Lumentum Holdings Inc (NASDAQ:LITE) was the recipient of a large decrease in short interest during the month of February. As of February 28th, there was short interest totalling 11,799,893 shares, a decrease of 10.1% from the February 15th total of 13,131,412 shares. Based on an average trading volume of 1,432,152 shares, the days-to-cover ratio is presently 8.2 days. Approximately 25.0% of the company’s shares are sold short.
Several equities analysts have recently commented on the stock. Rosenblatt Securities restated a “buy” rating on shares of Lumentum in a report on Monday. Morgan Stanley set a $60.00 price objective on shares of Lumentum and gave the stock a “hold” rating in a report on Friday, March 9th. Craig Hallum set a $90.00 price objective on shares of Lumentum and gave the stock a “buy” rating in a report on Tuesday. Barclays upgraded shares of Lumentum from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $65.00 to $67.00 in a report on Wednesday, January 10th. Finally, BidaskClub upgraded shares of Lumentum from a “sell” rating to a “hold” rating in a report on Wednesday, January 31st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and fifteen have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $73.19.
Shares of Lumentum (LITE) opened at $71.90 on Wednesday. Lumentum has a 52 week low of $40.35 and a 52 week high of $74.40. The firm has a market cap of $4,680.00 and a P/E ratio of 26.24. The company has a current ratio of 4.84, a quick ratio of 4.16 and a debt-to-equity ratio of 0.38.
In other news, Director Harold L. Covert sold 7,564 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $56.58, for a total value of $427,971.12. Following the transaction, the director now directly owns 22,628 shares in the company, valued at approximately $1,280,292.24. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Alan S. Lowe sold 4,511 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $58.52, for a total transaction of $263,983.72. Following the completion of the transaction, the chief executive officer now owns 238,998 shares in the company, valued at $13,986,162.96. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 62,150 shares of company stock worth $3,800,816. Company insiders own 0.76% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the stock. SeaCrest Wealth Management LLC purchased a new stake in Lumentum during the 4th quarter worth approximately $128,000. Envestnet Asset Management Inc. increased its stake in Lumentum by 1,164.0% during the 4th quarter. Envestnet Asset Management Inc. now owns 3,653 shares of the technology company’s stock worth $178,000 after buying an additional 3,364 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Lumentum by 42.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,797 shares of the technology company’s stock worth $186,000 after buying an additional 1,135 shares during the period. Ladenburg Thalmann Financial Services Inc. increased its position in shares of Lumentum by 106.7% in the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,864 shares of the technology company’s stock valued at $189,000 after purchasing an additional 1,995 shares during the last quarter. Finally, Tyers Asset Management LLC increased its position in shares of Lumentum by 26.6% in the 4th quarter. Tyers Asset Management LLC now owns 4,720 shares of the technology company’s stock valued at $231,000 after purchasing an additional 992 shares during the last quarter.
Lumentum Holdings Inc is a provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers).
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