Lumentum (LITE) Upgraded by BidaskClub to Buy

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BidaskClub upgraded shares of Lumentum (NASDAQ:LITE) from a hold rating to a buy rating in a research note issued to investors on Friday, August 17th.

Other research analysts have also recently issued research reports about the company. TheStreet upgraded Lumentum from a c rating to a b rating in a research note on Thursday, August 9th. MKM Partners cut their price target on Lumentum to $78.00 and set a buy rating for the company in a report on Thursday, August 9th. Barclays upped their price objective on Lumentum from $68.00 to $70.00 and gave the stock an overweight rating in a research note on Thursday, August 9th. DA Davidson increased their price target on Lumentum from $92.00 to $98.00 and gave the company a buy rating in a research note on Thursday, August 9th. Finally, JPMorgan Chase & Co. set a $80.00 price target on Lumentum and gave the company a hold rating in a research note on Thursday, August 9th. Four equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and three have issued a strong buy rating to the company. Lumentum has a consensus rating of Buy and a consensus price target of $80.20.

Shares of NASDAQ LITE traded down $3.85 during midday trading on Friday, reaching $61.30. The company’s stock had a trading volume of 2,417,200 shares, compared to its average volume of 2,009,909. The company has a market capitalization of $4.17 billion, a P/E ratio of 19.66, a PEG ratio of 1.00 and a beta of 0.11. The company has a debt-to-equity ratio of 0.36, a current ratio of 5.27 and a quick ratio of 4.55. Lumentum has a one year low of $41.95 and a one year high of $74.40.

Lumentum (NASDAQ:LITE) last posted its earnings results on Wednesday, August 8th. The technology company reported $0.95 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.30. The company had revenue of $301.10 million during the quarter, compared to the consensus estimate of $288.56 million. Lumentum had a return on equity of 25.10% and a net margin of 19.86%. The company’s revenue was up 35.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.39 earnings per share. analysts anticipate that Lumentum will post 3.66 earnings per share for the current year.

In other news, insider Matthew Joseph Sepe sold 1,466 shares of Lumentum stock in a transaction that occurred on Monday, July 16th. The shares were sold at an average price of $58.38, for a total transaction of $85,585.08. Following the sale, the insider now owns 17,898 shares of the company’s stock, valued at approximately $1,044,885.24. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Penny Herscher sold 1,313 shares of the business’s stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $58.85, for a total value of $77,270.05. Following the completion of the sale, the director now directly owns 18,910 shares in the company, valued at approximately $1,112,853.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 10,690 shares of company stock worth $670,238. Insiders own 0.76% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. Verition Fund Management LLC purchased a new stake in shares of Lumentum during the second quarter worth $2,043,000. Jafra Capital Management LP acquired a new position in shares of Lumentum during the second quarter worth $1,042,000. Millennium Management LLC grew its stake in shares of Lumentum by 1,153.9% during the second quarter. Millennium Management LLC now owns 703,422 shares of the technology company’s stock worth $40,728,000 after purchasing an additional 647,322 shares in the last quarter. MetLife Investment Advisors LLC grew its stake in shares of Lumentum by 152.9% during the second quarter. MetLife Investment Advisors LLC now owns 68,098 shares of the technology company’s stock worth $3,943,000 after purchasing an additional 41,174 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY grew its stake in shares of Lumentum by 87.4% during the second quarter. Metropolitan Life Insurance Co. NY now owns 36,353 shares of the technology company’s stock worth $2,105,000 after purchasing an additional 16,951 shares in the last quarter.

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

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Analyst Recommendations for Lumentum (NASDAQ:LITE)

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