Lumentum (NASDAQ:LITE) had its price target reduced by Piper Jaffray Companies from $75.00 to $68.00 in a research report sent to investors on Tuesday, The Fly reports. Piper Jaffray Companies currently has an overweight rating on the technology company’s stock. Piper Jaffray Companies also issued estimates for Lumentum’s Q4 2019 earnings at $0.52 EPS and FY2019 earnings at $3.06 EPS.
A number of other equities analysts have also recently commented on the stock. Northland Securities set a $68.00 target price on shares of Lumentum and gave the stock a buy rating in a research report on Monday, May 20th. DA Davidson set a $75.00 target price on shares of Lumentum and gave the stock a buy rating in a research report on Monday, May 20th. BidaskClub cut shares of Lumentum from a buy rating to a hold rating in a research report on Sunday, May 19th. ValuEngine cut shares of Lumentum from a hold rating to a sell rating in a research report on Saturday, May 18th. Finally, TheStreet cut shares of Lumentum from a b- rating to a c+ rating in a research report on Monday, May 13th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company. The stock has a consensus rating of Buy and a consensus price target of $67.16.
Shares of NASDAQ:LITE opened at $44.41 on Tuesday. The firm has a market capitalization of $3.53 billion, a P/E ratio of 13.71, a price-to-earnings-growth ratio of 0.90 and a beta of 0.68. Lumentum has a 52 week low of $37.00 and a 52 week high of $69.95. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.20 and a current ratio of 3.96.
Lumentum (NASDAQ:LITE) last issued its earnings results on Tuesday, May 7th. The technology company reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.22. The company had revenue of $433.00 million for the quarter, compared to analysts’ expectations of $428.33 million. Lumentum had a net margin of 1.57% and a return on equity of 19.94%. The firm’s revenue was up 44.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.78 EPS. As a group, equities analysts forecast that Lumentum will post 3.27 earnings per share for the current fiscal year.
In other Lumentum news, SVP Judy G. Hamel sold 1,429 shares of the business’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $58.64, for a total value of $83,796.56. Following the transaction, the senior vice president now owns 44,793 shares in the company, valued at $2,626,661.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.55% of the stock is currently owned by insiders.
Several hedge funds have recently added to or reduced their stakes in LITE. Rockefeller Capital Management L.P. increased its position in shares of Lumentum by 159.1% during the first quarter. Rockefeller Capital Management L.P. now owns 482 shares of the technology company’s stock valued at $28,000 after buying an additional 296 shares during the period. Meeder Asset Management Inc. purchased a new position in shares of Lumentum during the fourth quarter valued at about $25,000. Sapphire Star Partners LP purchased a new position in shares of Lumentum during the fourth quarter valued at about $28,000. SevenBridge Financial Group LLC purchased a new position in shares of Lumentum during the fourth quarter valued at about $39,000. Finally, IFP Advisors Inc increased its position in shares of Lumentum by 121.7% during the fourth quarter. IFP Advisors Inc now owns 949 shares of the technology company’s stock valued at $39,000 after buying an additional 521 shares during the period. Hedge funds and other institutional investors own 86.44% of the company’s stock.
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.
Further Reading: Price-Sales Ratio
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