Lumentum (NASDAQ:LITE) Trading Down 4.9% – Time to Sell?

Lumentum Holdings Inc. (NASDAQ:LITE) shares fell 4.9% during mid-day trading on Tuesday . The stock traded as low as $310.35 and last traded at $302.3840. 1,121,521 shares traded hands during trading, a decline of 63% from the average session volume of 3,071,653 shares. The stock had previously closed at $317.93.

Analyst Ratings Changes

Several equities research analysts have recently commented on LITE shares. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Lumentum in a research report on Tuesday, November 25th. Bank of America upgraded shares of Lumentum from an “underperform” rating to a “neutral” rating and increased their price target for the stock from $78.00 to $135.00 in a research note on Wednesday, August 13th. Morgan Stanley restated a “cautious” rating and issued a $190.00 price objective on shares of Lumentum in a report on Wednesday, November 5th. Wolfe Research reiterated an “outperform” rating and set a $240.00 target price on shares of Lumentum in a report on Wednesday, November 5th. Finally, B. Riley raised their price objective on Lumentum from $83.00 to $147.00 and gave the company a “neutral” rating in a research report on Wednesday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $202.50.

Lumentum Price Performance

The company has a quick ratio of 1.02, a current ratio of 1.37 and a debt-to-equity ratio of 2.77. The firm’s fifty day moving average price is $206.41 and its two-hundred day moving average price is $142.34. The stock has a market capitalization of $21.97 billion, a PE ratio of 207.09 and a beta of 1.52.

Insider Activity at Lumentum

In other Lumentum news, Director Isaac Hosojiro Harris sold 7,200 shares of the firm’s stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $243.32, for a total value of $1,751,904.00. Following the transaction, the director directly owned 9,764 shares of the company’s stock, valued at approximately $2,375,776.48. This trade represents a 42.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Julia Suzanne Johnson sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $270.39, for a total transaction of $2,703,900.00. Following the completion of the transaction, the director directly owned 12,037 shares in the company, valued at approximately $3,254,684.43. The trade was a 45.38% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 28,612 shares of company stock valued at $7,317,398 in the last 90 days. 0.43% of the stock is owned by company insiders.

Institutional Investors Weigh In On Lumentum

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Northwestern Mutual Investment Management Company LLC boosted its stake in Lumentum by 0.4% in the 3rd quarter. Northwestern Mutual Investment Management Company LLC now owns 15,559 shares of the technology company’s stock worth $2,532,000 after purchasing an additional 64 shares during the period. UMB Bank n.a. lifted its stake in Lumentum by 11.2% in the 3rd quarter. UMB Bank n.a. now owns 920 shares of the technology company’s stock worth $150,000 after purchasing an additional 93 shares in the last quarter. MAI Capital Management grew its position in shares of Lumentum by 27.0% during the second quarter. MAI Capital Management now owns 452 shares of the technology company’s stock valued at $43,000 after purchasing an additional 96 shares in the last quarter. Louisiana State Employees Retirement System lifted its position in shares of Lumentum by 0.5% in the second quarter. Louisiana State Employees Retirement System now owns 19,500 shares of the technology company’s stock worth $1,854,000 after buying an additional 100 shares in the last quarter. Finally, KLP Kapitalforvaltning AS boosted its stake in shares of Lumentum by 0.7% during the third quarter. KLP Kapitalforvaltning AS now owns 15,171 shares of the technology company’s stock valued at $2,468,000 after purchasing an additional 100 shares during the period. 94.05% of the stock is owned by hedge funds and other institutional investors.

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.