Lumentum Holdings Inc. (LITE) Stock Rating Reaffirmed by Piper Jaffray Cos.
Lumentum Holdings Inc. (NASDAQ:LITE)‘s stock had its “overweight” rating reiterated by Piper Jaffray Cos. in a research note issued to investors on Friday. They currently have a $47.00 target price on the stock, up from their prior target price of $38.00. Piper Jaffray Cos.’s price objective would indicate a potential upside of 6.24% from the company’s previous close.
Other equities research analysts also recently issued research reports about the stock. Needham & Company LLC restated a “buy” rating and issued a $35.00 price objective on shares of Lumentum Holdings in a research report on Wednesday, June 15th. Jefferies Group raised their price objective on shares of Lumentum Holdings from $34.00 to $39.00 and gave the company a “buy” rating in a research report on Wednesday, August 10th. Stifel Nicolaus raised their price objective on shares of Lumentum Holdings from $31.00 to $42.00 and gave the company a “buy” rating in a research report on Wednesday, August 10th. B. Riley restated a “buy” rating and issued a $41.50 price objective on shares of Lumentum Holdings in a research report on Wednesday, August 10th. Finally, JPMorgan Chase & Co. restated a “buy” rating on shares of Lumentum Holdings in a research report on Monday, August 8th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $39.29.
Lumentum Holdings (NASDAQ:LITE) traded down 0.54% during midday trading on Friday, hitting $44.24. The stock had a trading volume of 757,301 shares. The stock has a 50-day moving average price of $38.12 and a 200 day moving average price of $29.12. The firm’s market cap is $2.66 billion. Lumentum Holdings has a 12-month low of $13.97 and a 12-month high of $45.25.
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Lumentum Holdings (NASDAQ:LITE) last announced its quarterly earnings data on Tuesday, August 9th. The company reported $0.41 EPS for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.05. The firm earned $241.70 million during the quarter, compared to the consensus estimate of $238.52 million. Lumentum Holdings had a net margin of 1.01% and a return on equity of 11.91%. The firm’s revenue was up 15.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.15 earnings per share. On average, equities analysts anticipate that Lumentum Holdings will post $1.88 earnings per share for the current fiscal year.
In related news, CEO Alan S. Lowe sold 174,222 shares of Lumentum Holdings stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $34.03, for a total transaction of $5,928,774.66. Following the completion of the transaction, the chief executive officer now directly owns 38,880 shares in the company, valued at approximately $1,323,086.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Aaron Tachibana sold 6,086 shares of Lumentum Holdings stock in a transaction that occurred on Friday, August 19th. The stock was sold at an average price of $34.64, for a total value of $210,819.04. Following the transaction, the chief financial officer now owns 13,239 shares of the company’s stock, valued at $458,598.96. The disclosure for this sale can be found here. Corporate insiders own 0.76% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Legal & General Group Plc increased its position in shares of Lumentum Holdings by 133.1% in the first quarter. Legal & General Group Plc now owns 4,109 shares of the company’s stock valued at $111,000 after buying an additional 2,346 shares in the last quarter. PineBridge Investments L.P. boosted its stake in Lumentum Holdings by 4.1% in the second quarter. PineBridge Investments L.P. now owns 6,015 shares of the company’s stock valued at $146,000 after buying an additional 239 shares during the last quarter. Teacher Retirement System of Texas boosted its stake in Lumentum Holdings by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 6,581 shares of the company’s stock valued at $159,000 after buying an additional 799 shares during the last quarter. Pacad Investment Ltd. purchased a new stake in Lumentum Holdings during the second quarter valued at approximately $160,000. Finally, ProShare Advisors LLC purchased a new stake in Lumentum Holdings during the second quarter valued at approximately $214,000. Hedge funds and other institutional investors own 74.97% of the company’s stock.
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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