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 Lumentum stock in a transaction on Friday, May 16th. The shares were sold at an average price of $77.98, for a total transaction of $356,914.46. Following the completion of the sale, the senior vice president now directly owns 31,534 shares of the company’s stock, valued at approximately $2,459,021.32. The trade was a 12.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Lumentum Stock Performance

Shares of Lumentum stock opened at $77.11 on Wednesday. The business’s fifty day simple moving average is $62.23 and its 200 day simple moving average is $75.23. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. Lumentum Holdings Inc. has a 12 month low of $38.29 and a 12 month high of $104.00. The firm has a market capitalization of $5.35 billion, a P/E ratio of -10.03 and a beta of 1.18.

Lumentum (NASDAQ:LITE) last announced its earnings results on Tuesday, May 6th. The technology company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.07. The firm had revenue of $425.20 million during the quarter, compared to analyst estimates of $418.18 million. Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. The business’s revenue was up 16.0% compared to the same quarter last year. During the same period last year, the firm posted $0.09 EPS. As a group, analysts anticipate that Lumentum Holdings Inc. will post 0.03 EPS for the current year.

Analysts Set New Price Targets

LITE has been the topic of a number of recent research reports. Rosenblatt Securities raised their price objective on shares of Lumentum from $85.00 to $94.00 and gave the company a “buy” rating in a research note on Wednesday, May 7th. Jefferies Financial Group initiated coverage on shares of Lumentum in a research report on Friday, February 21st. They issued a “buy” rating on the stock. Needham & Company LLC cut their price target on Lumentum from $110.00 to $100.00 and set a “buy” rating for the company in a research note on Wednesday, May 7th. JPMorgan Chase & Co. decreased their price objective on Lumentum from $105.00 to $73.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Finally, Morgan Stanley dropped their target price on Lumentum from $83.00 to $81.00 and set an “equal weight” rating on the stock in a report on Friday, January 31st. One investment analyst has rated the stock with a sell rating, three have given a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $82.20.

Institutional Trading of Lumentum

Large investors have recently added to or reduced their stakes in the stock. Empowered Funds LLC boosted its stake in Lumentum by 9.1% in the first quarter. Empowered Funds LLC now owns 8,139 shares of the technology company’s stock valued at $507,000 after acquiring an additional 680 shares during the last quarter. United Services Automobile Association purchased a new position in Lumentum in the first quarter valued at approximately $279,000. Scientech Research LLC grew its holdings in Lumentum by 37.4% during the first quarter. Scientech Research LLC now owns 13,266 shares of the technology company’s stock valued at $827,000 after purchasing an additional 3,613 shares during the period. Petrus Trust Company LTA bought a new position in Lumentum during the first quarter valued at $428,000. Finally, PointState Capital LP purchased a new stake in Lumentum in the first quarter worth $213,503,000. Hedge funds and other institutional investors own 94.05% of the company’s stock.

About Lumentum

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.