Lumentum (NASDAQ:LITE) had its target price hoisted by B. Riley from $75.00 to $93.00 in a research note released on Thursday morning, BenzingaRatingsTable reports. The brokerage currently has a buy rating on the technology company’s stock. B. Riley also issued estimates for Lumentum’s FY2020 earnings at $4.20 EPS, Q1 2021 earnings at $1.25 EPS and Q4 2021 earnings at $1.15 EPS.
Other research analysts have also recently issued reports about the stock. Rosenblatt Securities reissued a buy rating and issued a $90.00 price target on shares of Lumentum in a report on Monday, December 2nd. BidaskClub cut shares of Lumentum from a strong-buy rating to a buy rating in a report on Tuesday. UBS Group cut shares of Lumentum from a buy rating to a neutral rating and increased their price target for the company from $71.00 to $85.00 in a report on Thursday, January 9th. Northland Securities increased their price target on shares of Lumentum from $77.00 to $90.00 and gave the company an outperform rating in a report on Thursday, December 19th. Finally, JPMorgan Chase & Co. set a $74.00 target price on shares of Lumentum and gave the stock a buy rating in a research report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and sixteen have given a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus target price of $79.71.
Lumentum stock traded down $0.79 during trading hours on Thursday, hitting $76.96. The company had a trading volume of 1,364,222 shares, compared to its average volume of 1,567,935. The firm has a market cap of $5.97 billion, a PE ratio of 23.32, a PEG ratio of 1.41 and a beta of 1.42. The company has a debt-to-equity ratio of 0.58, a current ratio of 4.49 and a quick ratio of 3.85. Lumentum has a one year low of $40.28 and a one year high of $84.49. The firm has a 50-day moving average of $77.07 and a 200 day moving average of $62.74.
Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Thursday, October 31st. The technology company reported $1.44 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.24. The firm had revenue of $449.90 million for the quarter, compared to analysts’ expectations of $448.16 million. Lumentum had a negative net margin of 2.18% and a positive return on equity of 17.81%. The business’s revenue was up 27.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.31 EPS. As a group, research analysts expect that Lumentum will post 4.05 earnings per share for the current year.
In related news, CFO Wajid Ali sold 8,862 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $76.30, for a total transaction of $676,170.60. Following the sale, the chief financial officer now owns 151,197 shares in the company, valued at approximately $11,536,331.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Alan S. Lowe sold 22,887 shares of the stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $57.14, for a total transaction of $1,307,763.18. Following the sale, the chief executive officer now owns 233,536 shares in the company, valued at approximately $13,344,247.04. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 157,970 shares of company stock worth $10,399,043. Company insiders own 0.48% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Louisiana State Employees Retirement System boosted its position in shares of Lumentum by 1.1% during the 4th quarter. Louisiana State Employees Retirement System now owns 18,700 shares of the technology company’s stock worth $1,483,000 after acquiring an additional 200 shares in the last quarter. Commonwealth Equity Services LLC boosted its position in shares of Lumentum by 1.6% during the 3rd quarter. Commonwealth Equity Services LLC now owns 13,944 shares of the technology company’s stock worth $746,000 after acquiring an additional 214 shares in the last quarter. LS Investment Advisors LLC boosted its position in shares of Lumentum by 6.6% during the 3rd quarter. LS Investment Advisors LLC now owns 4,003 shares of the technology company’s stock worth $214,000 after acquiring an additional 249 shares in the last quarter. Nisa Investment Advisors LLC boosted its position in shares of Lumentum by 29.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,188 shares of the technology company’s stock worth $94,000 after acquiring an additional 270 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Lumentum by 0.3% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 86,808 shares of the technology company’s stock worth $4,636,000 after acquiring an additional 280 shares in the last quarter. Institutional investors and hedge funds own 90.66% 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.
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