Lumentum (NASDAQ:LITE) Issues Q1 2023 Earnings Guidance

Lumentum (NASDAQ:LITEGet Rating) issued an update on its first quarter 2023 earnings guidance on Tuesday morning. The company provided EPS guidance of $1.45-$1.70 for the period, compared to the consensus EPS estimate of $1.83. The company issued revenue guidance of $490.00 million-$520.00 million, compared to the consensus revenue estimate of $491.75 million.

Lumentum Stock Down 2.2 %

NASDAQ LITE traded down $1.54 during mid-day trading on Friday, reaching $69.73. 13,815 shares of the company’s stock traded hands, compared to its average volume of 738,760. Lumentum has a 1-year low of $70.66 and a 1-year high of $108.90. The company has a fifty day simple moving average of $85.24 and a 200-day simple moving average of $85.94. The company has a current ratio of 4.38, a quick ratio of 4.03 and a debt-to-equity ratio of 0.78. The company has a market cap of $4.75 billion, a price-to-earnings ratio of 26.13, a P/E/G ratio of 1.09 and a beta of 0.94.

Lumentum (NASDAQ:LITEGet Rating) last issued its quarterly earnings data on Tuesday, August 16th. The technology company reported $1.15 earnings per share for the quarter, beating analysts’ consensus estimates of $1.07 by $0.08. Lumentum had a return on equity of 18.66% and a net margin of 11.61%. The firm had revenue of $422.10 million during the quarter, compared to analyst estimates of $417.99 million. During the same quarter last year, the firm earned $0.84 EPS. Lumentum’s quarterly revenue was up 7.7% on a year-over-year basis. As a group, equities research analysts expect that Lumentum will post 4.93 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have weighed in on LITE shares. Craig Hallum raised their price objective on Lumentum to $125.00 in a research note on Monday, August 15th. JPMorgan Chase & Co. decreased their target price on Lumentum from $115.00 to $100.00 and set an overweight rating for the company in a research report on Thursday, July 14th. Raymond James lifted their target price on Lumentum from $102.00 to $114.00 and gave the stock an outperform rating in a research report on Wednesday, August 17th. Barclays decreased their target price on Lumentum from $100.00 to $95.00 and set an overweight rating for the company in a research report on Monday, July 25th. Finally, TheStreet upgraded Lumentum from a c+ rating to a b- rating in a research report on Monday, August 15th. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $111.75.

Insider Buying and Selling

In other Lumentum news, CEO Alan S. Lowe sold 8,809 shares of Lumentum stock in a transaction on Monday, August 15th. The stock was sold at an average price of $94.94, for a total transaction of $836,326.46. Following the sale, the chief executive officer now owns 139,946 shares of the company’s stock, valued at approximately $13,286,473.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CAO Matthew Joseph Sepe sold 3,030 shares of Lumentum stock in a transaction on Monday, August 29th. The stock was sold at an average price of $86.20, for a total transaction of $261,186.00. Following the transaction, the chief accounting officer now directly owns 25,288 shares in the company, valued at approximately $2,179,825.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Alan S. Lowe sold 8,809 shares of Lumentum stock in a transaction on Monday, August 15th. The shares were sold at an average price of $94.94, for a total value of $836,326.46. Following the transaction, the chief executive officer now owns 139,946 shares in the company, valued at $13,286,473.24. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,620 shares of company stock valued at $1,909,492. Insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Lumentum

Hedge funds have recently modified their holdings of the company. HighTower Advisors LLC grew its holdings in shares of Lumentum by 6.7% in the 1st quarter. HighTower Advisors LLC now owns 5,729 shares of the technology company’s stock worth $557,000 after acquiring an additional 358 shares during the last quarter. Private Advisor Group LLC grew its holdings in shares of Lumentum by 23.3% in the 1st quarter. Private Advisor Group LLC now owns 5,083 shares of the technology company’s stock worth $496,000 after acquiring an additional 960 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in shares of Lumentum by 10.4% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 26,461 shares of the technology company’s stock worth $2,583,000 after acquiring an additional 2,490 shares during the last quarter. Great West Life Assurance Co. Can grew its holdings in shares of Lumentum by 7.4% in the 1st quarter. Great West Life Assurance Co. Can now owns 39,147 shares of the technology company’s stock worth $3,926,000 after acquiring an additional 2,686 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Lumentum by 7.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 805,662 shares of the technology company’s stock worth $78,633,000 after acquiring an additional 53,978 shares during the last quarter. 95.49% of the stock is currently owned by institutional investors and hedge funds.

About Lumentum

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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 in two segments, Optical Communications (OpComms) and Commercial Lasers (Lasers). The OpComms segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and data over high-capacity fiber optic cables.

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Earnings History and Estimates for Lumentum (NASDAQ:LITE)

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