Lumentum Holdings Inc. (NASDAQ:LITE) CEO Alan S. Lowe sold 4,351 shares of the firm’s stock in a transaction dated Wednesday, September 28th. The shares were sold at an average price of $41.82, for a total value of $181,958.82. Following the transaction, the chief executive officer now directly owns 151,220 shares of the company’s stock, valued at approximately $6,324,020.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Shares of Lumentum Holdings Inc. (NASDAQ:LITE) opened at 41.77 on Monday. The stock’s market capitalization is $2.51 billion. Lumentum Holdings Inc. has a 52 week low of $13.97 and a 52 week high of $42.35. The company has a 50-day moving average price of $36.94 and a 200 day moving average price of $28.63.
Lumentum Holdings (NASDAQ:LITE) last released its earnings results on Tuesday, August 9th. The company reported $0.41 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.05. The company earned $241.70 million during the quarter, compared to analysts’ expectations of $238.52 million. Lumentum Holdings had a return on equity of 11.91% and a net margin of 1.01%. The business’s revenue for the quarter was up 15.7% on a year-over-year basis. During the same period last year, the firm earned $0.15 EPS. Analysts forecast that Lumentum Holdings Inc. will post $1.87 earnings per share for the current fiscal year.
Several research analysts recently weighed in on the company. B. Riley reaffirmed a “buy” rating and set a $41.50 target price on shares of Lumentum Holdings in a research note on Monday, August 15th. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Lumentum Holdings in a research note on Monday, August 8th. MKM Partners upped their target price on Lumentum Holdings from $28.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, July 20th. Zacks Investment Research raised Lumentum Holdings from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 6th. Finally, Morgan Stanley downgraded Lumentum Holdings from an “equal weight” rating to an “underweight” rating and upped their target price for the company from $20.00 to $27.00 in a report on Thursday, August 11th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $37.50.
Several large investors have recently added to or reduced their stakes in LITE. Capital Research Global Investors boosted its stake in Lumentum Holdings by 9.6% in the second quarter. Capital Research Global Investors now owns 6,441,454 shares of the company’s stock valued at $155,883,000 after buying an additional 564,000 shares during the period. Vanguard Group Inc. boosted its stake in Lumentum Holdings by 13.0% in the second quarter. Vanguard Group Inc. now owns 4,061,490 shares of the company’s stock valued at $98,288,000 after buying an additional 467,634 shares during the period. BlackRock Fund Advisors boosted its stake in Lumentum Holdings by 38.7% in the second quarter. BlackRock Fund Advisors now owns 3,204,522 shares of the company’s stock valued at $77,549,000 after buying an additional 893,643 shares during the period. Teachers Advisors Inc. boosted its stake in Lumentum Holdings by 50.7% in the second quarter. Teachers Advisors Inc. now owns 2,734,615 shares of the company’s stock valued at $66,178,000 after buying an additional 919,821 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in Lumentum Holdings by 20.1% in the second quarter. Bank of New York Mellon Corp now owns 2,147,615 shares of the company’s stock valued at $51,972,000 after buying an additional 359,981 shares during the period. 74.97% of the stock is owned by institutional investors.
About Lumentum Holdings
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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