Lumentum (NASDAQ:LITE) Trading Down 4.7% - Here's What Happened

Shares of Lumentum Holdings Inc. (NASDAQ:LITE - Get Free Report) traded down 4.7% during mid-day trading on Tuesday . The company traded as low as $70.99 and last traded at $70.18. 153,508 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 1,693,850 shares. The stock had previously closed at $73.63.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Northland Securities boosted their price objective on Lumentum from $60.00 to $70.00 and gave the company a "market perform" rating in a research report on Friday, February 7th. Raymond James upgraded shares of Lumentum from an "outperform" rating to a "strong-buy" rating and reduced their price target for the stock from $96.00 to $82.00 in a research report on Monday, March 24th. Barclays raised shares of Lumentum from an "underweight" rating to an "overweight" rating and raised their price target for the company from $80.00 to $125.00 in a research note on Friday, January 17th. Jefferies Financial Group initiated coverage on shares of Lumentum in a research note on Friday, February 21st. They issued a "buy" rating for the company. Finally, Morgan Stanley cut their target price on Lumentum from $83.00 to $81.00 and set an "equal weight" rating on the stock in a research report on Friday, January 31st. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $87.40.

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Lumentum Price Performance

The company has a 50-day simple moving average of $75.28 and a 200-day simple moving average of $75.96. The company has a market cap of $4.33 billion, a price-to-earnings ratio of -8.14 and a beta of 1.03. The company has a debt-to-equity ratio of 2.94, a quick ratio of 3.60 and a current ratio of 4.76.

Lumentum (NASDAQ:LITE - Get Free Report) last released its earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. As a group, research analysts predict that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Wajid Ali sold 2,172 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total transaction of $170,154.48. Following the completion of the sale, the chief financial officer now owns 51,976 shares in the company, valued at approximately $4,071,799.84. This represents a 4.01 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.19% of the stock is owned by company insiders.

Institutional Investors Weigh In On Lumentum

A number of hedge funds have recently bought and sold shares of the company. Atom Investors LP bought a new position in shares of Lumentum in the third quarter valued at approximately $4,127,000. Robeco Institutional Asset Management B.V. acquired a new stake in shares of Lumentum in the fourth quarter valued at about $646,000. SBI Securities Co. Ltd. acquired a new position in shares of Lumentum during the 4th quarter worth about $739,000. Two Sigma Advisers LP raised its stake in Lumentum by 24.7% in the 3rd quarter. Two Sigma Advisers LP now owns 186,600 shares of the technology company's stock valued at $11,827,000 after acquiring an additional 37,000 shares during the period. Finally, Aigen Investment Management LP boosted its stake in Lumentum by 72.9% in the 4th quarter. Aigen Investment Management LP now owns 17,440 shares of the technology company's stock valued at $1,464,000 after purchasing an additional 7,354 shares during the period. 94.05% of the stock is currently owned by institutional investors.

Lumentum Company Profile

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.