Lumentum (NASDAQ:LITE) Stock Price Down 4.3% on Insider Selling

Shares of Lumentum Holdings Inc. (NASDAQ:LITE) dropped 4.3% on Wednesday after an insider sold shares in the company. The company traded as low as $82.61 and last traded at $83.28. Approximately 400,135 shares were traded during trading, a decline of 73% from the average daily volume of 1,488,146 shares. The stock had previously closed at $86.98.

Specifically, Director Julia Suzanne Johnson sold 2,058 shares of Lumentum stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $85.82, for a total value of $176,617.56. Following the completion of the transaction, the director now owns 23,287 shares of the company’s stock, valued at approximately $1,998,490.34. The trade was a 8.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Vincent Retort sold 41,710 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $89.52, for a total transaction of $3,733,879.20. Following the sale, the insider now directly owns 147,515 shares in the company, valued at approximately $13,205,542.80. The trade was a 22.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, Director Harold L. Covert sold 3,345 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $81.78, for a total transaction of $273,554.10. Following the completion of the transaction, the director now directly owns 8,729 shares of the company’s stock, valued at $713,857.62. This represents a 27.70 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on LITE shares. Jefferies Financial Group lifted their target price on shares of Lumentum from $53.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Morgan Stanley upped their price objective on shares of Lumentum from $61.00 to $76.00 and gave the company an “equal weight” rating in a research note on Thursday, November 14th. Rosenblatt Securities boosted their target price on Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Bank of America increased their price target on Lumentum from $45.00 to $50.00 and gave the company an “underperform” rating in a report on Thursday, August 15th. Finally, Raymond James boosted their price objective on Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Three 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. Based on data from MarketBeat, Lumentum has a consensus rating of “Hold” and an average target price of $74.85.

Lumentum Stock Performance

The firm’s fifty day moving average is $70.61 and its 200-day moving average is $57.60. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87. The stock has a market capitalization of $5.75 billion, a PE ratio of -10.06 and a beta of 0.88.

Hedge Funds Weigh In On Lumentum

Several large investors have recently made changes to their positions in the stock. Synovus Financial Corp raised its position in Lumentum by 1.5% in the third quarter. Synovus Financial Corp now owns 13,225 shares of the technology company’s stock valued at $838,000 after purchasing an additional 200 shares during the period. Tidal Investments LLC grew its stake in shares of Lumentum by 35.6% in the third quarter. Tidal Investments LLC now owns 18,669 shares of the technology company’s stock valued at $1,183,000 after buying an additional 4,899 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Lumentum by 1.3% in 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 during the period. M&T Bank Corp lifted its stake in Lumentum by 69.1% during 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. Finally, Nomura Asset Management Co. Ltd. boosted its holdings in Lumentum by 67.5% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock valued at $42,000 after acquiring an additional 270 shares during the period. 94.05% of the stock is currently owned by institutional investors and hedge funds.

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.