Lumentum (LITE) Trading Down 5.9%

Lumentum Holdings Inc (NASDAQ:LITE)’s share price traded down 5.9% during trading on Tuesday . The stock traded as low as $49.50 and last traded at $49.70. 2,129,194 shares were traded during trading, an increase of 13% from the average session volume of 1,891,560 shares. The stock had previously closed at $52.80.

Several equities analysts recently commented on the stock. BidaskClub upgraded shares of Lumentum from a “sell” rating to a “hold” rating in a research note on Tuesday, December 12th. Rosenblatt Securities reiterated a “buy” rating and set a $70.00 target price on shares of Lumentum in a research note on Thursday, September 21st. Needham & Company LLC reiterated a “buy” rating and set a $80.00 target price on shares of Lumentum in a research note on Thursday, October 12th. B. Riley reiterated a “buy” rating and set a $81.00 target price on shares of Lumentum in a research note on Thursday, September 14th. Finally, Jefferies Group reiterated a “buy” rating and set a $75.00 target price on shares of Lumentum in a research note on Friday, October 6th. One analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have given a buy rating to the company. Lumentum currently has a consensus rating of “Buy” and a consensus target price of $68.75.

The stock has a market cap of $3,130.00 and a price-to-earnings ratio of -32.48. The company has a debt-to-equity ratio of 0.50, a quick ratio of 4.38 and a current ratio of 5.21.

In other news, COO Vincent Retort sold 30,706 shares of the company’s stock in a transaction dated Thursday, September 28th. The shares were sold at an average price of $54.46, for a total value of $1,672,248.76. Following the sale, the chief operating officer now owns 110,770 shares of the company’s stock, valued at approximately $6,032,534.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Aaron Tachibana sold 1,248 shares of the company’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $60.00, for a total transaction of $74,880.00. Following the completion of the sale, the chief financial officer now directly owns 69,830 shares in the company, valued at approximately $4,189,800. The disclosure for this sale can be found here. Insiders sold a total of 66,713 shares of company stock worth $3,717,034 in the last three months. Insiders own 0.76% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of LITE. Whale Rock Capital Management LLC grew its holdings in shares of Lumentum by 86.0% in the 3rd quarter. Whale Rock Capital Management LLC now owns 1,590,359 shares of the technology company’s stock worth $86,436,000 after purchasing an additional 735,239 shares during the last quarter. Artemis Investment Management LLP grew its holdings in Lumentum by 676.1% during the 3rd quarter. Artemis Investment Management LLP now owns 672,022 shares of the technology company’s stock worth $36,541,000 after acquiring an additional 585,432 shares during the last quarter. BlackRock Inc. grew its holdings in Lumentum by 7.0% during the 2nd quarter. BlackRock Inc. now owns 6,889,157 shares of the technology company’s stock worth $393,025,000 after acquiring an additional 448,077 shares during the last quarter. Cramer Rosenthal Mcglynn LLC grew its holdings in Lumentum by 51.5% during the 3rd quarter. Cramer Rosenthal Mcglynn LLC now owns 1,139,914 shares of the technology company’s stock worth $61,954,000 after acquiring an additional 387,290 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its holdings in Lumentum by 98.4% during the 3rd quarter. Ameriprise Financial Inc. now owns 762,469 shares of the technology company’s stock worth $41,441,000 after acquiring an additional 378,255 shares during the last quarter. 95.70% of the stock is currently owned by institutional investors and hedge funds.

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Lumentum 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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