Brokerages Set Lumentum Holdings Inc. (NASDAQ:LITE) PT at $52.69

Shares of Lumentum Holdings Inc. (NASDAQ:LITE) have been given a consensus rating of “Hold” by the twelve brokerages that are currently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and seven have issued a buy recommendation on the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $52.69.

A number of equities research analysts recently weighed in on LITE shares. Stifel Nicolaus restated a “buy” rating and issued a $62.00 price target on shares of Lumentum in a report on Monday, April 1st. B. Riley lowered their target price on Lumentum from $42.00 to $41.00 and set a “neutral” rating on the stock in a report on Friday, February 9th. Rosenblatt Securities increased their target price on Lumentum from $60.00 to $65.00 and gave the company a “buy” rating in a report on Friday, February 9th. Raymond James increased their target price on Lumentum from $51.50 to $58.00 and gave the company an “outperform” rating in a report on Monday, April 1st. Finally, Barclays increased their target price on Lumentum from $40.00 to $45.00 and gave the company an “underweight” rating in a report on Tuesday, January 16th.

Lumentum Trading Down 1.0 %

LITE opened at $41.34 on Friday. Lumentum has a 52 week low of $35.35 and a 52 week high of $65.16. The business has a fifty day simple moving average of $47.38 and a 200-day simple moving average of $47.07. The firm has a market cap of $2.79 billion, a P/E ratio of -10.49 and a beta of 1.09. The company has a quick ratio of 2.42, a current ratio of 3.13 and a debt-to-equity ratio of 1.96.

Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Thursday, February 8th. The technology company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.07). Lumentum had a positive return on equity of 1.04% and a negative net margin of 18.52%. The firm had revenue of $366.80 million for the quarter, compared to analysts’ expectations of $363.44 million. On average, equities analysts expect that Lumentum will post -0.64 earnings per share for the current year.

Insiders Place Their Bets

In other Lumentum news, CAO Matthew Joseph Sepe sold 9,903 shares of the firm’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $49.23, for a total value of $487,524.69. Following the transaction, the chief accounting officer now owns 33,188 shares of the company’s stock, valued at $1,633,845.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Lumentum

A number of large investors have recently bought and sold shares of the business. FengHe Fund Management Pte. Ltd. bought a new stake in shares of Lumentum during the fourth quarter valued at approximately $19,547,000. Pathstone Family Office LLC raised its position in Lumentum by 46.3% during the third quarter. Pathstone Family Office LLC now owns 13,296 shares of the technology company’s stock valued at $606,000 after buying an additional 4,207 shares during the period. Envestnet Asset Management Inc. lifted its position in shares of Lumentum by 52.7% in the third quarter. Envestnet Asset Management Inc. now owns 211,684 shares of the technology company’s stock worth $9,564,000 after purchasing an additional 73,047 shares in the last quarter. Neo Ivy Capital Management acquired a new stake in Lumentum in the third quarter valued at approximately $32,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Lumentum by 336.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 70,244 shares of the technology company’s stock worth $3,174,000 after buying an additional 54,164 shares during the period. Institutional investors own 94.05% 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 (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.