Harold L. Covert Sells 7,564 Shares of Lumentum Holdings Inc (LITE) Stock

Lumentum Holdings Inc (NASDAQ:LITE) Director Harold L. Covert sold 7,564 shares of the business’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $56.58, for a total transaction of $427,971.12. Following the completion of the transaction, the director now owns 22,628 shares in the company, valued at $1,280,292.24. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Shares of Lumentum Holdings Inc (NASDAQ:LITE) traded down $0.30 on Tuesday, reaching $56.90. 1,967,600 shares of the company traded hands, compared to its average volume of 2,842,673. Lumentum Holdings Inc has a 1 year low of $40.35 and a 1 year high of $68.63. The stock has a market cap of $3,569.28, a P/E ratio of 39.38, a P/E/G ratio of 1.02 and a beta of 0.56. The company has a debt-to-equity ratio of 0.38, a quick ratio of 4.16 and a current ratio of 4.84.

Lumentum (NASDAQ:LITE) last announced its earnings results on Tuesday, February 6th. The technology company reported $1.67 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.67. Lumentum had a net margin of 8.97% and a return on equity of 24.06%. The firm had revenue of $404.60 million for the quarter, compared to the consensus estimate of $357.03 million. During the same period in the prior year, the firm earned $0.57 EPS. The firm’s revenue for the quarter was up 52.7% on a year-over-year basis. research analysts predict that Lumentum Holdings Inc will post 2.85 earnings per share for the current year.

A number of institutional investors and hedge funds have recently made changes to their positions in LITE. Bank of New York Mellon Corp increased its stake in Lumentum by 58.0% during the 4th quarter. Bank of New York Mellon Corp now owns 4,005,797 shares of the technology company’s stock worth $195,883,000 after buying an additional 1,470,587 shares during the period. Eagle Asset Management Inc. purchased a new stake in Lumentum during the 4th quarter worth approximately $40,918,000. Whale Rock Capital Management LLC increased its position in shares of Lumentum by 86.0% in the 3rd quarter. Whale Rock Capital Management LLC now owns 1,590,359 shares of the technology company’s stock valued at $86,436,000 after purchasing an additional 735,239 shares during the last quarter. Carillon Tower Advisers Inc. purchased a new stake in shares of Lumentum in the 4th quarter valued at approximately $29,089,000. Finally, Artemis Investment Management LLP increased its position in shares of Lumentum by 676.1% in the 3rd quarter. Artemis Investment Management LLP now owns 672,022 shares of the technology company’s stock valued at $36,541,000 after purchasing an additional 585,432 shares during the last quarter.

LITE has been the topic of several recent analyst reports. TheStreet upgraded shares of Lumentum from a “c” rating to a “b-” rating in a report on Wednesday, February 7th. Rosenblatt Securities set a $75.00 price objective on shares of Lumentum and gave the stock a “buy” rating in a report on Tuesday, October 24th. B. Riley restated a “buy” rating and issued a $89.00 price objective on shares of Lumentum in a report on Wednesday, December 13th. DA Davidson upped their price objective on shares of Lumentum from $82.00 to $90.00 and gave the stock a “buy” rating in a report on Thursday, November 2nd. Finally, Craig Hallum restated a “buy” rating and issued a $85.00 price objective (up from $75.00) on shares of Lumentum in a report on Wednesday, November 1st. One analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $72.31.

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Lumentum Company Profile

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).

Insider Buying and Selling by Quarter for Lumentum (NASDAQ:LITE)

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