Lumentum Holdings Inc (NASDAQ:LITE) shares were down 5.5% during mid-day trading on Friday . The company traded as low as $48.60 and last traded at $48.85. Approximately 3,096,194 shares changed hands during trading, an increase of 74% from the average daily volume of 1,782,923 shares. The stock had previously closed at $51.70.

A number of research analysts have issued reports on LITE shares. MKM Partners upgraded Lumentum from a “neutral” rating to a “buy” rating and set a $66.00 price target for the company in a research report on Wednesday, September 27th. They noted that the move was a valuation call. Rosenblatt Securities reiterated a “buy” rating and set a $75.00 price target (up previously from $70.00) on shares of Lumentum in a research report on Wednesday, October 4th. Jefferies Group reiterated a “buy” rating and set a $75.00 price target on shares of Lumentum in a research report on Friday, October 6th. Piper Jaffray Companies reiterated a “buy” rating and set a $68.00 price target on shares of Lumentum in a research report on Monday, October 9th. Finally, Zacks Investment Research upgraded Lumentum from a “hold” rating to a “buy” rating and set a $66.00 price target for the company in a research report on Wednesday, October 11th. Two analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $69.69.

The company has a current ratio of 5.21, a quick ratio of 4.38 and a debt-to-equity ratio of 0.50. The firm has a market cap of $3,028.70, a price-to-earnings ratio of 34.16, a price-to-earnings-growth ratio of 0.87 and a beta of 0.84.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Wednesday, November 1st. The technology company reported $0.32 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.41 by ($0.09). Lumentum had a negative net margin of 9.32% and a positive return on equity of 15.99%. research analysts predict that Lumentum Holdings Inc will post 2.86 earnings per share for the current year.

In other news, CFO Aaron Tachibana sold 1,248 shares of the company’s stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $60.00, for a total value of $74,880.00. Following the completion of the sale, the chief financial officer now owns 69,830 shares in the company, valued at $4,189,800. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Penny Herscher sold 822 shares of the company’s stock in a transaction on Friday, December 8th. The shares were sold at an average price of $50.61, for a total value of $41,601.42. Following the completion of the sale, the director now owns 34,793 shares of the company’s stock, valued at approximately $1,760,873.73. The disclosure for this sale can be found here. In the last 90 days, insiders sold 31,643 shares of company stock valued at $1,806,554. Insiders own 0.76% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. Schwab Charles Investment Management Inc. lifted its holdings in shares of Lumentum by 13.2% during the second quarter. Schwab Charles Investment Management Inc. now owns 291,500 shares of the technology company’s stock valued at $16,631,000 after purchasing an additional 33,944 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in shares of Lumentum by 60.5% during the second quarter. Wells Fargo & Company MN now owns 110,876 shares of the technology company’s stock valued at $6,326,000 after purchasing an additional 41,808 shares during the last quarter. Riverhead Capital Management LLC lifted its holdings in shares of Lumentum by 71.8% during the second quarter. Riverhead Capital Management LLC now owns 2,062 shares of the technology company’s stock valued at $118,000 after purchasing an additional 862 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of Lumentum by 8.1% during the second quarter. Ameriprise Financial Inc. now owns 384,214 shares of the technology company’s stock valued at $21,920,000 after purchasing an additional 28,776 shares during the last quarter. Finally, Nationwide Fund Advisors lifted its holdings in shares of Lumentum by 6.2% during the second quarter. Nationwide Fund Advisors now owns 92,028 shares of the technology company’s stock valued at $5,250,000 after purchasing an additional 5,374 shares during the last quarter.

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About Lumentum

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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