Stifel Nicolaus restated their buy rating on shares of Lumentum Holdings Inc. (NASDAQ:LITE) in a report issued on Thursday morning, Marketbeat Ratings reports. They currently have a $73.00 target price on the technology company’s stock, up from their prior target price of $53.00.
LITE has been the subject of a number of other reports. Needham & Company LLC reiterated a positive rating and set a $56.00 price objective on shares of Lumentum Holdings in a report on Monday, March 13th. Morgan Stanley lifted their price objective on shares of Lumentum Holdings from $34.00 to $44.00 and gave the company an underweight rating in a report on Wednesday, February 22nd. Raymond James Financial, Inc. reiterated a buy rating on shares of Lumentum Holdings in a report on Tuesday, April 25th. MKM Partners reiterated a neutral rating and set a $50.00 price objective on shares of Lumentum Holdings in a report on Monday, February 27th. They noted that the move was a valuation call. Finally, Jefferies Group LLC reiterated a buy rating and set a $56.00 price objective on shares of Lumentum Holdings in a report on Thursday, March 23rd. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company has an average rating of Buy and an average target price of $59.08.
Shares of Lumentum Holdings (LITE) opened at 59.35 on Thursday. Lumentum Holdings has a 12 month low of $22.04 and a 12 month high of $67.30. The firm’s 50-day moving average is $56.38 and its 200 day moving average is $47.00. The company’s market capitalization is $3.63 billion.
Lumentum Holdings (NASDAQ:LITE) last issued its quarterly earnings data on Thursday, May 4th. The technology company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.12. The firm had revenue of $255.80 million during the quarter, compared to analysts’ expectations of $257.22 million. Lumentum Holdings had a negative net margin of 3.28% and a positive return on equity of 19.55%. The business’s revenue was up 11.0% on a year-over-year basis. During the same period last year, the company earned $0.32 earnings per share. Equities research analysts predict that Lumentum Holdings will post $1.90 EPS for the current year.
In related news, CEO Alan S. Lowe sold 1,085 shares of the firm’s stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $58.15, for a total transaction of $63,092.75. Following the transaction, the chief executive officer now directly owns 143,447 shares of the company’s stock, valued at $8,341,443.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Alan S. Lowe sold 5,954 shares of the firm’s stock in a transaction dated Wednesday, May 17th. The shares were sold at an average price of $54.29, for a total transaction of $323,242.66. Following the transaction, the chief executive officer now directly owns 153,439 shares in the company, valued at $8,330,203.31. The disclosure for this sale can be found here. Insiders have sold 11,813 shares of company stock worth $648,776 over the last three months. 0.76% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue raised its position in Lumentum Holdings by 3.9% in the first quarter. State of Alaska Department of Revenue now owns 6,150 shares of the technology company’s stock worth $328,000 after buying an additional 230 shares during the last quarter. Myriad Asset Management Ltd. bought a new stake in shares of Lumentum Holdings during the first quarter valued at approximately $8,853,000. AQR Capital Management LLC raised its stake in shares of Lumentum Holdings by 68.1% in the fourth quarter. AQR Capital Management LLC now owns 144,751 shares of the technology company’s stock valued at $5,595,000 after buying an additional 58,646 shares in the last quarter. Great West Life Assurance Co. Can raised its stake in shares of Lumentum Holdings by 7.8% in the first quarter. Great West Life Assurance Co. Can now owns 76,101 shares of the technology company’s stock valued at $4,055,000 after buying an additional 5,507 shares in the last quarter. Finally, Thrivent Financial for Lutherans raised its stake in shares of Lumentum Holdings by 5.3% in the fourth quarter. Thrivent Financial for Lutherans now owns 29,470 shares of the technology company’s stock valued at $1,139,000 after buying an additional 1,470 shares in the last quarter. 95.61% of the stock is currently owned by 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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