Lumentum Holdings Inc. (NASDAQ:LITE) CEO Alan S. Lowe sold 4,351 shares of the firm’s stock in a transaction that occurred on Wednesday, September 28th. The stock was sold at an average price of $41.82, for a total transaction of $181,958.82. Following the sale, the chief executive officer now owns 151,220 shares in the company, valued at approximately $6,324,020.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.
Shares of Lumentum Holdings Inc. (NASDAQ:LITE) opened at 41.45 on Tuesday. Lumentum Holdings Inc. has a 12 month low of $13.97 and a 12 month high of $42.35. The company’s market capitalization is $2.49 billion. The company has a 50-day moving average price of $37.19 and a 200-day moving average price of $28.79.
Lumentum Holdings (NASDAQ:LITE) last announced its quarterly earnings results on Tuesday, August 9th. The company reported $0.41 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.05. Lumentum Holdings had a return on equity of 11.91% and a net margin of 1.01%. The company earned $241.70 million during the quarter, compared to the consensus estimate of $238.52 million. During the same period in the previous year, the company posted $0.15 earnings per share. Lumentum Holdings’s revenue for the quarter was up 15.7% on a year-over-year basis. On average, analysts forecast that Lumentum Holdings Inc. will post $1.87 EPS for the current fiscal year.
LITE has been the subject of a number of research analyst reports. B. Riley reaffirmed a “buy” rating and set a $41.50 price objective on shares of Lumentum Holdings in a report on Monday, August 15th. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Lumentum Holdings in a report on Monday, August 8th. Jefferies Group increased their price objective on shares of Lumentum Holdings from $39.00 to $51.50 and gave the company a “buy” rating in a report on Monday. MKM Partners increased their price objective on shares of Lumentum Holdings from $28.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, July 20th. Finally, Zacks Investment Research raised shares of Lumentum Holdings from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 6th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the stock. Lumentum Holdings presently has a consensus rating of “Buy” and an average price target of $38.54.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Mason Street Advisors LLC acquired a new position in shares of Lumentum Holdings during the second quarter valued at $224,000. Wolverine Asset Management LLC acquired a new position in shares of Lumentum Holdings during the second quarter valued at $605,000. Schwab Charles Investment Management Inc. increased its position in shares of Lumentum Holdings by 96.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 189,881 shares of the company’s stock valued at $4,596,000 after buying an additional 92,984 shares during the last quarter. Stifel Financial Corp acquired a new position in shares of Lumentum Holdings during the second quarter valued at $312,000. Finally, American Century Companies Inc. acquired a new position in shares of Lumentum Holdings during the second quarter valued at $354,000. 74.97% of the stock is owned by institutional investors.
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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