Stock traders buy high volume of Lumentum (NASDAQ:LITE) call options

Lumentum Holdings Inc. (NASDAQ:LITE – Get a Free Report ) saw unusually high options trading activity on Thursday. Stock traders bought 2,025 call options on the company. This is a 56% increase from the typical daily volume of 1,299 call options.

Changes in Analyst Ratings

LITE has been the subject of a number of research analyst reports. Morgan Stanley raised their price objective on shares of Lumentum from $50.00 to $54.00 and gave the company an “equal weight” rating in a research note on Thursday. Craig Hallum lifted their price target on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday. StockNews.com upgraded Lumentum to a “sell” rating in a report on Monday, May 6th. Northland Securities raised their target price on Lumentum from $40.00 to $45.00 and gave the stock a “market perform” rating in a report on Friday. Finally, Rosenblatt Securities boosted their target price on shares of Lumentum from $65.00 to $69.00 and gave the company a “buy” rating in a report on Thursday. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the stock. Lumentum currently has a consensus rating of “Hold” and an average price target of $58.36, according to MarketBeat .

Check out our latest review on LITE

Institutional Trading of Lumentum

A number of hedge funds have recently modified their holdings of LITE. Vanguard Group Inc. raised its position in Lumentum by 0.3% in the first quarter. Vanguard Group Inc. now owns 7,218,293 shares of the technology company’s stock valued at $341,786,000 after buying an additional 22,088 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Lumentum by 8.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company’s stock valued at $86,760,000 after buying an additional 130,838 shares during the period. Earnest Partners LLC lifted its position in shares of Lumentum by 6.0% in the first quarter. Earnest Partners LLC now owns 1,690,117 shares of the technology company’s stock worth $80,027,000 after purchasing an additional 95,428 shares in the last quarter. Swedbank AB purchased a new stake in shares of Lumentum in the first quarter worth about $71,025,000. Finally, Van Lanschot Kempen Investment Management NV increased its position in Lumentum by 17.8% in the second quarter. Van Lanschot Kempen Investment Management NV now owns 1,154,805 shares of the technology company’s stock valued at $58,803,000 after purchasing an additional 174,828 shares during the last quarter. Hedge funds and other institutional investors own 94.05% of the company’s shares.

Lumentum stock down 0.5%

Shares of LITE opened at $51.98 on Friday. The company’s 50-day simple moving average is $50.40, and its 200-day simple moving average is $48.27. Lumentum has a 52-week low of $35.35 and a 52-week high of $60.99. The company has a debt-to-equity ratio of 2.13, a current ratio of 5.20, and a quick ratio of 3.87. The firm has a market cap of $3.51 billion, a P/E ratio of -9.90, a P/E/G ratio of 39.11 and a beta of 0.88.

Lumentum Company Profile

(Get a free report)

Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, Asia-Pacific, Europe, the Middle East and Africa. The company operates through two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers). The OpComms segment provides components, modules and subsystems that enable the transmission and transport of video, audio and data over high capacity fiber optic cables.

Further reading

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