Lumentum (NASDAQ:LITE) Stock Price Down 4.7% – What’s Next?

Shares of Lumentum Holdings Inc. (NASDAQ:LITE) were down 4.7% during trading on Tuesday . The company traded as low as $70.99 and last traded at $70.18. Approximately 153,508 shares traded hands during trading, a decline of 91% from the average daily volume of 1,693,850 shares. The stock had previously closed at $73.63.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Jefferies Financial Group started coverage on shares of Lumentum in a research report on Friday, February 21st. They issued a “buy” rating on the stock. Raymond James upgraded shares of Lumentum from an “outperform” rating to a “strong-buy” rating and cut their price objective for the stock from $96.00 to $82.00 in a report on Monday. Northland Securities lifted their target price on shares of Lumentum from $60.00 to $70.00 and gave the company a “market perform” rating in a report on Friday, February 7th. Stifel Nicolaus boosted their price target on Lumentum from $95.00 to $105.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Finally, BNP Paribas raised Lumentum from a “neutral” rating to an “outperform” rating and set a $92.00 price objective for the company in a research report on Tuesday, March 11th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $87.40.

Lumentum Trading Down 7.0 %

The company has a debt-to-equity ratio of 2.94, a quick ratio of 3.60 and a current ratio of 4.76. The firm has a market cap of $4.57 billion, a PE ratio of -8.60 and a beta of 1.03. The stock has a 50-day simple moving average of $76.43 and a two-hundred day simple moving average of $75.97.

Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. As a group, sell-side analysts anticipate that Lumentum Holdings Inc. will post 0.03 EPS for the current year.

Insider Buying and Selling at Lumentum

In related news, CFO Wajid Ali sold 2,172 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total transaction of $170,154.48. Following the completion of the transaction, the chief financial officer now directly owns 51,976 shares in the company, valued at approximately $4,071,799.84. The trade was a 4.01 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.19% of the company’s stock.

Institutional Trading of Lumentum

A number of hedge funds and other institutional investors have recently modified their holdings of LITE. J.Safra Asset Management Corp boosted its holdings in Lumentum by 31.1% in the 4th quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company’s stock worth $43,000 after buying an additional 122 shares during the period. Jones Financial Companies Lllp lifted its position in shares of Lumentum by 54.2% in the fourth quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock worth $31,000 after buying an additional 130 shares in the last quarter. Quadrant Capital Group LLC grew its holdings in Lumentum by 27.2% during the 4th quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company’s stock valued at $64,000 after buying an additional 164 shares in the last quarter. Crossmark Global Holdings Inc. increased its stake in Lumentum by 4.0% in the 4th quarter. Crossmark Global Holdings Inc. now owns 4,350 shares of the technology company’s stock worth $365,000 after acquiring an additional 168 shares during the last quarter. Finally, Manchester Capital Management LLC increased its stake in Lumentum by 22.6% in the 4th quarter. Manchester Capital Management LLC now owns 1,029 shares of the technology company’s stock worth $86,000 after acquiring an additional 190 shares during the last quarter. 94.05% of the stock is owned by hedge funds and other institutional investors.

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.