Shares of Lumentum Holdings Inc (NASDAQ:LITE) traded up 5.5% on Friday . The stock traded as high as $69.25 and last traded at $68.97. 2,548,710 shares were traded during mid-day trading, an increase of 5% from the average session volume of 2,430,460 shares. The stock had previously closed at $65.35.
Several analysts have weighed in on the company. Morgan Stanley set a $60.00 price target on Lumentum and gave the company a “hold” rating in a report on Friday. Barclays raised Lumentum from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $65.00 to $67.00 in a report on Wednesday, January 10th. BidaskClub raised Lumentum from a “sell” rating to a “hold” rating in a report on Wednesday, January 31st. UBS Group assumed coverage on Lumentum in a report on Wednesday, January 31st. They issued a “buy” rating and a $57.00 price target on the stock. Finally, TheStreet raised Lumentum from a “c” rating to a “b-” rating in a report on Wednesday, February 7th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and fifteen have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $73.19.
The firm has a market capitalization of $4,304.04, a price-to-earnings ratio of 28.27, a price-to-earnings-growth ratio of 1.30 and a beta of -0.09. The company has a debt-to-equity ratio of 0.38, a quick ratio of 4.16 and a current ratio of 4.84.
In related news, EVP Jason Reinhardt sold 9,308 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $56.82, for a total transaction of $528,880.56. Following the transaction, the executive vice president now directly owns 59,635 shares in the company, valued at approximately $3,388,460.70. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Alan S. Lowe sold 4,511 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $58.52, for a total value of $263,983.72. Following the transaction, the chief executive officer now owns 238,998 shares in the company, valued at $13,986,162.96. The disclosure for this sale can be found here. Over the last three months, insiders have sold 48,039 shares of company stock worth $2,798,935. 0.76% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of LITE. Bank of New York Mellon Corp grew its position in Lumentum by 58.0% during the 4th quarter. Bank of New York Mellon Corp now owns 4,005,797 shares of the technology company’s stock worth $195,883,000 after acquiring an additional 1,470,587 shares during the last quarter. Eagle Asset Management Inc. bought a new position in Lumentum during the 4th quarter worth approximately $40,918,000. Whale Rock Capital Management LLC grew its position in Lumentum by 86.0% during the 3rd quarter. Whale Rock Capital Management LLC now owns 1,590,359 shares of the technology company’s stock worth $86,436,000 after acquiring an additional 735,239 shares during the last quarter. Carillon Tower Advisers Inc. bought a new position in Lumentum during the 4th quarter worth approximately $29,089,000. Finally, AXA grew its position in Lumentum by 48.4% during the 4th quarter. AXA now owns 1,411,087 shares of the technology company’s stock worth $69,002,000 after acquiring an additional 460,315 shares during the last quarter.
Lumentum Company Profile
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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