Lumentum Holdings Inc. (NASDAQ:LITE) Receives Consensus Rating of “Hold” from Brokerages

Lumentum Holdings Inc. (NASDAQ:LITE) has received a consensus recommendation of “Hold” from the thirteen analysts that are currently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $75.38.

LITE has been the topic of several recent analyst reports. Morgan Stanley increased their price objective on shares of Lumentum from $76.00 to $83.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. Northland Securities raised their price target on shares of Lumentum from $45.00 to $60.00 and gave the company a “market perform” rating in a research report on Friday, November 8th. Susquehanna boosted their price objective on shares of Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a report on Friday, November 8th. Raymond James increased their target price on Lumentum from $70.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Finally, Rosenblatt Securities boosted their price target on Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, November 8th.

Lumentum Price Performance

Shares of NASDAQ:LITE opened at $84.34 on Thursday. The business has a fifty day moving average price of $80.28 and a 200-day moving average price of $63.78. The company has a debt-to-equity ratio of 2.87, a current ratio of 5.36 and a quick ratio of 4.04. The company has a market capitalization of $5.79 billion, a PE ratio of -10.19 and a beta of 0.95. Lumentum has a 1-year low of $38.28 and a 1-year high of $96.25.

Insider Buying and Selling

In related news, Director Penny Herscher sold 1,625 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $81.09, for a total value of $131,771.25. Following the transaction, the director now owns 6,852 shares of the company’s stock, valued at approximately $555,628.68. This trade represents a 19.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Matthew Joseph Sepe sold 8,172 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $87.60, for a total transaction of $715,867.20. Following the sale, the chief accounting officer now directly owns 21,138 shares of the company’s stock, valued at approximately $1,851,688.80. This represents a 27.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 101,797 shares of company stock valued at $8,881,428 over the last 90 days. Company insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Lumentum

Institutional investors and hedge funds have recently bought and sold shares of the stock. Signaturefd LLC increased its position in Lumentum by 13.8% in the third quarter. Signaturefd LLC now owns 1,302 shares of the technology company’s stock worth $83,000 after buying an additional 158 shares in the last quarter. Synovus Financial Corp raised its stake in Lumentum by 1.5% during the 3rd quarter. Synovus Financial Corp now owns 13,225 shares of the technology company’s stock worth $838,000 after acquiring an additional 200 shares during the period. Quarry LP raised its stake in Lumentum by 85.5% during the 3rd quarter. Quarry LP now owns 436 shares of the technology company’s stock worth $28,000 after acquiring an additional 201 shares during the period. Nomura Asset Management Co. Ltd. lifted 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 in the last quarter. Finally, Arizona State Retirement System boosted its position in shares of Lumentum by 2.5% in the second quarter. Arizona State Retirement System now owns 18,868 shares of the technology company’s stock worth $961,000 after purchasing an additional 455 shares during the period. 94.05% of the stock is currently owned by hedge funds and other 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.