares of Lumentum Holdings by 0.6% in the first quarter. Riggs Asset Managment Co. Inc. now owns 36,569 shares of the technology company’s stock valued at $1,951,000 after buying an additional 229 shares in the last quarter. Great West Life Assurance Co. Can boosted its stake in shares of Lumentum Holdings by 7.8% in the first quarter. Great West Life Assurance Co. Can now owns 76,101 shares of the technology company’s stock valued at $4,055,000 after buying an additional 5,507 shares in the last quarter. Tocqueville Asset Management L.P. boosted its stake in shares of Lumentum Holdings by 112.5% in the first quarter. Tocqueville Asset Management L.P. now owns 25,500 shares of the technology company’s stock valued at $1,360,000 after buying an additional 13,500 shares in the last quarter. Finally, Sumitomo Mitsui Asset Management Company LTD bought a new stake in shares of Lumentum Holdings during the first quarter valued at about $55,001,000. 97.36% of the stock is owned by institutional investors.
Several research firms recently issued reports on LITE. Barclays PLC reiterated a “hold” rating on shares of Lumentum Holdings in a research report on Friday, July 14th. Stifel Nicolaus reiterated a “buy” rating and set a $73.00 target price on shares of Lumentum Holdings in a research report on Saturday, July 22nd. B. Riley reiterated a “buy” rating and set a $77.00 target price (up previously from $58.00) on shares of Lumentum Holdings in a research report on Tuesday, June 27th. BidaskClub lowered Lumentum Holdings from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Finally, DA Davidson initiated coverage on Lumentum Holdings in a research note on Thursday, June 22nd. They set a “neutral” rating and a $77.00 price target for the company. Two analysts have rated the stock with a sell rating, five have issued a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company. Lumentum Holdings currently has an average rating of “Buy” and an average target price of $64.75.
Lumentum Holdings Company Profile
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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