B. Riley Reaffirms Buy Rating for Lumentum (NASDAQ:LITE)

B. Riley restated their buy rating on shares of Lumentum (NASDAQ:LITE) in a research report sent to investors on Friday, January 5th. They currently have a $89.00 price target on the technology company’s stock.

Several other research analysts have also recently weighed in on the stock. Zacks Investment Research cut shares of Lumentum from a buy rating to a hold rating in a report on Wednesday, December 6th. Barclays increased their target price on shares of Lumentum from $59.00 to $65.00 and gave the stock an equal weight rating in a report on Thursday, November 2nd. BidaskClub cut shares of Lumentum from a hold rating to a sell rating in a report on Saturday, December 2nd. Craig Hallum restated a buy rating and set a $85.00 target price (up previously from $75.00) on shares of Lumentum in a report on Wednesday, November 1st. Finally, Jefferies Group restated a buy rating and set a $75.00 target price on shares of Lumentum in a report on Friday, October 6th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus price target of $69.69.

Shares of Lumentum (NASDAQ:LITE) opened at $53.20 on Friday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 4.38 and a current ratio of 5.21. The firm has a market cap of $3,298.40, a P/E ratio of -35.00, a P/E/G ratio of 0.95 and a beta of 0.84. Lumentum has a 12 month low of $34.15 and a 12 month high of $68.63.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings results on Wednesday, November 1st. The technology company reported $0.32 earnings per share 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%. analysts predict that Lumentum will post 2.86 EPS for the current year.

In related news, CEO Alan S. Lowe sold 6,025 shares of the firm’s stock in a transaction dated Friday, November 17th. The shares were sold at an average price of $57.13, for a total transaction of $344,208.25. Following the transaction, the chief executive officer now directly owns 250,593 shares of the company’s stock, valued at $14,316,378.09. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Penny Herscher sold 822 shares of the firm’s stock in a transaction dated Friday, December 8th. The stock was sold at an average price of $50.61, for a total transaction of $41,601.42. Following the transaction, the director now directly owns 34,793 shares in the company, valued at $1,760,873.73. The disclosure for this sale can be found here. Insiders sold 31,643 shares of company stock worth $1,806,554 over the last three months. Insiders own 0.76% of the company’s stock.

Institutional investors have recently made changes to their positions in the business. Riverhead Capital Management LLC grew its stake in Lumentum by 71.8% during the second quarter. Riverhead Capital Management LLC now owns 2,062 shares of the technology company’s stock worth $118,000 after buying an additional 862 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Lumentum by 111.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,662 shares of the technology company’s stock worth $152,000 after buying an additional 1,406 shares in the last quarter. Virtu KCG Holdings LLC acquired a new stake in Lumentum during the second quarter worth about $226,000. Los Angeles Capital Management & Equity Research Inc. acquired a new stake in Lumentum during the third quarter worth about $234,000. Finally, First Allied Advisory Services Inc. acquired a new stake in shares of Lumentum in the 3rd quarter valued at approximately $237,000.

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About Lumentum

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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