Lumentum (NASDAQ:LITE) issued its quarterly earnings data on Tuesday, February 6th. The technology company reported $1.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.67, Bloomberg Earnings reports. Lumentum had a return on equity of 24.06% and a net margin of 8.97%. The company had revenue of $404.60 million for the quarter, compared to analyst estimates of $357.03 million. During the same quarter last year, the company posted $0.57 earnings per share. The business’s quarterly revenue was up 52.7% compared to the same quarter last year. Lumentum updated its Q3 guidance to $0.65-0.80 EPS.
Shares of Lumentum (NASDAQ:LITE) traded up $0.65 on Wednesday, hitting $57.55. 2,135,700 shares of the company’s stock were exchanged, compared to its average volume of 2,797,588. The firm has a market cap of $3,530.00 and a price-to-earnings ratio of 39.19. Lumentum has a 52 week low of $40.35 and a 52 week high of $68.63. The company has a debt-to-equity ratio of 0.38, a quick ratio of 4.16 and a current ratio of 4.84.
Several equities research analysts have recently weighed in on the stock. Barclays increased their target price on shares of Lumentum from $59.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 2nd. MKM Partners raised their price objective on shares of Lumentum to $71.00 and gave the company a “neutral” rating in a research report on Thursday, November 2nd. DA Davidson raised their price objective on shares of Lumentum from $82.00 to $90.00 and gave the company a “buy” rating in a research report on Thursday, November 2nd. Craig Hallum restated a “buy” rating and issued a $85.00 price objective (up previously from $75.00) on shares of Lumentum in a research report on Wednesday, November 1st. Finally, Jefferies Group reiterated a “buy” rating and set a $75.00 price target on shares of Lumentum in a research report on Wednesday, November 1st. One analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $72.31.
In related news, EVP Jason Reinhardt sold 9,308 shares of Lumentum stock in a transaction on Friday, February 9th. The shares were sold at an average price of $56.82, for a total transaction of $528,880.56. Following the transaction, the executive vice president now owns 59,635 shares in the company, valued at approximately $3,388,460.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Alan S. Lowe sold 6,025 shares of the business’s stock in a transaction on Friday, November 17th. The stock was sold at an average price of $57.13, for a total transaction of $344,208.25. Following the completion of the transaction, the chief executive officer now owns 250,593 shares in the company, valued at approximately $14,316,378.09. The disclosure for this sale can be found here. In the last quarter, insiders sold 33,515 shares of company stock worth $1,907,356. 0.76% of the stock is owned by company insiders.
A number of hedge funds have recently modified their holdings of the business. Pacer Advisors Inc. bought a new stake in shares of Lumentum in the 3rd quarter worth about $434,000. Shelton Capital Management bought a new stake in shares of Lumentum in the 2nd quarter worth about $314,000. Schwab Charles Investment Management Inc. increased its position in shares of Lumentum by 9.8% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 320,195 shares of the technology company’s stock worth $17,403,000 after purchasing an additional 28,695 shares during the last quarter. DekaBank Deutsche Girozentrale bought a new stake in shares of Lumentum in the 3rd quarter worth about $318,000. Finally, Macquarie Group Ltd. increased its position in shares of Lumentum by 21.5% in the 3rd quarter. Macquarie Group Ltd. now owns 114,540 shares of the technology company’s stock worth $6,225,000 after purchasing an additional 20,244 shares during the last quarter.
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Lumentum Company Profile
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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