Lumentum (NASDAQ:LITE) Hits New 12-Month High – Time to Buy?

Shares of Lumentum Holdings Inc. (NASDAQ:LITE) hit a new 52-week high during trading on Tuesday . The stock traded as high as $97.50 and last traded at $94.29, with a volume of 278021 shares trading hands. The stock had previously closed at $94.41.

Analyst Ratings Changes

LITE has been the subject of a number of analyst reports. Susquehanna boosted their price objective on shares of Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a research note on Friday, November 8th. Northland Securities upped their price target on shares of Lumentum from $45.00 to $60.00 and gave the company a “market perform” rating in a report on Friday, November 8th. Rosenblatt Securities boosted their price objective on Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Morgan Stanley increased their target price on Lumentum from $76.00 to $83.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $110.00 price target on shares of Lumentum in a research report on Thursday, January 9th. Two analysts have rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Lumentum currently has a consensus rating of “Moderate Buy” and a consensus price target of $81.92.

Lumentum Stock Performance

The firm has a market cap of $6.49 billion, a P/E ratio of -11.41 and a beta of 0.94. The company has a debt-to-equity ratio of 2.87, a current ratio of 5.36 and a quick ratio of 4.04. The stock’s 50 day moving average is $86.87 and its two-hundred day moving average is $68.62.

Insider Activity

In other Lumentum news, Director Harold L. Covert sold 15,000 shares of the business’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $87.17, for a total value of $1,307,550.00. Following the transaction, the director now owns 8,761 shares of the company’s stock, valued at approximately $763,696.37. The trade was a 63.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Matthew Joseph Sepe sold 8,172 shares of the firm’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $87.60, for a total value of $715,867.20. Following the completion of the sale, the chief accounting officer now owns 21,138 shares of the company’s stock, valued at approximately $1,851,688.80. This trade represents a 27.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 101,797 shares of company stock worth $8,881,428. Corporate insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Lumentum

A number of hedge funds have recently added to or reduced their stakes in the stock. UMB Bank n.a. lifted its position in shares of Lumentum by 301.2% during the fourth quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock worth $28,000 after purchasing an additional 253 shares in the last quarter. Quarry LP lifted its holdings in Lumentum by 85.5% during the 3rd quarter. Quarry LP now owns 436 shares of the technology company’s stock worth $28,000 after buying an additional 201 shares in the last quarter. Capital Performance Advisors LLP bought a new position in Lumentum in the 3rd quarter valued at $33,000. Nomura Asset Management Co. Ltd. increased its stake in shares of Lumentum by 67.5% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock valued at $42,000 after buying an additional 270 shares during the period. Finally, Point72 DIFC Ltd bought a new stake in shares of Lumentum during the second quarter worth $36,000. Institutional investors 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.