Jefferies Group LLC reissued their buy rating on shares of Lumentum Holdings Inc. (NASDAQ:LITE) in a research note released on Friday, October 6th. They currently have a $75.00 target price on the technology company’s stock.
Other analysts have also issued reports about the stock. UBS AG raised their price objective on shares of Lumentum Holdings from $66.00 to $70.00 in a research note on Wednesday, August 9th. Stifel Nicolaus reiterated a buy rating and issued a $73.00 price target (up from $53.00) on shares of Lumentum Holdings in a research note on Thursday, June 22nd. B. Riley reiterated a buy rating and issued a $77.00 price target on shares of Lumentum Holdings in a research note on Thursday, August 3rd. BidaskClub lowered shares of Lumentum Holdings from a strong-buy rating to a buy rating in a research note on Saturday, July 1st. Finally, Craig Hallum reissued a buy rating and issued a $75.00 price objective on shares of Lumentum Holdings in a report on Wednesday, August 9th. One analyst has rated the stock with a sell rating, four have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus target price of $66.31.
Lumentum Holdings (NASDAQ:LITE) opened at 56.50 on Friday. Lumentum Holdings has a 12-month low of $32.90 and a 12-month high of $68.63. The firm’s 50-day moving average price is $56.46 and its 200 day moving average price is $56.46. The firm’s market cap is $3.48 billion.
Lumentum Holdings (NASDAQ:LITE) last issued its quarterly earnings results on Wednesday, August 9th. The technology company reported $0.39 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.18. The company had revenue of $222.70 million during the quarter, compared to analyst estimates of $229.45 million. Lumentum Holdings had a negative net margin of 10.25% and a positive return on equity of 18.12%. Lumentum Holdings’s quarterly revenue was down 7.9% compared to the same quarter last year. During the same period last year, the business earned $0.41 EPS. Analysts forecast that Lumentum Holdings will post $3.07 earnings per share for the current fiscal year.
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In other Lumentum Holdings news, COO Vincent Retort sold 14,875 shares of the business’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $51.59, for a total transaction of $767,401.25. Following the transaction, the chief operating officer now owns 92,694 shares in the company, valued at $4,782,083.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Penny Herscher sold 1,313 shares of the business’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $53.04, for a total transaction of $69,641.52. Following the transaction, the director now owns 26,464 shares in the company, valued at approximately $1,403,650.56. The disclosure for this sale can be found here. Insiders have sold 87,269 shares of company stock worth $4,602,526 in the last quarter. Company insiders own 0.76% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of LITE. Karp Capital Management Corp purchased a new stake in shares of Lumentum Holdings during the first quarter valued at $653,000. Ameritas Investment Partners Inc. purchased a new stake in shares of Lumentum Holdings during the first quarter valued at $233,000. Mason Street Advisors LLC boosted its stake in shares of Lumentum Holdings by 8.5% during the first quarter. Mason Street Advisors LLC now owns 12,971 shares of the technology company’s stock valued at $692,000 after purchasing an additional 1,014 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Lumentum Holdings by 69.2% during the first quarter. JPMorgan Chase & Co. now owns 78,078 shares of the technology company’s stock valued at $4,166,000 after purchasing an additional 31,944 shares during the period. Finally, Prudential Financial Inc. boosted its stake in shares of Lumentum Holdings by 11.7% during the first quarter. Prudential Financial Inc. now owns 170,764 shares of the technology company’s stock valued at $9,110,000 after purchasing an additional 17,910 shares during the period. 95.74% of the stock is owned by hedge funds and other institutional investors.
Lumentum Holdings 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).
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