Lumentum (LITE) Shares Down 7.5%

Lumentum Holdings (NASDAQ:LITE) shares dropped 7.5% during mid-day trading on Monday . The stock traded as low as $53.50 and last traded at $54.45. Approximately 5,555,187 shares traded hands during trading, an increase of 123% from the average daily volume of 2,489,205 shares. The stock had previously closed at $58.85.

LITE has been the subject of several analyst reports. BidaskClub lowered shares of Lumentum from a “hold” rating to a “sell” rating in a report on Friday, December 29th. Piper Jaffray restated a “buy” rating and set a $81.00 price target on shares of Lumentum in a report on Wednesday, January 3rd. B. Riley restated a “buy” rating and set a $89.00 price target on shares of Lumentum in a report on Friday, January 5th. Barclays upgraded shares of Lumentum from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $65.00 to $67.00 in a report on Wednesday, January 10th. Finally, Morgan Stanley upgraded shares of Lumentum from an “underweight” rating to an “equal weight” rating and set a $46.00 price target for the company in a report on Tuesday, January 23rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and fifteen have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $81.38.

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The company has a market cap of $3,620.19, a price-to-earnings ratio of 34.25, a price-to-earnings-growth ratio of 1.12 and a beta of -0.08. The company has a current ratio of 4.84, a quick ratio of 4.16 and a debt-to-equity ratio of 0.38.



Lumentum (NASDAQ:LITE) last released its quarterly earnings data on Tuesday, February 6th. The technology company reported $1.67 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.67. The company had revenue of $404.60 million during the quarter, compared to analyst estimates of $357.03 million. Lumentum had a net margin of 8.97% and a return on equity of 24.06%. Lumentum’s revenue for the quarter was up 52.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.57 EPS. equities analysts expect that Lumentum Holdings will post 2.82 earnings per share for the current year.

In other news, COO Vincent Retort sold 12,111 shares of Lumentum stock in a transaction on Monday, March 12th. The shares were sold at an average price of $71.00, for a total value of $859,881.00. Following the completion of the sale, the chief operating officer now owns 77,318 shares in the company, valued at approximately $5,489,578. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Judy G. Hamel sold 591 shares of Lumentum stock in a transaction on Friday, February 16th. The shares were sold at an average price of $58.52, for a total transaction of $34,585.32. Following the completion of the sale, the general counsel now directly owns 28,816 shares of the company’s stock, valued at approximately $1,686,312.32. The disclosure for this sale can be found here. Insiders sold a total of 62,150 shares of company stock valued at $3,800,816 in the last quarter. 0.76% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of LITE. Wells Fargo & Company MN grew its position in Lumentum by 65.4% in the 3rd quarter. Wells Fargo & Company MN now owns 183,359 shares of the technology company’s stock valued at $9,966,000 after purchasing an additional 72,483 shares during the period. Dimensional Fund Advisors LP grew its position in Lumentum by 6.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 904,364 shares of the technology company’s stock valued at $49,153,000 after purchasing an additional 52,427 shares during the period. Stifel Financial Corp grew its position in Lumentum by 24.9% in the 3rd quarter. Stifel Financial Corp now owns 9,084 shares of the technology company’s stock valued at $490,000 after purchasing an additional 1,813 shares during the period. Neuberger Berman Group LLC grew its position in Lumentum by 20.8% in the 3rd quarter. Neuberger Berman Group LLC now owns 346,016 shares of the technology company’s stock valued at $18,806,000 after purchasing an additional 59,600 shares during the period. Finally, Copper Rock Capital Partners LLC grew its position in Lumentum by 3.6% in the 4th quarter. Copper Rock Capital Partners LLC now owns 510,098 shares of the technology company’s stock valued at $25,020,000 after purchasing an additional 17,679 shares during the period.

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About Lumentum

Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. It operates through two segments, Optical Communications and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.

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