Lumentum Holdings Inc (NASDAQ:LITE) Short Interest Update

Lumentum Holdings Inc (NASDAQ:LITE) saw a significant decline in short interest during the month of September. As of September 30th, there was short interest totalling 6,380,000 shares, a decline of 9.0% from the August 30th total of 7,010,000 shares. Based on an average daily trading volume, of 1,320,000 shares, the days-to-cover ratio is presently 4.8 days. Approximately 8.5% of the shares of the company are sold short.

NASDAQ:LITE traded up $1.16 during trading hours on Tuesday, reaching $54.40. The company had a trading volume of 558,231 shares, compared to its average volume of 1,524,607. The stock has a 50-day moving average of $55.45 and a two-hundred day moving average of $54.59. Lumentum has a one year low of $37.00 and a one year high of $63.95. The firm has a market capitalization of $4.16 billion, a PE ratio of 16.48, a PEG ratio of 1.45 and a beta of 1.35. The company has a quick ratio of 3.76, a current ratio of 4.53 and a debt-to-equity ratio of 0.56.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings results on Thursday, August 8th. The technology company reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.21. Lumentum had a positive return on equity of 18.19% and a negative net margin of 2.33%. The firm had revenue of $404.60 million for the quarter, compared to analysts’ expectations of $383.54 million. During the same period in the prior year, the business posted $0.95 earnings per share. The business’s revenue was up 34.4% compared to the same quarter last year. As a group, sell-side analysts expect that Lumentum will post 3.7 earnings per share for the current year.

In other news, CEO Alan S. Lowe sold 36,245 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $53.54, for a total transaction of $1,940,557.30. Following the completion of the transaction, the chief executive officer now directly owns 256,423 shares in the company, valued at $13,728,887.42. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Judy G. Hamel sold 803 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $60.00, for a total value of $48,180.00. Following the transaction, the senior vice president now owns 42,510 shares of the company’s stock, valued at $2,550,600. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 124,403 shares of company stock valued at $7,092,182. Corporate insiders own 0.48% of the company’s stock.

A number of large investors have recently made changes to their positions in LITE. Creative Planning grew its holdings in shares of Lumentum by 31.8% during the second quarter. Creative Planning now owns 4,817 shares of the technology company’s stock worth $257,000 after purchasing an additional 1,162 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Lumentum by 2.7% during the second quarter. Charles Schwab Investment Management Inc. now owns 544,805 shares of the technology company’s stock worth $29,099,000 after purchasing an additional 14,273 shares during the last quarter. Metropolitan Life Insurance Co NY grew its holdings in shares of Lumentum by 2.9% during the first quarter. Metropolitan Life Insurance Co NY now owns 43,722 shares of the technology company’s stock worth $2,472,000 after purchasing an additional 1,218 shares during the last quarter. Enlightenment Research LLC bought a new stake in shares of Lumentum during the second quarter worth $291,000. Finally, Carlson Capital L P grew its holdings in shares of Lumentum by 46.5% during the second quarter. Carlson Capital L P now owns 174,490 shares of the technology company’s stock worth $9,320,000 after purchasing an additional 55,390 shares during the last quarter. Hedge funds and other institutional investors own 95.38% of the company’s stock.

A number of brokerages have recently commented on LITE. Craig Hallum upped their price target on Lumentum from $60.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, August 9th. B. Riley reiterated a “buy” rating on shares of Lumentum in a report on Monday, September 23rd. ValuEngine upgraded Lumentum from a “sell” rating to a “hold” rating in a research note on Tuesday, June 18th. Northland Securities restated a “buy” rating and issued a $71.25 target price on shares of Lumentum in a research note on Monday, July 1st. Finally, MKM Partners set a $71.00 target price on Lumentum and gave the company a “buy” rating in a research note on Tuesday, October 8th. Three investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $69.54.

Lumentum Company Profile

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.

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