ValuEngine Lowers Lumentum (NASDAQ:LITE) to Sell

ValuEngine downgraded shares of Lumentum (NASDAQ:LITE) from a hold rating to a sell rating in a research note issued to investors on Thursday, ValuEngine reports.

A number of other analysts have also recently weighed in on LITE. Piper Sandler upped their price target on Lumentum from $95.00 to $100.00 and gave the company an overweight rating in a research report on Wednesday, May 6th. Raymond James upped their price target on Lumentum from $90.00 to $97.00 and gave the company an outperform rating in a research report on Tuesday, May 5th. Goldman Sachs Group cut Lumentum from a neutral rating to a sell rating and lowered their price target for the company from $102.00 to $87.00 in a research report on Friday, April 17th. BidaskClub cut Lumentum from a buy rating to a hold rating in a report on Wednesday, May 20th. Finally, Zacks Investment Research upgraded Lumentum from a sell rating to a hold rating in a report on Wednesday, May 20th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and fifteen have issued a buy rating to the company’s stock. The stock presently has an average rating of Buy and an average target price of $91.21.

Shares of NASDAQ LITE opened at $82.26 on Thursday. The business has a fifty day simple moving average of $75.09 and a 200 day simple moving average of $77.38. The company has a current ratio of 6.85, a quick ratio of 6.24 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $6.16 billion, a price-to-earnings ratio of 56.34, a PEG ratio of 1.02 and a beta of 1.00. Lumentum has a one year low of $48.44 and a one year high of $93.23.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings results on Tuesday, May 5th. The technology company reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.05 by $0.21. Lumentum had a return on equity of 20.47% and a net margin of 6.66%. The firm had revenue of $402.80 million for the quarter, compared to analysts’ expectations of $408.54 million. During the same period in the prior year, the business posted $0.91 earnings per share. The business’s revenue was down 7.0% compared to the same quarter last year. On average, research analysts anticipate that Lumentum will post 4.14 earnings per share for the current fiscal year.

In other Lumentum news, CAO Matthew Joseph Sepe sold 2,896 shares of the stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $81.25, for a total value of $235,300.00. Following the transaction, the chief accounting officer now owns 22,275 shares of the company’s stock, valued at $1,809,843.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Alan S. Lowe sold 15,573 shares of the stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $83.32, for a total value of $1,297,542.36. Following the completion of the transaction, the chief executive officer now directly owns 138,802 shares in the company, valued at approximately $11,564,982.64. The disclosure for this sale can be found here. Insiders sold 26,900 shares of company stock worth $2,158,373 in the last three months. Insiders own 0.48% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC acquired a new stake in shares of Lumentum during the fourth quarter worth about $135,796,000. Geode Capital Management LLC raised its position in shares of Lumentum by 5.6% during the first quarter. Geode Capital Management LLC now owns 1,137,161 shares of the technology company’s stock worth $83,807,000 after purchasing an additional 60,573 shares during the period. Carillon Tower Advisers Inc. raised its position in shares of Lumentum by 26.5% during the first quarter. Carillon Tower Advisers Inc. now owns 878,957 shares of the technology company’s stock worth $61,701,000 after purchasing an additional 184,100 shares during the period. Victory Capital Management Inc. raised its position in shares of Lumentum by 23.9% during the fourth quarter. Victory Capital Management Inc. now owns 843,002 shares of the technology company’s stock worth $66,850,000 after purchasing an additional 162,636 shares during the period. Finally, Norges Bank acquired a new stake in shares of Lumentum during the fourth quarter worth about $61,860,000. 93.86% of the stock is currently owned by institutional investors.

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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Analyst Recommendations for Lumentum (NASDAQ:LITE)

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