Lumentum Holdings Inc. (NASDAQ:LITE - Get Free Report) shares hit a new 52-week high during mid-day trading on Friday . The company traded as high as $96.25 and last traded at $94.85, with a volume of 249090 shares changing hands. The stock had previously closed at $90.75.
Analysts Set New Price Targets
Several research firms recently issued reports on LITE. Rosenblatt Securities raised their price objective on shares of Lumentum from $69.00 to $110.00 and gave the stock a "buy" rating in a research report on Friday, November 8th. Morgan Stanley raised their price target on shares of Lumentum from $61.00 to $76.00 and gave the stock an "equal weight" rating in a report on Thursday, November 14th. Barclays upped their price objective on Lumentum from $40.00 to $80.00 and gave the company an "underweight" rating in a report on Monday, November 11th. Raymond James raised their target price on Lumentum from $70.00 to $100.00 and gave the stock an "outperform" rating in a research note on Friday, November 8th. Finally, Northland Securities upped their price target on Lumentum from $45.00 to $60.00 and gave the company a "market perform" rating in a research note on Friday, November 8th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Lumentum presently has a consensus rating of "Hold" and an average price target of $74.85.
Read Our Latest Stock Analysis on LITE
Lumentum Price Performance
The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87. The firm has a market cap of $6.38 billion, a price-to-earnings ratio of -11.22 and a beta of 0.95. The company's 50-day moving average price is $77.43 and its 200-day moving average price is $61.34.
Insider Buying and Selling at Lumentum
In other Lumentum news, Director Harold L. Covert sold 15,000 shares of the stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $87.17, for a total value of $1,307,550.00. Following the sale, the director now owns 8,761 shares of the company's stock, valued at $763,696.37. This trade represents a 63.13 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Penny Herscher sold 1,625 shares of Lumentum stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $81.09, for a total value of $131,771.25. Following the completion of the transaction, the director now owns 6,852 shares of the company's stock, valued at $555,628.68. The trade was a 19.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 101,797 shares of company stock valued at $8,881,428 in the last 90 days. Company insiders own 0.19% of the company's stock.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently added to or reduced their stakes in LITE. Atreides Management LP increased its holdings in shares of Lumentum by 28.5% in the 3rd quarter. Atreides Management LP now owns 1,691,017 shares of the technology company's stock valued at $107,177,000 after acquiring an additional 375,389 shares during the last quarter. Point72 Hong Kong Ltd acquired a new position in Lumentum in the third quarter valued at approximately $17,981,000. Van Lanschot Kempen Investment Management N.V. increased its stake in Lumentum by 17.8% in the second quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,154,805 shares of the technology company's stock valued at $58,803,000 after purchasing an additional 174,828 shares during the last quarter. Pinnacle Associates Ltd. raised its holdings in Lumentum by 50.4% during the third quarter. Pinnacle Associates Ltd. now owns 407,789 shares of the technology company's stock worth $25,846,000 after purchasing an additional 136,659 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Lumentum by 8.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company's stock worth $86,760,000 after buying an additional 130,838 shares during the last quarter. Institutional investors and hedge funds own 94.05% of the company's stock.
Lumentum Company Profile
(
Get Free Report)
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.
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