SAN JOSE, CA—Harold L. Covert, director of Lumentum Holdings Inc. . (NASDAQ:), recently sold 5,416 shares of the company’s common stock. The transaction, which took place on November 22, 2024, was executed at an average price of $88.1114 per share, amounting to a total value of $477,211.
Following this sale, Covert owns 3,313 shares of Lumentum Holdings. The transaction was disclosed in a filing with the Securities and Exchange Commission, signed by Jae Kim as attorney-in-fact on November 26, 2024.
Lumentum Holdings is an industry-leading manufacturer of communications equipment, headquartered in San Jose, California.
In other recent news, Lumentum Holdings Inc. reported a successful first quarter for fiscal 2025, with revenue reaching $336.9 million and non-GAAP earnings per share (EPS) of $0.18, surpassing its initial guidance . This increase in profits is primarily due to a record number of orders for Datacom’s laser chips, driven by growing customer demands for cloud and artificial intelligence. Additionally, the company projects double-digit sequential revenue growth in the second quarter and aims to reach $500 million in quarterly revenue by the end of 2025.
Lumentum has also announced plans to begin shipping to a new hyperscale transceiver customer in the first half of 2025, indicating a strong pipeline of cloud commitments. However, the company’s Industrial Technology segment saw a 38% year-over-year decline. For the second quarter of fiscal 2025, Lumentum anticipates revenue to be between $380 million and $400 million, with non-GAAP operating margins projected between 5.5% and 7.5%.
In other developments, Lumentum shareholders approved an amendment extending the expiration date of the company’s 2015 Equity Incentive Plan to June 23, 2026. Compensation for the company’s named executive officers received non-advisory approval. binding, and Deloitte & Touche LLP was ratified as the independent registered firm. public accounting firm for the fiscal year ending June 28, 2025. These are some of the recent developments surrounding Lumentum Holdings Cª.
InvestingPro Insights
In light of Harold L. Covert’s recent stock sale, it is worth examining the current market position and financial health of Lumentum Holdings Inc. (NASDAQ:LITE). According to data from InvestingPro, Lumentum’s market capitalization amounts to $5.97 billion, reflecting its significant presence in the communications equipment sector.
Despite the director’s sale, Lumentum shares have shown notable strength. InvestingPro Tips highlights that the company has seen strong performance over the past month, with a total price return of 35.13% over the past 30 days. This short-term performance is part of a broader trend, as the stock has returned an impressive 102.23% over the past year.
The company’s financial indicators present a mixed picture. While Lumentum’s liquid assets exceed short-term liabilities, indicating strong near-term financial health, it is important to note that the company has not been profitable in the last twelve months. However, analysts predict that Lumentum will return to profitability this year, which could explain the stock’s recent momentum.
Interestingly, 15 analysts have revised their earnings for the coming period upward, suggesting growing optimism about Lumentum’s near-term prospects. This positive sentiment is reflected in the stock’s current trading price, which is close to its 52-week high at 95.36% from that high.
For investors looking for a more comprehensive analysis, InvestingPro offers 12 additional tips for Lumentum Holdings, providing deeper insights into the company’s financial position and market performance.
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