Lumentum (LITE) Downgraded by BidaskClub to Sell

BidaskClub downgraded shares of Lumentum (NASDAQ:LITE) from a hold rating to a sell rating in a research note published on Friday.

Other analysts also recently issued reports about the company. Barclays raised Lumentum from an equal weight rating to an overweight rating and upped their price objective for the company from $65.00 to $67.00 in a research note on Wednesday, January 10th. MKM Partners upped their price objective on Lumentum to $71.00 and gave the company a neutral rating in a research note on Thursday, November 2nd. Piper Jaffray Companies reaffirmed a buy rating and set a $81.00 price objective on shares of Lumentum in a research note on Wednesday, January 3rd. Rosenblatt Securities reaffirmed a buy rating and set a $70.00 price objective on shares of Lumentum in a research note on Thursday, September 21st. Finally, DA Davidson upped their price objective on Lumentum from $82.00 to $90.00 and gave the company a buy rating in a research note on Thursday, November 2nd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $69.69.

Lumentum (NASDAQ LITE) traded down $2.85 on Friday, reaching $48.85. The company’s stock had a trading volume of 3,095,537 shares, compared to its average volume of 2,360,000. The company has a current ratio of 5.21, a quick ratio of 4.38 and a debt-to-equity ratio of 0.50. The stock has a market cap of $2,860.00 and a P/E ratio of -31.93. Lumentum has a 12-month low of $34.15 and a 12-month high of $68.63.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Wednesday, November 1st. The technology company reported $0.32 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.41 by ($0.09). Lumentum had a negative net margin of 9.32% and a positive return on equity of 15.99%. analysts predict that Lumentum will post 2.86 earnings per share for the current fiscal year.

In other news, Director Penny Herscher sold 822 shares of the stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of $50.61, for a total transaction of $41,601.42. Following the completion of the transaction, the director now directly owns 34,793 shares of the company’s stock, valued at approximately $1,760,873.73. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Martin A. Kaplan sold 15,000 shares of the stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $57.07, for a total value of $856,050.00. Following the transaction, the director now directly owns 29,573 shares of the company’s stock, valued at $1,687,731.11. The disclosure for this sale can be found here. Over the last three months, insiders have sold 31,643 shares of company stock valued at $1,806,554. Company insiders own 0.76% of the company’s stock.

Several hedge funds have recently modified their holdings of LITE. Schwab Charles Investment Management Inc. increased its stake in Lumentum by 13.2% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 291,500 shares of the technology company’s stock valued at $16,631,000 after purchasing an additional 33,944 shares in the last quarter. Wells Fargo & Company MN increased its stake in Lumentum by 60.5% in the 2nd quarter. Wells Fargo & Company MN now owns 110,876 shares of the technology company’s stock valued at $6,326,000 after purchasing an additional 41,808 shares in the last quarter. Riverhead Capital Management LLC increased its stake in Lumentum by 71.8% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,062 shares of the technology company’s stock valued at $118,000 after purchasing an additional 862 shares in the last quarter. Ameriprise Financial Inc. increased its stake in Lumentum by 8.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 384,214 shares of the technology company’s stock valued at $21,920,000 after purchasing an additional 28,776 shares in the last quarter. Finally, Nationwide Fund Advisors increased its stake in Lumentum by 6.2% in the 2nd quarter. Nationwide Fund Advisors now owns 92,028 shares of the technology company’s stock valued at $5,250,000 after purchasing an additional 5,374 shares in the last quarter.

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About Lumentum

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).

Analyst Recommendations for Lumentum (NASDAQ:LITE)

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