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.
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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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