Lumentum Holdings Inc. (NASDAQ:LITE - Get Free Report) was down 15.9% during mid-day trading on Thursday . The stock traded as low as $57.69 and last traded at $56.17. Approximately 1,041,417 shares changed hands during mid-day trading, a decline of 59% from the average daily volume of 2,549,353 shares. The stock had previously closed at $66.82.
Analyst Ratings Changes
Several brokerages have weighed in on LITE. Needham & Company LLC reiterated a "buy" rating and issued a $110.00 target price on shares of Lumentum in a research note on Friday, February 7th. Stifel Nicolaus boosted their price objective on shares of Lumentum from $95.00 to $105.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Morgan Stanley cut their price objective on shares of Lumentum from $83.00 to $81.00 and set an "equal weight" rating on the stock in a report on Friday, January 31st. UBS Group lifted their target price on shares of Lumentum from $93.00 to $96.00 and gave the company a "neutral" rating in a report on Friday, February 7th. Finally, BNP Paribas raised shares of Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 price target for the company in a report on Tuesday, March 11th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $87.40.
Read Our Latest Analysis on Lumentum
Lumentum Trading Down 4.3 %
The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94. The business's 50 day simple moving average is $69.90 and its 200 day simple moving average is $76.05. The stock has a market cap of $3.46 billion, a price-to-earnings ratio of -6.50 and a beta of 1.14.
Lumentum (NASDAQ:LITE - Get Free Report) last released its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) EPS for the quarter, missing analysts' consensus estimates of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. On average, research analysts expect that Lumentum Holdings Inc. will post 0.03 EPS for the current fiscal year.
Insider Buying and Selling at Lumentum
In related news, CFO Wajid Ali sold 2,172 shares of the firm's stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total value of $170,154.48. Following the completion of the transaction, the chief financial officer now owns 51,976 shares in the company, valued at $4,071,799.84. This trade represents a 4.01 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.19% of the company's stock.
Hedge Funds Weigh In On Lumentum
Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quarry LP boosted its position in Lumentum by 85.5% during the third quarter. Quarry LP now owns 436 shares of the technology company's stock valued at $28,000 after acquiring an additional 201 shares during the last quarter. UMB Bank n.a. boosted its holdings in Lumentum by 301.2% during the 4th quarter. UMB Bank n.a. now owns 337 shares of the technology company's stock worth $28,000 after acquiring an additional 253 shares during the last quarter. Jones Financial Companies Lllp grew its holdings in shares of Lumentum by 54.2% in the fourth quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company's stock valued at $31,000 after acquiring an additional 130 shares in the last quarter. CoreCap Advisors LLC grew its position in Lumentum by 2,235.3% during the fourth quarter. CoreCap Advisors LLC now owns 397 shares of the technology company's stock valued at $33,000 after buying an additional 380 shares during the period. Finally, Nomura Asset Management Co. Ltd. grew its holdings in Lumentum by 67.5% during the third quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company's stock valued at $42,000 after purchasing an additional 270 shares during the period. 94.05% of the stock is currently owned by institutional investors and hedge funds.
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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