Lumentum (NASDAQ:LITE) Trading Up 2.3%

Lumentum Holdings Inc. (NASDAQ:LITE)’s stock price traded up 2.3% during mid-day trading on Tuesday . The stock traded as high as $43.01 and last traded at $42.77. 207,078 shares changed hands during trading, a decline of 86% from the average session volume of 1,434,735 shares. The stock had previously closed at $41.81.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on LITE shares. Barclays increased their price target on Lumentum from $40.00 to $45.00 and gave the company an “underweight” rating in a research note on Tuesday, January 16th. Raymond James raised their price objective on Lumentum from $51.50 to $58.00 and gave the stock an “outperform” rating in a research note on Monday, April 1st. Susquehanna dropped their price objective on Lumentum from $65.00 to $60.00 and set a “positive” rating on the stock in a research note on Friday, February 9th. Stifel Nicolaus reaffirmed a “buy” rating and set a $62.00 price objective on shares of Lumentum in a research note on Monday, April 1st. Finally, Rosenblatt Securities raised their price objective on Lumentum from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Friday, February 9th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $51.79.

Lumentum Price Performance

The stock has a fifty day simple moving average of $47.80 and a 200-day simple moving average of $47.09. The company has a debt-to-equity ratio of 1.96, a quick ratio of 2.42 and a current ratio of 3.13.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Thursday, February 8th. The technology company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.07). The company had revenue of $366.80 million during the quarter, compared to the consensus estimate of $363.44 million. Lumentum had a negative net margin of 18.52% and a positive return on equity of 1.04%. As a group, sell-side analysts forecast that Lumentum Holdings Inc. will post -0.61 earnings per share for the current year.

Insider Activity

In other news, CAO Matthew Joseph Sepe sold 9,903 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $49.23, for a total value of $487,524.69. Following the completion of the transaction, the chief accounting officer now owns 33,188 shares in the company, valued at approximately $1,633,845.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Lumentum

Hedge funds have recently modified their holdings of the stock. Norges Bank acquired a new stake in Lumentum during the fourth quarter worth approximately $53,785,000. Earnest Partners LLC lifted its position in Lumentum by 576.4% during the first quarter. Earnest Partners LLC now owns 680,435 shares of the technology company’s stock worth $66,410,000 after acquiring an additional 579,835 shares during the last quarter. Westfield Capital Management Co. LP acquired a new stake in Lumentum during the fourth quarter worth approximately $29,675,000. Vanguard Group Inc. lifted its position in Lumentum by 6.5% during the fourth quarter. Vanguard Group Inc. now owns 7,196,205 shares of the technology company’s stock worth $377,225,000 after acquiring an additional 442,177 shares during the last quarter. Finally, Van Lanschot Kempen Investment Management N.V. lifted its position in Lumentum by 88.1% during the fourth quarter. Van Lanschot Kempen Investment Management N.V. now owns 939,269 shares of the technology company’s stock worth $49,236,000 after acquiring an additional 439,907 shares during the last quarter. 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.