StockNews.com upgraded shares of Lumentum (NASDAQ:LITE – Get Rating) from a hold rating to a buy rating in a research note published on Tuesday.
Several other equities analysts also recently commented on the stock. JPMorgan Chase & Co. decreased their price target on shares of Lumentum from $115.00 to $100.00 and set an overweight rating on the stock in a research note on Thursday, July 14th. Morgan Stanley increased their price target on shares of Lumentum from $94.00 to $98.00 and gave the stock an equal weight rating in a research report on Wednesday, August 17th. Bank of America initiated coverage on Lumentum in a research note on Tuesday, September 6th. They set a buy rating and a $105.00 target price for the company. Barclays reduced their price objective on Lumentum from $100.00 to $95.00 and set an overweight rating on the stock in a research note on Monday, July 25th. Finally, Craig Hallum boosted their target price on Lumentum to $125.00 in a research note on Monday, August 15th. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, Lumentum currently has an average rating of Moderate Buy and an average price target of $111.75.
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Lumentum Stock Down 2.0 %
Lumentum stock opened at $72.76 on Tuesday. The firm has a market capitalization of $4.95 billion, a PE ratio of 27.25, a P/E/G ratio of 1.13 and a beta of 0.94. The company's 50-day moving average is $85.50 and its 200-day moving average is $86.19. Lumentum has a fifty-two week low of $72.63 and a fifty-two week high of $108.90. The company has a debt-to-equity ratio of 0.78, a current ratio of 4.38 and a quick ratio of 4.03.
Lumentum (NASDAQ:LITE – Get Rating) last released its quarterly earnings data 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 company had revenue of $422.10 million for the quarter, compared to analyst estimates of $417.99 million. Lumentum had a net
margin of 11.61% and a return on equity of 18.66%. Lumentum's revenue for the quarter was up 7.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.84 EPS. Sell-side analysts anticipate that Lumentum will post 4.93 earnings per share for the current year.
Insider Buying and Selling at Lumentum
In other Lumentum news, CEO Alan S. Lowe sold 8,809 shares of the company's stock in a transaction that occurred 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 completion of the transaction, 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 at this hyperlink. In other news, CFO Wajid Ali sold 8,781 shares of the stock in a transaction dated Tuesday, August 23rd. The shares were sold at an average price of $92.47, for a total value of $811,979.07. Following the completion of the sale, the chief financial officer now owns 31,194 shares in the company, valued at $2,884,509.18. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Alan S. Lowe sold 8,809 shares of the stock in a transaction dated Monday, August 15th. The shares were 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 owns 139,946 shares of the company's stock, valued at approximately $13,286,473.24. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,620 shares of company stock worth $1,909,492. 0.30% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Lumentum
Several large investors have recently modified their holdings of LITE. Urban Wealth Management LLC bought a new position in shares of Lumentum in the second quarter valued at approximately $29,000. Assetmark Inc. bought a new stake in shares of Lumentum in the 2nd quarter worth approximately $30,000. Richelieu Gestion PLC bought a new stake in shares of Lumentum in the 1st quarter worth approximately $32,000. Twin Tree Management LP purchased a new position in shares of Lumentum in the first quarter worth $36,000. Finally, Private Capital Group LLC boosted its holdings in shares of Lumentum by 4,000.0% during the 1st quarter. Private Capital Group LLC now owns 451 shares of the technology company's stock valued at $44,000 after buying an additional 440 shares in the last quarter. Hedge funds and other institutional investors own 95.49% of the company's stock.
Lumentum Company Profile
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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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