Wall Street analysts expect Lumentum Holdings Inc (NASDAQ:LITE) to report earnings per share (EPS) of $1.20 for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have provided estimates for Lumentum’s earnings. The lowest EPS estimate is $1.12 and the highest is $1.26. Lumentum reported earnings of $1.31 per share in the same quarter last year, which suggests a negative year-over-year growth rate of 8.4%. The firm is expected to report its next earnings results before the market opens on Thursday, October 31st.
On average, analysts expect that Lumentum will report full year earnings of $4.50 per share for the current financial year, with EPS estimates ranging from $3.86 to $5.10. For the next fiscal year, analysts forecast that the company will post earnings of $5.40 per share, with EPS estimates ranging from $4.62 to $6.35. Zacks’ earnings per share calculations are an average based on a survey of research firms that cover Lumentum.
Lumentum (NASDAQ:LITE) last released its earnings results on Thursday, August 8th. The technology company reported $0.74 EPS for the quarter, beating the consensus estimate of $0.53 by $0.21. Lumentum had a negative net margin of 2.33% and a positive return on equity of 18.19%. The firm had revenue of $404.60 million for the quarter, compared to analyst estimates of $383.54 million. During the same period last year, the firm earned $0.95 EPS. The business’s quarterly revenue was up 34.4% compared to the same quarter last year.
Several equities research analysts recently issued reports on LITE shares. Craig Hallum lifted their price target on shares of Lumentum from $60.00 to $75.00 and gave the company a “buy” rating in a report on Friday, August 9th. MKM Partners set a $71.00 price target on shares of Lumentum and gave the company a “buy” rating in a report on Tuesday, October 8th. Piper Jaffray Companies lifted their price target on shares of Lumentum from $68.00 to $72.00 and gave the company an “overweight” rating in a report on Friday, August 9th. Barclays lifted their price target on shares of Lumentum from $60.00 to $65.00 and gave the company an “overweight” rating in a report on Friday, August 9th. Finally, Needham & Company LLC set a $70.00 price target on shares of Lumentum and gave the company a “buy” rating in a report on Monday, September 23rd. Three research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. Lumentum has an average rating of “Buy” and an average price target of $69.54.
LITE stock traded down $0.24 during mid-day trading on Friday, hitting $54.86. The stock had a trading volume of 689,085 shares, compared to its average volume of 1,195,654. The firm has a market capitalization of $4.25 billion, a P/E ratio of 16.62, a P/E/G ratio of 1.49 and a beta of 1.35. The company has a current ratio of 4.53, a quick ratio of 3.76 and a debt-to-equity ratio of 0.56. The firm has a fifty day simple moving average of $55.38 and a 200 day simple moving average of $54.56. Lumentum has a 52 week low of $37.00 and a 52 week high of $63.95.
In other Lumentum news, SVP Judy G. Hamel sold 803 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $60.00, for a total transaction of $48,180.00. Following the sale, the senior vice president now directly 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 this hyperlink. Also, CEO Alan S. Lowe sold 36,245 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $53.54, for a total transaction of $1,940,557.30. Following the completion of the transaction, the chief executive officer now owns 256,423 shares in the company, valued at approximately $13,728,887.42. The disclosure for this sale can be found here. Insiders have sold a total of 124,403 shares of company stock worth $7,092,182 over the last three months. Insiders own 0.48% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of LITE. Nuveen Asset Management LLC lifted its position in shares of Lumentum by 2,178.5% in the 2nd quarter. Nuveen Asset Management LLC now owns 1,372,183 shares of the technology company’s stock worth $73,289,000 after purchasing an additional 1,311,961 shares during the period. Westfield Capital Management Co. LP lifted its position in shares of Lumentum by 113.6% in the 2nd quarter. Westfield Capital Management Co. LP now owns 1,027,148 shares of the technology company’s stock worth $54,860,000 after purchasing an additional 546,318 shares during the period. Victory Capital Management Inc. lifted its position in shares of Lumentum by 771.4% in the 2nd quarter. Victory Capital Management Inc. now owns 431,043 shares of the technology company’s stock worth $23,022,000 after purchasing an additional 381,575 shares during the period. Tairen Capital Ltd acquired a new position in shares of Lumentum in the 2nd quarter worth approximately $15,561,000. Finally, Maverick Capital Ltd. acquired a new position in shares of Lumentum in the 2nd quarter worth approximately $15,017,000. Hedge funds and other institutional investors own 95.38% 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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