Lumentum Holdings Inc. (LITE) Shares Up 6.3%

Lumentum Holdings Inc. (NASDAQ:LITE) shot up 6.3% on Monday . The stock traded as high as $59.75 and last traded at $59.50. 2,253,148 shares were traded during mid-day trading, an increase of 38% from the average session volume of 1,636,010 shares. The stock had previously closed at $55.95.

Several brokerages recently weighed in on LITE. Barclays PLC reaffirmed a “hold” rating on shares of Lumentum Holdings in a research note on Friday, July 14th. Piper Jaffray Companies reaffirmed an “overweight” rating and issued a $68.00 price target on shares of Lumentum Holdings in a research note on Thursday, September 14th. BidaskClub cut Lumentum Holdings from a “hold” rating to a “sell” rating in a research note on Saturday, August 19th. MKM Partners raised Lumentum Holdings from a “neutral” rating to a “buy” rating and set a $66.00 price target on the stock in a research note on Wednesday, September 27th. They noted that the move was a valuation call. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $75.00 price target (up from $70.00) on shares of Lumentum Holdings in a research note on Wednesday, October 4th. One research analyst has rated the stock with a sell rating, four have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $66.31.

The company has a 50 day moving average of $56.53 and a 200-day moving average of $56.53. The company’s market cap is $3.66 billion.

Lumentum Holdings (NASDAQ:LITE) last announced its quarterly earnings results on Wednesday, August 9th. The technology company reported $0.39 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.21 by $0.18. Lumentum Holdings had a positive return on equity of 18.12% and a negative net margin of 10.25%. The business had revenue of $222.70 million for the quarter, compared to the consensus estimate of $229.45 million. During the same period last year, the business posted $0.41 EPS. The business’s revenue was down 7.9% compared to the same quarter last year. On average, analysts anticipate that Lumentum Holdings Inc. will post $3.06 EPS for the current fiscal year.

In related news, Director Penny Herscher sold 1,313 shares of the business’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $53.04, for a total transaction of $69,641.52. Following the transaction, the director now directly owns 26,464 shares in the company, valued at approximately $1,403,650.56. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Vincent Retort sold 14,875 shares of the business’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $51.59, for a total value of $767,401.25. Following the transaction, the chief operating officer now owns 92,694 shares in the company, valued at $4,782,083.46. The disclosure for this sale can be found here. Insiders sold a total of 87,269 shares of company stock worth $4,602,526 over the last quarter. Company insiders own 0.76% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Riverhead Capital Management LLC grew its stake in Lumentum Holdings by 71.8% during the 2nd quarter. Riverhead Capital Management LLC now owns 2,062 shares of the technology company’s stock worth $118,000 after buying an additional 862 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Lumentum Holdings by 111.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,662 shares of the technology company’s stock worth $152,000 after buying an additional 1,406 shares during the last quarter. Creative Planning grew its stake in Lumentum Holdings by 54.2% during the 2nd quarter. Creative Planning now owns 3,039 shares of the technology company’s stock worth $173,000 after buying an additional 1,068 shares during the last quarter. LS Investment Advisors LLC grew its stake in Lumentum Holdings by 2.1% during the 2nd quarter. LS Investment Advisors LLC now owns 3,569 shares of the technology company’s stock worth $204,000 after buying an additional 75 shares during the last quarter. Finally, Teacher Retirement System of Texas purchased a new position in Lumentum Holdings during the 1st quarter worth $206,000. Hedge funds and other institutional investors own 95.74% of the company’s stock.

TRADEMARK VIOLATION NOTICE: This story was first reported by Transcript Daily and is the property of of Transcript Daily. If you are viewing this story on another domain, it was illegally copied and reposted in violation of US and international trademark and copyright legislation. The correct version of this story can be accessed at https://transcriptdaily.com/2017/10/24/lumentum-holdings-inc-lite-shares-up-6-3.html.

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).

Receive News & Ratings for Lumentum Holdings Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lumentum Holdings Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply