Lumentum Holdings Inc. (NASDAQ:LITE) Director Harold L. Covert Sells 3,345 Shares of Stock

Lumentum Holdings Inc. (NASDAQ:LITE) Director Harold L. Covert sold 3,345 shares of Lumentum stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $81.78, for a total value of $273,554.10. Following the sale, the director now directly owns 8,729 shares of the company’s stock, valued at approximately $713,857.62. This trade represents a 27.70 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Lumentum Trading Up 4.1 %

Shares of Lumentum stock opened at $89.09 on Friday. The business has a 50 day moving average of $68.76 and a 200 day moving average of $56.47. Lumentum Holdings Inc. has a 52 week low of $38.28 and a 52 week high of $90.51. The company has a debt-to-equity ratio of 2.87, a quick ratio of 4.04 and a current ratio of 5.36.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on LITE shares. Craig Hallum boosted their target price on Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Raymond James boosted their price objective on shares of Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Rosenblatt Securities lifted their target price on shares of Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Susquehanna boosted their price target on shares of Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a research note on Friday, November 8th. Finally, Morgan Stanley lifted their price objective on Lumentum from $61.00 to $76.00 and gave the stock an “equal weight” rating in a report on Thursday, November 14th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Lumentum presently has an average rating of “Hold” and a consensus price target of $74.85.

Institutional Investors Weigh In On Lumentum

Institutional investors and hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC raised its stake in Lumentum by 1.3% in the third quarter. Geode Capital Management LLC now owns 1,186,163 shares of the technology company’s stock worth $75,198,000 after buying an additional 15,799 shares in the last quarter. M&T Bank Corp raised its position in shares of Lumentum by 69.1% in the 3rd quarter. M&T Bank Corp now owns 11,743 shares of the technology company’s stock worth $745,000 after acquiring an additional 4,798 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its stake in shares of Lumentum by 67.5% in the 3rd 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 during the period. Castleark Management LLC purchased a new position in shares of Lumentum in the 3rd quarter valued at approximately $6,205,000. Finally, Weiss Asset Management LP purchased a new stake in Lumentum in the third quarter worth $1,093,000. 94.05% of the stock is 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.