Lumentum (NASDAQ:LITE) had its price target trimmed by Loop Capital to $70.00 in a research report report published on Thursday morning, The Fly reports. The brokerage currently has an average rating on the technology company’s stock.
A number of other research analysts also recently commented on the company. ValuEngine raised Lumentum from a sell rating to a hold rating in a report on Thursday. BidaskClub downgraded Lumentum from a strong-buy rating to a buy rating in a report on Saturday, October 27th. Stifel Nicolaus assumed coverage on Lumentum in a report on Monday, October 22nd. They issued a buy rating and a $75.00 price target for the company. JPMorgan Chase & Co. raised Lumentum from a neutral rating to an overweight rating and set a $80.00 price target for the company in a report on Thursday, October 11th. Finally, Northland Securities increased their price target on Lumentum from $86.00 to $90.00 and gave the company an outperform rating in a report on Monday, October 1st. Four research analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the stock. The stock currently has an average rating of Buy and an average target price of $79.84.
Shares of NASDAQ LITE traded down $3.98 on Thursday, hitting $52.34. The company had a trading volume of 3,475,800 shares, compared to its average volume of 1,944,015. Lumentum has a 12-month low of $41.95 and a 12-month high of $74.40. The company has a debt-to-equity ratio of 0.36, a current ratio of 5.27 and a quick ratio of 4.55. The company has a market capitalization of $3.47 billion, a price-to-earnings ratio of 16.15, a PEG ratio of 0.82 and a beta of 0.18.
Lumentum (NASDAQ:LITE) last issued its quarterly earnings results on Thursday, November 1st. The technology company reported $1.31 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.29. The firm had revenue of $354.00 million during the quarter, compared to the consensus estimate of $351.21 million. Lumentum had a return on equity of 25.10% and a net margin of 19.86%. Lumentum’s revenue for the quarter was up 45.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.43 earnings per share. Research analysts expect that Lumentum will post 3.71 EPS for the current fiscal year.
In other Lumentum news, SVP Judy G. Hamel sold 2,495 shares of the company’s stock in a transaction that occurred on Wednesday, August 22nd. The stock was sold at an average price of $63.21, for a total transaction of $157,708.95. Following the sale, the senior vice president now owns 34,138 shares in the company, valued at $2,157,862.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Penny Herscher sold 1,313 shares of the company’s stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $58.85, for a total value of $77,270.05. Following the sale, the director now owns 18,910 shares in the company, valued at approximately $1,112,853.50. The disclosure for this sale can be found here. Insiders have sold 9,224 shares of company stock worth $584,653 in the last 90 days. 0.55% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in LITE. Fortaleza Asset Management Inc. acquired a new stake in Lumentum during the second quarter valued at approximately $110,000. Cerebellum GP LLC acquired a new stake in shares of Lumentum during the 2nd quarter worth approximately $184,000. FNY Investment Advisers LLC acquired a new stake in shares of Lumentum during the 2nd quarter worth approximately $190,000. LS Investment Advisors LLC raised its position in shares of Lumentum by 95.1% during the 2nd quarter. LS Investment Advisors LLC now owns 3,596 shares of the technology company’s stock worth $208,000 after purchasing an additional 1,753 shares during the period. Finally, CIBC World Markets Inc. acquired a new stake in shares of Lumentum during the 1st quarter worth approximately $213,000.
Lumentum Company Profile
Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. The company 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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