Lumentum (LITE) Price Target Lowered to $81.00 at B. Riley

Lumentum (NASDAQ:LITE) had its price objective reduced by research analysts at B. Riley from $89.00 to $81.00 in a research note issued on Wednesday, January 24th, MarketBeat reports. The firm presently has a “buy” rating on the technology company’s stock. B. Riley’s price target indicates a potential upside of 80.60% from the company’s current price. B. Riley also issued estimates for Lumentum’s Q2 2018 earnings at $0.93 EPS, Q3 2018 earnings at $0.83 EPS, Q4 2018 earnings at $0.46 EPS and FY2018 earnings at $2.51 EPS.

A number of other analysts have also recently commented on the company. MKM Partners lowered their price target on Lumentum to $62.00 and set a “buy” rating for the company in a research report on Tuesday, January 23rd. Morgan Stanley raised Lumentum from an “underweight” rating to an “equal weight” rating and set a $46.00 price target for the company in a research report on Tuesday, January 23rd. BidaskClub cut Lumentum from a “hold” rating to a “sell” rating in a research report on Friday, January 19th. Barclays raised Lumentum from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $65.00 to $67.00 in a research report on Wednesday, January 10th. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and set a $81.00 price target on shares of Lumentum in a research report on Wednesday, January 3rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $67.35.

Shares of Lumentum (NASDAQ LITE) traded down $3.05 during mid-day trading on Wednesday, reaching $44.85. The company had a trading volume of 3,170,000 shares, compared to its average volume of 2,180,000. Lumentum has a 1 year low of $36.90 and a 1 year high of $68.63. The company has a current ratio of 5.21, a quick ratio of 4.38 and a debt-to-equity ratio of 0.50. The stock has a market cap of $2,600.00 and a P/E ratio of -29.31.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings results on Wednesday, November 1st. The technology company reported $0.32 EPS for the quarter, missing the Zacks’ consensus estimate of $0.41 by ($0.09). Lumentum had a positive return on equity of 15.99% and a negative net margin of 9.32%. sell-side analysts predict that Lumentum will post 2.64 EPS for the current year.

In other news, CFO Aaron Tachibana sold 1,248 shares of the business’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $60.00, for a total value of $74,880.00. Following the completion of the transaction, the chief financial officer now owns 69,830 shares of the company’s stock, valued at approximately $4,189,800. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Alan S. Lowe sold 6,025 shares of the business’s stock in a transaction dated Friday, November 17th. The shares were sold at an average price of $57.13, for a total value of $344,208.25. Following the completion of the transaction, the chief executive officer now directly owns 250,593 shares of the company’s stock, valued at approximately $14,316,378.09. The disclosure for this sale can be found here. In the last three months, insiders sold 31,643 shares of company stock valued at $1,806,554. Insiders own 0.76% of the company’s stock.

Several hedge funds have recently modified their holdings of LITE. Wells Fargo & Company MN lifted its holdings in shares of Lumentum by 60.5% in the 2nd quarter. Wells Fargo & Company MN now owns 110,876 shares of the technology company’s stock valued at $6,326,000 after buying an additional 41,808 shares during the period. Riverhead Capital Management LLC lifted its holdings in shares of Lumentum by 71.8% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,062 shares of the technology company’s stock valued at $118,000 after buying an additional 862 shares during the period. Ameriprise Financial Inc. lifted its holdings in shares of Lumentum by 8.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 384,214 shares of the technology company’s stock valued at $21,920,000 after buying an additional 28,776 shares during the period. Nationwide Fund Advisors lifted its holdings in shares of Lumentum by 6.2% in the 2nd quarter. Nationwide Fund Advisors now owns 92,028 shares of the technology company’s stock valued at $5,250,000 after buying an additional 5,374 shares during the period. Finally, BlackRock Inc. lifted its holdings in shares of Lumentum by 7.0% in the 2nd quarter. BlackRock Inc. now owns 6,889,157 shares of the technology company’s stock valued at $393,025,000 after buying an additional 448,077 shares during the period.

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Lumentum Company Profile

Lumentum Holdings Inc is a provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers).

Analyst Recommendations for Lumentum (NASDAQ:LITE)

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