BidaskClub upgraded shares of Lumentum (NASDAQ:LITE) from a sell rating to a hold rating in a research report report published on Saturday morning.
LITE has been the subject of several other research reports. Zacks Investment Research cut shares of Lumentum from a buy rating to a hold rating in a report on Wednesday, December 6th. Barclays upped their target price on shares of Lumentum from $59.00 to $65.00 and gave the company an equal weight rating in a report on Thursday, November 2nd. Craig Hallum reiterated a buy rating and issued a $85.00 price target (up previously from $75.00) on shares of Lumentum in a research report on Wednesday, November 1st. Jefferies Group reiterated a buy rating and issued a $75.00 price target on shares of Lumentum in a research report on Friday, October 6th. Finally, B. Riley reiterated a buy rating and issued a $89.00 price target on shares of Lumentum in a research report on Friday, January 5th. One analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have given a buy rating to the stock. Lumentum currently has a consensus rating of Buy and an average price target of $69.69.
Shares of Lumentum (NASDAQ:LITE) traded up $0.20 during trading on Friday, hitting $53.20. 1,355,843 shares of the stock traded hands, compared to its average volume of 2,420,000. Lumentum has a fifty-two week low of $34.15 and a fifty-two week high of $68.63. The company has a debt-to-equity ratio of 0.50, a quick ratio of 4.38 and a current ratio of 5.21. The firm has a market cap of $3,300.00 and a PE ratio of -34.77.
In other Lumentum news, Director Martin A. Kaplan sold 3,000 shares of the company’s stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $55.03, for a total transaction of $165,090.00. Following the completion of the transaction, the director now owns 26,573 shares in the company, valued at approximately $1,462,312.19. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Penny Herscher sold 822 shares of the company’s stock in a transaction on Friday, December 8th. The stock was sold at an average price of $50.61, for a total transaction of $41,601.42. Following the transaction, the director now owns 34,793 shares of the company’s stock, valued at approximately $1,760,873.73. The disclosure for this sale can be found here. In the last quarter, insiders sold 31,643 shares of company stock valued at $1,806,554. 0.76% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the business. Pacer Advisors Inc. purchased a new position in Lumentum during the 3rd quarter worth $434,000. Shelton Capital Management purchased a new position in Lumentum during the 2nd quarter worth $314,000. Schwab Charles Investment Management Inc. raised its position in Lumentum by 9.8% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 320,195 shares of the technology company’s stock worth $17,403,000 after buying an additional 28,695 shares during the last quarter. DekaBank Deutsche Girozentrale purchased a new position in Lumentum during the 3rd quarter worth $318,000. Finally, Macquarie Group Ltd. raised its position in Lumentum by 21.5% during the 3rd quarter. Macquarie Group Ltd. now owns 114,540 shares of the technology company’s stock worth $6,225,000 after buying an additional 20,244 shares during the last quarter. Institutional investors own 95.70% of the company’s stock.
Lumentum Company Profile
Lumentum Holdings Inc is a provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers).
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