Lumentum (NASDAQ:LITE – Get Rating) issued an update on its first quarter 2023 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $1.45-$1.70 for the period, compared to the consensus 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 1.7 %
Shares of NASDAQ:LITE traded down $1.26 during trading on Tuesday, hitting $72.96. 9,062 shares of the company were exchanged, compared to its average volume of 729,717. The stock has a market cap of $4.97 billion, a price-to-earnings ratio of 27.55, a P/E/G ratio of 1.13 and a beta of 0.94. Lumentum has a fifty-two week low of $73.57 and a fifty-two week high of $108.90. The firm has a fifty day moving average price of $85.60 and a two-hundred day moving average price of $86.28. The company has a current ratio of 4.38, a quick ratio of 4.03 and a debt-to-equity ratio of 0.78.
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Lumentum (NASDAQ:LITE – Get Rating) last posted its quarterly earnings results on Tuesday, August 16th. The technology company reported $1.15 earnings per share for the quarter, topping the consensus estimate of $1.07 by $0.08. The firm had revenue of $422.10 million for the quarter, compared to analyst estimates of $417.99 million. Lumentum had a return on equity of 18.66% and a net margin of 11.61%. The business's quarterly revenue was up 7.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.84 EPS. As a group, research analysts anticipate that Lumentum will post 4.93 earnings per share for the current fiscal year.
Analysts Set New Price Targets
A number of research firms recently weighed in on LITE. StockNews.com lowered Lumentum from a buy rating to a hold rating in a report on Saturday, September 3rd. JPMorgan Chase & Co. decreased their target price on Lumentum from $115.00 to $100.00 and set an overweight rating on the stock in a report on Thursday, July 14th. TheStreet raised Lumentum from a c+ rating to a b- rating in a report on Monday, August 15th. Morgan Stanley boosted their target price on Lumentum from $94.00 to $98.00 and gave the stock an equal weight rating in a report on Wednesday, August 17th. Finally, Needham & Company LLC reissued a buy rating and set a $125.00 target price on shares of Lumentum in a report on Monday, June 6th. Two research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $111.75.
Insider Activity
In other news, CAO Matthew Joseph Sepe sold 3,030 shares of the company's 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 completion of the sale, the chief accounting officer now directly owns 25,288 shares in the company, valued at approximately $2,179,825.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CEO Alan S. Lowe sold 8,809 shares of the company's 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 completion of the sale, the chief executive officer now directly owns 139,946 shares in the company, valued at approximately $13,286,473.24. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Matthew Joseph Sepe sold 3,030 shares of the company's stock in a transaction on Monday, August 29th. The stock was sold at an average price of $86.20, for a total value of $261,186.00. Following the sale, the chief accounting officer now owns 25,288 shares of the company's stock, valued at $2,179,825.60. The disclosure for this sale can be found here. In the last three months, insiders sold 20,620 shares of company stock worth $1,909,492. 0.30% of the stock is currently owned by company insiders.
Institutional Trading of Lumentum
Institutional investors and hedge funds have recently modified their holdings of the business. Captrust Financial Advisors lifted its position in shares of Lumentum by 21.3% during the 2nd quarter. Captrust Financial Advisors now owns 1,910 shares of the technology company's stock worth $152,000 after buying an additional 336 shares during the last quarter. Creative Planning acquired a new position in Lumentum in the 2nd quarter worth about $209,000. Echo Street Capital Management LLC acquired a new position in Lumentum in the 1st quarter worth about $230,000. Toroso Investments LLC increased its holdings in Lumentum by 14.7% in the 1st quarter. Toroso Investments LLC now owns 2,623 shares of the technology company's stock worth $256,000 after purchasing an additional 336 shares in the last quarter. Finally, Keeley Teton Advisors LLC acquired a new position in Lumentum in the 1st quarter worth about $303,000. 95.49% of the stock is currently owned by institutional investors.
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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