Lumentum (NASDAQ:LITE) Hits New 52-Week High – Here’s What Happened

Lumentum Holdings Inc. (NASDAQ:LITE) shares reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $90.10 and last traded at $89.41, with a volume of 466053 shares trading hands. The stock had previously closed at $82.47.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on LITE. JPMorgan Chase & Co. boosted their target price on Lumentum from $57.00 to $65.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. B. Riley upped 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. Needham & Company LLC upped their price target on Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Craig Hallum upped their price target on Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Finally, Jefferies Financial Group upped their price target on Lumentum from $53.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $74.85.

Lumentum Stock Performance

The business has a fifty day simple moving average of $68.13 and a two-hundred day simple moving average of $56.26. The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87. The company has a market cap of $6.08 billion, a P/E ratio of -10.71 and a beta of 0.88.

Insiders Place Their Bets

In related news, Director Harold L. Covert sold 15,000 shares of the stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $87.17, for a total transaction of $1,307,550.00. Following the completion of the sale, the director now owns 8,761 shares in the company, valued at approximately $763,696.37. This trade represents a 63.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Matthew Joseph Sepe sold 8,172 shares of the stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $87.60, for a total value of $715,867.20. Following the sale, the chief accounting officer now owns 21,138 shares of the company’s stock, valued at $1,851,688.80. This represents a 27.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 24,797 shares of company stock worth $2,155,188 over the last quarter. 0.19% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Lumentum

Several institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its holdings in Lumentum by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,186,163 shares of the technology company’s stock valued at $75,198,000 after buying an additional 15,799 shares in the last quarter. M&T Bank Corp grew its holdings in Lumentum by 69.1% during the 3rd quarter. M&T Bank Corp now owns 11,743 shares of the technology company’s stock valued at $745,000 after buying 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 last quarter. Castleark Management LLC bought a new stake in shares of Lumentum in the 3rd quarter valued at approximately $6,205,000. Finally, Weiss Asset Management LP bought a new stake in shares of Lumentum in the 3rd quarter valued at approximately $1,093,000. Hedge funds and other 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.