Lumentum (NASDAQ:LITE) Upgraded at Northland Securities

Northland Securities upgraded shares of Lumentum (NASDAQ:LITE) from a market perform rating to an outperform rating in a research note published on Monday morning, Marketbeat reports.

LITE has been the topic of several other research reports. Barclays raised Lumentum from an “underweight” rating to an “overweight” rating and raised their price objective for the stock from $80.00 to $125.00 in a report on Friday, January 17th. UBS Group lifted their price target on Lumentum from $93.00 to $96.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Rosenblatt Securities reiterated a “buy” rating and issued a $110.00 price objective on shares of Lumentum in a research note on Friday, February 7th. BNP Paribas upgraded shares of Lumentum from a “neutral” rating to an “outperform” rating and set a $92.00 target price on the stock in a research report on Tuesday, March 11th. Finally, Stifel Nicolaus upped their price target on shares of Lumentum from $95.00 to $105.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Two analysts have rated the stock with a sell rating, three have given a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $87.40.

Lumentum Price Performance

LITE stock opened at $59.81 on Monday. The stock has a market cap of $4.14 billion, a price-to-earnings ratio of -7.78 and a beta of 1.14. Lumentum has a fifty-two week low of $38.29 and a fifty-two week high of $104.00. The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94. The business has a 50 day moving average price of $68.91 and a 200 day moving average price of $75.93.

Lumentum (NASDAQ:LITE) last issued its earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. Equities research analysts anticipate that Lumentum will post 0.03 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Wajid Ali sold 2,172 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total value of $170,154.48. Following the completion of the sale, the chief financial officer now directly owns 51,976 shares of the company’s stock, valued at $4,071,799.84. This trade represents a 4.01 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of LITE. Capital World Investors boosted its position in shares of Lumentum by 108.3% during the 4th quarter. Capital World Investors now owns 3,600,132 shares of the technology company’s stock worth $302,231,000 after purchasing an additional 1,871,572 shares in the last quarter. Norges Bank purchased a new stake in Lumentum during the fourth quarter worth about $68,962,000. Nuveen Asset Management LLC grew its position in Lumentum by 98.9% during the fourth quarter. Nuveen Asset Management LLC now owns 1,228,371 shares of the technology company’s stock worth $103,122,000 after buying an additional 610,938 shares during the period. Balyasny Asset Management L.P. increased its holdings in Lumentum by 419.1% in the fourth quarter. Balyasny Asset Management L.P. now owns 444,147 shares of the technology company’s stock valued at $37,286,000 after buying an additional 583,330 shares in the last quarter. Finally, Capital Research Global Investors purchased a new position in Lumentum in the fourth quarter valued at about $42,415,000. Hedge funds and other institutional investors own 94.05% of the company’s stock.

About Lumentum

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.