Lumentum (NASDAQ:LITE) Reaches New 1-Year High – Here’s What Happened

Lumentum Holdings Inc. (NASDAQ:LITE)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $93.96 and last traded at $93.91, with a volume of 734830 shares. The stock had previously closed at $88.70.

Analyst Ratings Changes

LITE has been the subject of several analyst reports. Susquehanna upped their price objective on Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a research note on Friday, November 8th. Craig Hallum upped their price objective on Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Bank of America upped their price objective on Lumentum from $45.00 to $50.00 and gave the stock an “underperform” rating in a research note on Thursday, August 15th. Morgan Stanley upped their price objective on Lumentum from $61.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 14th. Finally, B. Riley increased their price target on Lumentum from $40.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday, August 15th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $74.85.

Lumentum Trading Up 7.3 %

The stock has a market cap of $6.54 billion, a PE ratio of -11.34 and a beta of 0.95. The stock has a 50-day moving average price of $73.15 and a two-hundred day moving average price of $59.03. The company has a debt-to-equity ratio of 2.87, a current ratio of 5.36 and a quick ratio of 4.04.

Insider Activity at Lumentum

In related news, Director Harold L. Covert sold 15,000 shares of the stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $87.17, for a total value of $1,307,550.00. Following the completion of the transaction, the director now owns 8,761 shares of the company’s stock, valued at approximately $763,696.37. This trade represents a 63.13 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Wajid Ali sold 29,887 shares of the stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $85.06, for a total transaction of $2,542,188.22. Following the completion of the transaction, the chief financial officer now directly owns 56,492 shares of the company’s stock, valued at approximately $4,805,209.52. The trade was a 34.60 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 101,797 shares of company stock valued at $8,881,428. Insiders own 0.19% of the company’s stock.

Institutional Trading of Lumentum

Several institutional investors have recently added to or reduced their stakes in LITE. Envestnet Portfolio Solutions Inc. lifted its stake in Lumentum by 30.5% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 11,824 shares of the technology company’s stock worth $602,000 after purchasing an additional 2,762 shares during the last quarter. Mcdonald Partners LLC lifted its stake in Lumentum by 1.6% in the second quarter. Mcdonald Partners LLC now owns 19,830 shares of the technology company’s stock worth $1,010,000 after purchasing an additional 318 shares during the last quarter. Leeward Investments LLC MA lifted its stake in Lumentum by 5.6% in the second quarter. Leeward Investments LLC MA now owns 377,152 shares of the technology company’s stock worth $19,205,000 after purchasing an additional 20,046 shares during the last quarter. Legacy Capital Group California Inc. bought a new stake in Lumentum in the second quarter worth about $346,000. Finally, JB Capital LLC lifted its stake in Lumentum by 85.0% in the second quarter. JB Capital LLC now owns 31,069 shares of the technology company’s stock worth $1,582,000 after purchasing an additional 14,271 shares during the last quarter. Institutional investors own 94.05% of the company’s stock.

About Lumentum

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.