Lumentum (NASDAQ:LITE) was downgraded by BidaskClub from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.
Several other research analysts have also commented on the company. Morgan Stanley lifted their price target on Lumentum from $60.00 to $66.00 and gave the stock a “hold” rating in a research report on Wednesday, April 11th. UBS lifted their price target on Lumentum from $62.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, March 22nd. Drexel Hamilton reiterated a “buy” rating and issued a $85.00 price target on shares of Lumentum in a research report on Wednesday, March 21st. Loop Capital boosted their target price on Lumentum to $86.00 and gave the company a “buy” rating in a research report on Tuesday, March 20th. Finally, Northland Securities restated a “buy” rating and set a $95.00 target price on shares of Lumentum in a research report on Monday, March 19th. One research analyst has rated the stock with a sell rating, two have given a hold rating and fifteen have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $81.38.
LITE opened at $54.45 on Tuesday. The stock has a market capitalization of $3,620.19, a P/E ratio of 34.25, a P/E/G ratio of 1.12 and a beta of -0.08. Lumentum has a 12 month low of $40.35 and a 12 month high of $74.40. The company has a quick ratio of 4.16, a current ratio of 4.84 and a debt-to-equity ratio of 0.38.
Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Tuesday, February 6th. The technology company reported $1.67 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.00 by $0.67. The company had revenue of $404.60 million during the quarter, compared to analyst estimates of $357.03 million. Lumentum had a return on equity of 24.06% and a net margin of 8.97%. The firm’s revenue was up 52.7% on a year-over-year basis. During the same quarter last year, the business posted $0.57 earnings per share. analysts anticipate that Lumentum will post 2.82 earnings per share for the current year.
In other news, CFO Aaron Tachibana sold 942 shares of Lumentum stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $58.52, for a total transaction of $55,125.84. Following the completion of the sale, the chief financial officer now owns 72,304 shares of the company’s stock, valued at $4,231,230.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Harold L. Covert sold 7,564 shares of Lumentum stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $56.58, for a total transaction of $427,971.12. Following the sale, the director now directly owns 22,628 shares of the company’s stock, valued at approximately $1,280,292.24. The disclosure for this sale can be found here. Insiders have sold 62,150 shares of company stock valued at $3,800,816 in the last 90 days. Company insiders own 0.76% of the company’s stock.
Several institutional investors have recently bought and sold shares of LITE. Xact Kapitalforvaltning AB acquired a new position in shares of Lumentum during the fourth quarter worth $293,000. Envestnet Asset Management Inc. increased its position in shares of Lumentum by 1,164.0% during the fourth quarter. Envestnet Asset Management Inc. now owns 3,653 shares of the technology company’s stock worth $178,000 after purchasing an additional 3,364 shares in the last quarter. Fore Capital LLC acquired a new position in shares of Lumentum during the fourth quarter worth $666,000. MetLife Investment Advisors LLC acquired a new position in shares of Lumentum during the fourth quarter worth $1,389,000. Finally, Kayak Investment Partners LLC increased its position in shares of Lumentum by 32.3% during the fourth quarter. Kayak Investment Partners LLC now owns 312,026 shares of the technology company’s stock worth $15,258,000 after purchasing an additional 76,100 shares in the last quarter.
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Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. It operates through two segments, Optical Communications and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.
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