Lumentum (NASDAQ:LITE) updated its third quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $0.65-0.80 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.92. The company issued revenue guidance of $280-305 million, compared to the consensus revenue estimate of $323.67 million.
A number of equities analysts recently commented on the stock. Barclays boosted their price objective 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 lifted their price target on shares of Lumentum to $71.00 and gave the stock a neutral rating in a report on Thursday, November 2nd. DA Davidson lifted their price target on shares of Lumentum from $82.00 to $90.00 and gave the stock a buy rating in a report on Thursday, November 2nd. Craig Hallum reissued a buy rating and set a $85.00 price objective (up from $75.00) on shares of Lumentum in a report on Wednesday, November 1st. Finally, Jefferies Group reissued a buy rating and set a $75.00 price objective on shares of Lumentum in a report on Wednesday, November 1st. One analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have issued a buy rating to the company. Lumentum currently has a consensus rating of Buy and an average target price of $72.31.
Lumentum (NASDAQ:LITE) traded up $0.65 on Wednesday, hitting $57.55. 2,135,700 shares of the company traded hands, compared to its average volume of 2,797,588. 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. The firm has a market cap of $3,530.00 and a P/E ratio of 39.19.
Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Tuesday, February 6th. The technology company reported $1.67 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.67. Lumentum had a net margin of 8.97% and a return on equity of 24.06%. The firm had revenue of $404.60 million during the quarter, compared to the consensus estimate of $357.03 million. The company’s revenue for the quarter was up 52.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.57 EPS. sell-side analysts expect that Lumentum will post 2.85 earnings per share for the current year.
In other news, CFO Aaron Tachibana sold 1,248 shares of the stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $60.00, for a total value of $74,880.00. Following the completion of the sale, the chief financial officer now owns 69,830 shares of the company’s stock, valued at approximately $4,189,800. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Jason Reinhardt sold 9,308 shares of the stock in a transaction that occurred 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 completion of the sale, the executive vice president now directly owns 59,635 shares of the company’s stock, valued at approximately $3,388,460.70. The disclosure for this sale can be found here. In the last quarter, insiders sold 33,515 shares of company stock valued at $1,907,356. 0.76% of the stock is owned by insiders.
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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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