Jae Kim Sells 4,577 Shares of Lumentum Holdings Inc. (NASDAQ:LITE) Stock

Lumentum Holdings Inc. (NASDAQ:LITE) SVP Jae Kim sold 4,577 shares of the stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $77.98, for a total value of $356,914.46. Following the completion of the transaction, the senior vice president now directly owns 31,534 shares of the company’s stock, valued at $2,459,021.32. This represents a 12.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Lumentum Stock Down 0.1%

NASDAQ:LITE opened at $77.87 on Tuesday. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. The stock has a 50 day moving average of $61.89 and a 200-day moving average of $75.22. The firm has a market capitalization of $5.40 billion, a PE ratio of -10.13 and a beta of 1.18. Lumentum Holdings Inc. has a 52 week low of $38.29 and a 52 week high of $104.00.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.07. Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. The firm had revenue of $425.20 million during the quarter, compared to the consensus estimate of $418.18 million. During the same period in the prior year, the business earned $0.09 EPS. The firm’s revenue was up 16.0% on a year-over-year basis. Analysts predict that Lumentum Holdings Inc. will post 0.03 EPS for the current year.

Hedge Funds Weigh In On Lumentum

Several institutional investors have recently modified their holdings of LITE. Vanguard Group Inc. boosted its stake in Lumentum by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 7,430,185 shares of the technology company’s stock valued at $463,198,000 after purchasing an additional 47,811 shares during the period. Capital World Investors raised its holdings in shares of Lumentum by 108.3% during the fourth quarter. Capital World Investors now owns 3,600,132 shares of the technology company’s stock valued at $302,231,000 after buying an additional 1,871,572 shares during the last quarter. PointState Capital LP bought a new stake in shares of Lumentum during the first quarter valued at approximately $213,503,000. Atreides Management LP boosted its position in shares of Lumentum by 6.8% during the first quarter. Atreides Management LP now owns 1,875,257 shares of the technology company’s stock worth $116,904,000 after buying an additional 119,938 shares during the period. Finally, Alliancebernstein L.P. grew its holdings in Lumentum by 1.1% in the 1st quarter. Alliancebernstein L.P. now owns 1,731,041 shares of the technology company’s stock worth $107,913,000 after buying an additional 19,085 shares in the last quarter. Institutional investors own 94.05% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. B. Riley upped their target price on Lumentum from $62.00 to $75.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. BNP Paribas raised shares of Lumentum from a “neutral” rating to an “outperform” rating and set a $92.00 price target on the stock in a report on Tuesday, March 11th. Morgan Stanley decreased their price objective on shares of Lumentum from $83.00 to $81.00 and set an “equal weight” rating for the company in a report on Friday, January 31st. Needham & Company LLC cut their target price on shares of Lumentum from $110.00 to $100.00 and set a “buy” rating on the stock in a research note on Wednesday, May 7th. Finally, Raymond James reduced their price target on shares of Lumentum from $82.00 to $80.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, May 7th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $82.20.

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.