Equities research analysts expect Lumentum Holdings (NASDAQ:LITE) to announce sales of $288.76 million for the current quarter, Zacks reports. Six analysts have provided estimates for Lumentum’s earnings, with the lowest sales estimate coming in at $282.50 million and the highest estimate coming in at $297.85 million. Lumentum reported sales of $222.70 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 29.7%. The firm is scheduled to announce its next earnings results on Wednesday, August 8th.
According to Zacks, analysts expect that Lumentum will report full year sales of $1.24 billion for the current fiscal year, with estimates ranging from $1.23 billion to $1.24 billion. For the next financial year, analysts anticipate that the business will report sales of $1.52 billion per share, with estimates ranging from $1.38 billion to $1.82 billion. Zacks’ sales averages are a mean average based on a survey of analysts that that provide coverage for Lumentum.
Lumentum (NASDAQ:LITE) last issued its earnings results on Wednesday, May 2nd. The technology company reported $0.78 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.07. Lumentum had a net margin of 13.63% and a return on equity of 23.35%. The company had revenue of $299.00 million during the quarter, compared to analysts’ expectations of $292.30 million. During the same period last year, the company posted $0.49 earnings per share. The firm’s quarterly revenue was up 16.8% compared to the same quarter last year.
LITE has been the subject of a number of recent research reports. Morgan Stanley set a $60.00 price objective on shares of Lumentum and gave the stock a “hold” rating in a research note on Friday, March 9th. Zacks Investment Research cut shares of Lumentum from a “buy” rating to a “hold” rating in a research note on Tuesday, May 8th. MKM Partners raised their price objective on shares of Lumentum to $88.00 and gave the stock a “buy” rating in a research note on Wednesday, March 14th. BidaskClub raised shares of Lumentum from a “hold” rating to a “buy” rating in a research note on Friday, May 4th. Finally, Northland Securities reissued a “buy” rating and set a $82.00 price objective on shares of Lumentum in a research note on Wednesday, February 7th. Three investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Lumentum has a consensus rating of “Buy” and an average price target of $81.29.
Shares of Lumentum traded up $0.10, reaching $62.50, during mid-day trading on Wednesday, according to MarketBeat.com. 684,485 shares of the company’s stock were exchanged, compared to its average volume of 2,340,740. The company has a debt-to-equity ratio of 0.38, a current ratio of 5.56 and a quick ratio of 4.81. Lumentum has a 52-week low of $41.95 and a 52-week high of $74.40. The stock has a market cap of $3.91 billion and a price-to-earnings ratio of 39.31.
In related news, CEO Alan S. Lowe sold 8,272 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $58.66, for a total transaction of $485,235.52. Following the sale, the chief executive officer now owns 238,998 shares in the company, valued at $14,019,622.68. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Aaron Tachibana sold 1,697 shares of the firm’s stock in a transaction that occurred on Thursday, May 17th. The stock was sold at an average price of $63.40, for a total transaction of $107,589.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 55,116 shares of company stock worth $3,507,810. 0.76% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in LITE. Louisiana State Employees Retirement System boosted its position in Lumentum by 6.7% during the fourth quarter. Louisiana State Employees Retirement System now owns 26,600 shares of the technology company’s stock worth $1,301,000 after acquiring an additional 1,680 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its holdings in shares of Lumentum by 6.6% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 341,214 shares of the technology company’s stock valued at $16,686,000 after purchasing an additional 21,019 shares during the last quarter. Westpac Banking Corp boosted its holdings in shares of Lumentum by 1,169.7% in the 4th quarter. Westpac Banking Corp now owns 263,138 shares of the technology company’s stock valued at $12,867,000 after purchasing an additional 242,414 shares during the last quarter. Fox Run Management L.L.C. acquired a new position in shares of Lumentum in the 4th quarter valued at $846,000. Finally, Rothschild Investment Corp IL acquired a new position in shares of Lumentum in the 4th quarter valued at $1,417,000.
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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