Shares of Lumentum Holdings Inc (NASDAQ:LITE) have earned a consensus recommendation of “Buy” from the twenty ratings firms that are covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell rating, two have assigned a hold rating and fifteen have issued a buy rating on the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $79.71.
LITE has been the subject of several recent research reports. MKM Partners boosted their price target on shares of Lumentum from $75.00 to $91.00 and gave the stock a “buy” rating in a research note on Thursday, January 2nd. Susquehanna Bancshares initiated coverage on shares of Lumentum in a research note on Thursday, December 12th. They issued a “positive” rating and a $90.00 price target for the company. Northland Securities boosted their price target on shares of Lumentum from $77.00 to $90.00 and gave the stock an “outperform” rating in a research note on Thursday, December 19th. Needham & Company LLC downgraded shares of Lumentum from a “strong-buy” rating to a “buy” rating and lowered their price target for the stock from $90.00 to $70.00 in a research note on Thursday, January 2nd. Finally, Stifel Nicolaus set a $70.00 price target on shares of Lumentum and gave the stock a “buy” rating in a research note on Friday, October 18th.
In other Lumentum news, CFO Wajid Ali sold 8,862 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $76.30, for a total value of $676,170.60. Following the transaction, the chief financial officer now owns 151,197 shares in the company, valued at $11,536,331.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Judy G. Hamel sold 5,792 shares of the business’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $65.00, for a total transaction of $376,480.00. Following the completion of the transaction, the senior vice president now owns 51,795 shares in the company, valued at approximately $3,366,675. The disclosure for this sale can be found here. Insiders sold 135,083 shares of company stock worth $9,091,280 in the last 90 days. Corporate insiders own 0.48% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the business. Private Capital Group LLC increased its position in shares of Lumentum by 5,481.8% in the second quarter. Private Capital Group LLC now owns 614 shares of the technology company’s stock valued at $36,000 after acquiring an additional 603 shares during the period. Carroll Financial Associates Inc. increased its position in shares of Lumentum by 466.1% during the fourth quarter. Carroll Financial Associates Inc. now owns 719 shares of the technology company’s stock valued at $57,000 after buying an additional 592 shares during the period. Nisa Investment Advisors LLC increased its position in shares of Lumentum by 29.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,188 shares of the technology company’s stock valued at $94,000 after buying an additional 270 shares during the period. Tower Research Capital LLC TRC increased its position in shares of Lumentum by 31.0% during the second quarter. Tower Research Capital LLC TRC now owns 1,633 shares of the technology company’s stock valued at $87,000 after buying an additional 386 shares during the period. Finally, First Manhattan Co. increased its position in shares of Lumentum by 150.0% during the second quarter. First Manhattan Co. now owns 2,500 shares of the technology company’s stock valued at $133,000 after buying an additional 1,500 shares during the period. Hedge funds and other institutional investors own 90.20% of the company’s stock.
Shares of NASDAQ LITE traded down $2.57 during mid-day trading on Wednesday, reaching $75.89. 785,856 shares of the company were exchanged, compared to its average volume of 1,458,486. Lumentum has a 52 week low of $40.28 and a 52 week high of $84.49. The company has a quick ratio of 3.85, a current ratio of 4.49 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $5.88 billion, a PE ratio of -120.46, a PEG ratio of 1.37 and a beta of 1.42. The company’s 50 day moving average price is $77.74 and its 200 day moving average price is $63.59.
Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Thursday, October 31st. The technology company reported $1.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.24. Lumentum had a negative net margin of 2.18% and a positive return on equity of 17.81%. The company had revenue of $449.90 million during the quarter, compared to the consensus estimate of $448.16 million. During the same period in the previous year, the firm posted $1.31 EPS. The firm’s revenue was up 27.1% compared to the same quarter last year. On average, sell-side analysts predict that Lumentum will post 4.08 earnings per share for the current year.
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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