Zacks Investment Research Upgrades Lumentum (NASDAQ:LITE) to “Hold”

Zacks Investment Research upgraded shares of Lumentum (NASDAQ:LITE) from a sell rating to a hold rating in a report issued on Wednesday morning, Zacks.com reports.

According to Zacks, “Lumentum Holdings Inc. is a manufacturer of innovative optical and photonic products. The Company’s operating segment consists of Optical Communications and Commercial Lasers. Optical Communications segment portfolio includes products used by Telecom and Datacom nanoelectromechanical systems and traditional as well as cloud/data center service providers. Commercial Lasers segment products serve its customers in markets and applications, such as manufacturing, biotechnology, graphics and imaging, remote sensing and precision machining. Lumentum Holdings Inc. is headquartered in Milpitas, California. “

Other equities research analysts have also issued research reports about the company. TheStreet upgraded White Mountains Insurance Group from a c rating to a b rating in a research note on Monday, May 13th. ValuEngine lowered Virtu Financial from a hold rating to a sell rating in a research note on Tuesday, June 18th. DA Davidson assumed coverage on Hillenbrand in a research note on Monday, May 20th. They set a neutral rating and a $43.00 price target on the stock. JPMorgan Chase & Co. set a $45.00 price target on Ciena and gave the stock a buy rating in a research note on Friday, March 22nd. Finally, Needham & Company LLC lowered Acquity Group from a buy rating to a hold rating in a research note on Monday, May 6th. Three equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company. Lumentum currently has a consensus rating of Buy and an average price target of $66.57.

Shares of LITE stock opened at $53.85 on Wednesday. Lumentum has a fifty-two week low of $37.00 and a fifty-two week high of $69.95. The stock has a market capitalization of $4.11 billion, a price-to-earnings ratio of 16.07, a price-to-earnings-growth ratio of 1.07 and a beta of 1.36. The company has a debt-to-equity ratio of 0.55, a current ratio of 3.96 and a quick ratio of 3.20. The business’s 50-day simple moving average is $48.09.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings results on Tuesday, May 7th. The technology company reported $0.91 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.22. Lumentum had a return on equity of 19.94% and a net margin of 1.57%. The business had revenue of $433.00 million for the quarter, compared to analyst estimates of $428.33 million. During the same quarter in the previous year, the firm earned $0.78 earnings per share. The company’s revenue was up 44.8% on a year-over-year basis. As a group, equities analysts expect that Lumentum will post 3.13 earnings per share for the current year.

In related news, SVP Judy G. Hamel sold 1,429 shares of Lumentum stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $58.64, for a total transaction of $83,796.56. Following the completion of the sale, the senior vice president now owns 44,793 shares of the company’s stock, valued at $2,626,661.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.55% of the company’s stock.

A number of large investors have recently made changes to their positions in the business. Ellis Investment Partners LLC lifted its holdings in Lumentum by 5,816.5% in the first quarter. Ellis Investment Partners LLC now owns 1,488,472 shares of the technology company’s stock valued at $1,488,000 after acquiring an additional 1,463,314 shares during the period. Northern Trust Corp increased its position in shares of Lumentum by 16.3% during the fourth quarter. Northern Trust Corp now owns 1,158,996 shares of the technology company’s stock worth $48,688,000 after purchasing an additional 162,095 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Lumentum by 31.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,131,377 shares of the technology company’s stock worth $47,529,000 after purchasing an additional 272,165 shares in the last quarter. Eagle Asset Management Inc. increased its position in shares of Lumentum by 2.2% during the first quarter. Eagle Asset Management Inc. now owns 877,374 shares of the technology company’s stock worth $49,606,000 after purchasing an additional 19,045 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Lumentum by 25.0% during the fourth quarter. Geode Capital Management LLC now owns 841,361 shares of the technology company’s stock worth $35,345,000 after purchasing an additional 168,489 shares in the last quarter. 95.29% of the stock is owned by institutional investors.

About Lumentum

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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