BidaskClub upgraded shares of Lumentum (NASDAQ:LITE) from a hold rating to a buy rating in a research note issued to investors on Saturday morning, BidAskClub reports.
A number of other brokerages also recently weighed in on LITE. Piper Jaffray Companies boosted their target price on Lumentum from $68.00 to $72.00 and gave the stock an overweight rating in a research note on Friday, August 9th. Jefferies Financial Group cut their target price on Lumentum from $75.00 to $60.00 and set a buy rating on the stock in a research note on Tuesday, May 21st. TheStreet downgraded Lumentum from a b- rating to a c+ rating in a research note on Monday, May 13th. Zacks Investment Research upgraded Lumentum from a sell rating to a hold rating in a research note on Wednesday, July 10th. Finally, Northland Securities reaffirmed a buy rating and issued a $71.25 price target on shares of Lumentum in a report on Monday, July 1st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus price target of $69.13.
Shares of NASDAQ LITE opened at $59.47 on Friday. Lumentum has a twelve month low of $37.00 and a twelve month high of $69.95. The business has a 50 day simple moving average of $55.04. The stock has a market cap of $4.54 billion, a P/E ratio of 18.02, a PEG ratio of 1.19 and a beta of 1.36. The company has a debt-to-equity ratio of 0.56, a current ratio of 4.53 and a quick ratio of 3.76.
Lumentum (NASDAQ:LITE) last announced its earnings results on Thursday, August 8th. The technology company reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.21. Lumentum had a positive return on equity of 18.19% and a negative net margin of 2.33%. The firm had revenue of $404.60 million for the quarter, compared to the consensus estimate of $383.54 million. During the same quarter in the previous year, the business earned $0.95 EPS. The company’s revenue was up 34.4% compared to the same quarter last year. Research analysts expect that Lumentum will post 3.58 earnings per share for the current fiscal year.
In related news, SVP Judy G. Hamel sold 803 shares of Lumentum stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $60.00, for a total value of $48,180.00. Following the sale, the senior vice president now owns 42,510 shares of the company’s stock, valued at approximately $2,550,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.55% of the company’s stock.
Hedge funds have recently modified their holdings of the business. Advisory Services Network LLC raised its holdings in Lumentum by 83.6% during the 2nd quarter. Advisory Services Network LLC now owns 953 shares of the technology company’s stock valued at $51,000 after acquiring an additional 434 shares during the period. Tower Research Capital LLC TRC raised its holdings in Lumentum by 31.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,633 shares of the technology company’s stock valued at $87,000 after acquiring an additional 386 shares during the period. DekaBank Deutsche Girozentrale raised its holdings in Lumentum by 95.0% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 2,919 shares of the technology company’s stock valued at $153,000 after acquiring an additional 1,422 shares during the period. World Asset Management Inc bought a new stake in Lumentum during the 1st quarter valued at $202,000. Finally, Janney Montgomery Scott LLC bought a new stake in Lumentum during the 1st quarter valued at $203,000. 94.49% of the stock is currently owned by institutional investors and hedge funds.
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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