Lumentum (LITE) Trading Down 5.5%

Lumentum Holdings Inc (NASDAQ:LITE)’s share price was down 5.5% during trading on Wednesday . The stock traded as low as $44.53 and last traded at $45.12. Approximately 1,771,396 shares were traded during trading, a decline of 37% from the average daily volume of 2,790,863 shares. The stock had previously closed at $47.77.

Several equities analysts recently commented on LITE shares. Needham & Company LLC upped their target price on shares of Lumentum from $80.00 to $90.00 and gave the company a “strong-buy” rating in a research note on Wednesday, September 5th. They noted that the move was a valuation call. JPMorgan Chase & Co. upgraded shares of Lumentum from a “neutral” rating to an “overweight” rating and set a $80.00 target price for the company in a research note on Thursday, October 11th. ValuEngine upgraded shares of Lumentum from a “hold” rating to a “buy” rating in a research note on Tuesday, August 28th. DA Davidson upped their target price on shares of Lumentum from $92.00 to $98.00 and gave the company a “buy” rating in a research note on Thursday, August 9th. Finally, BidaskClub cut shares of Lumentum from a “strong-buy” rating to a “buy” rating in a research note on Thursday, September 13th. Four investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $69.79.

The company has a market cap of $2.82 billion, a PE ratio of 13.93, a price-to-earnings-growth ratio of 0.75 and a beta of 0.40. The company has a debt-to-equity ratio of 0.34, a quick ratio of 4.88 and a current ratio of 5.52.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Thursday, November 1st. The technology company reported $1.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.29. Lumentum had a net margin of 21.21% and a return on equity of 28.74%. The company had revenue of $354.00 million during the quarter, compared to analysts’ expectations of $351.21 million. During the same quarter in the prior year, the company posted $0.43 EPS. The business’s revenue was up 45.7% on a year-over-year basis. On average, equities research analysts forecast that Lumentum Holdings Inc will post 3.56 earnings per share for the current year.

In related news, Director Penny Herscher sold 1,197 shares of the stock in a transaction dated Friday, November 2nd. The shares were sold at an average price of $52.93, for a total transaction of $63,357.21. Following the completion of the sale, the director now owns 34,743 shares in the company, valued at approximately $1,838,946.99. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.55% of the company’s stock.

Several institutional investors have recently made changes to their positions in LITE. Cornerstone Wealth Management LLC acquired a new stake in shares of Lumentum during the 2nd quarter worth about $612,000. Eqis Capital Management Inc. acquired a new stake in shares of Lumentum during the 2nd quarter worth about $283,000. Raymond James Financial Services Advisors Inc. increased its position in shares of Lumentum by 51.1% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 50,018 shares of the technology company’s stock worth $2,896,000 after purchasing an additional 16,924 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. increased its position in shares of Lumentum by 19.1% during the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 22,535 shares of the technology company’s stock worth $1,305,000 after purchasing an additional 3,620 shares in the last quarter. Finally, New Mexico Educational Retirement Board acquired a new stake in shares of Lumentum during the 2nd quarter worth about $851,000.

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About Lumentum (NASDAQ:LITE)

Lumentum Holdings, Inc engages in the manufacture of optical and photonic products enabling optical networking and commercial laser. It operates through the Optical Communications (OpComms) and Commercial Lasers business segments. The OpComms segment includes modules and subsystems to support and maintain customers in the Telecom and Datacom markets.

Further Reading: Quiet Period

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