Lumentum (LITE) Shares Down 7.1% After Insider Selling

Shares of Lumentum Holdings Inc (NASDAQ:LITE) traded down 7.1% during mid-day trading on Friday following insider selling activity. The stock traded as low as $51.66 and last traded at $52.34. 3,475,800 shares traded hands during mid-day trading, an increase of 79% from the average session volume of 1,944,015 shares. The stock had previously closed at $56.32.

Specifically, insider Matthew Joseph Sepe sold 2,000 shares of the stock in a transaction dated Friday, August 24th. The shares were sold at an average price of $64.91, for a total value of $129,820.00. Following the completion of the transaction, the insider now owns 15,332 shares in the company, valued at approximately $995,200.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Penny Herscher sold 1,313 shares of the stock in a transaction dated Wednesday, August 15th. The shares were sold at an average price of $58.85, for a total transaction of $77,270.05. Following the completion of the transaction, the director now owns 18,910 shares of the company’s stock, valued at approximately $1,112,853.50. The disclosure for this sale can be found here. Insiders sold a total of 10,421 shares of company stock valued at $648,010 in the last quarter. Insiders own 0.55% of the company’s stock.

A number of equities analysts have recently issued reports on the stock. ValuEngine upgraded shares of Lumentum from a “hold” rating to a “buy” rating in a report on Tuesday, August 28th. JPMorgan Chase & Co. set a $80.00 price objective on shares of Lumentum and gave the company a “hold” rating in a research note on Tuesday, September 4th. Needham & Company LLC increased their price objective on shares of Lumentum from $80.00 to $90.00 and gave the company a “strong-buy” rating in a research note on Wednesday, September 5th. They noted that the move was a valuation call. BidaskClub raised shares of Lumentum from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 28th. Finally, Raymond James lowered their price objective on shares of Lumentum from $99.00 to $85.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, August 22nd. Three investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $79.68.

The company has a market capitalization of $3.46 billion, a PE ratio of 17.08, a PEG ratio of 0.82 and a beta of 0.47. The company has a debt-to-equity ratio of 0.36, a quick ratio of 4.55 and a current ratio of 5.27.

Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Thursday, November 1st. The technology company reported $1.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.02 by $0.29. Lumentum had a net margin of 19.86% and a return on equity of 25.10%. The company had revenue of $354.00 million for the quarter, compared to analysts’ expectations of $351.21 million. During the same period last year, the company earned $0.43 EPS. The firm’s revenue for the quarter was up 45.7% compared to the same quarter last year. On average, research analysts predict that Lumentum Holdings Inc will post 3.71 EPS for the current year.

Several institutional investors have recently added to or reduced their stakes in LITE. Ladenburg Thalmann Financial Services Inc. boosted its stake in shares of Lumentum by 110.9% during the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 8,149 shares of the technology company’s stock worth $520,000 after purchasing an additional 4,285 shares during the last quarter. LPL Financial LLC boosted its stake in shares of Lumentum by 104.3% during the 1st quarter. LPL Financial LLC now owns 21,721 shares of the technology company’s stock worth $1,386,000 after purchasing an additional 11,090 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Lumentum by 109.2% during the 1st quarter. Millennium Management LLC now owns 56,100 shares of the technology company’s stock worth $3,579,000 after purchasing an additional 29,283 shares during the last quarter. Legal & General Group Plc boosted its stake in shares of Lumentum by 4.8% during the 1st quarter. Legal & General Group Plc now owns 133,299 shares of the technology company’s stock worth $8,435,000 after purchasing an additional 6,162 shares during the last quarter. Finally, CIBC World Markets Inc. acquired a new stake in shares of Lumentum during the 1st quarter worth about $213,000.

Lumentum Company Profile (NASDAQ:LITE)

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 and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.

Further Reading: Understanding Market Liquidity

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