Stock Traders Buy High Volume of Call Options on Lumentum (NASDAQ:LITE)

Lumentum Holdings Inc. (NASDAQ:LITE) was the target of unusually large options trading activity on Tuesday. Investors acquired 15,020 call options on the stock. This represents an increase of 901% compared to the typical daily volume of 1,501 call options.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. B. Riley cut their price objective on shares of Lumentum from $42.00 to $41.00 and set a “neutral” rating on the stock in a research report on Friday, February 9th. JPMorgan Chase & Co. dropped their price target on shares of Lumentum from $62.00 to $57.00 and set an “overweight” rating on the stock in a research report on Thursday, April 11th. Needham & Company LLC reaffirmed a “buy” rating and issued a $50.00 price objective on shares of Lumentum in a research note on Friday, February 9th. Raymond James increased their target price on shares of Lumentum from $51.50 to $58.00 and gave the company an “outperform” rating in a research note on Monday, April 1st. Finally, Rosenblatt Securities lifted their price target on shares of Lumentum from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Friday, February 9th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Lumentum presently has an average rating of “Hold” and an average price target of $52.69.

Lumentum Stock Up 1.4 %

NASDAQ LITE traded up $0.63 during trading on Tuesday, reaching $44.15. 735,685 shares of the company’s stock were exchanged, compared to its average volume of 1,385,599. The company has a current ratio of 3.13, a quick ratio of 2.42 and a debt-to-equity ratio of 1.96. Lumentum has a fifty-two week low of $35.35 and a fifty-two week high of $65.16. The company’s fifty day simple moving average is $46.73 and its 200-day simple moving average is $47.10. The firm has a market capitalization of $2.98 billion, a PE ratio of -11.19 and a beta of 1.09.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings results on Thursday, February 8th. The technology company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.07). Lumentum had a positive return on equity of 1.04% and a negative net margin of 18.52%. The company had revenue of $366.80 million for the quarter, compared to analyst estimates of $363.44 million. Sell-side analysts predict that Lumentum will post -0.64 EPS for the current year.

Insider Transactions at Lumentum

In other news, CAO Matthew Joseph Sepe sold 9,903 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $49.23, for a total transaction of $487,524.69. Following the completion of the transaction, the chief accounting officer now directly owns 33,188 shares of the company’s stock, valued at $1,633,845.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Lumentum

Institutional investors have recently modified their holdings of the stock. FengHe Fund Management Pte. Ltd. bought a new stake in shares of Lumentum in the 4th quarter valued at approximately $19,547,000. International Assets Investment Management LLC acquired a new position in shares of Lumentum during the 4th quarter worth $1,379,000. Bank Julius Baer & Co. Ltd Zurich bought a new position in shares of Lumentum during the 4th quarter valued at $1,389,000. Pathstone Family Office LLC lifted its stake in shares of Lumentum by 46.3% in the 3rd quarter. Pathstone Family Office LLC now owns 13,296 shares of the technology company’s stock valued at $606,000 after purchasing an additional 4,207 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its position in Lumentum by 52.7% during the third quarter. Envestnet Asset Management Inc. now owns 211,684 shares of the technology company’s stock worth $9,564,000 after buying an additional 73,047 shares during the last quarter. Institutional investors and hedge funds own 94.05% of the company’s stock.

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.