Lumentum Holdings’ (LITE) “Overweight” Rating Reiterated at Piper Jaffray Cos.
Lumentum Holdings Inc. (NASDAQ:LITE)‘s stock had its “overweight” rating reaffirmed by research analysts at Piper Jaffray Cos. in a research note issued on Friday. They currently have a $47.00 price target on the stock, up from their prior price target of $38.00. Piper Jaffray Cos.’s target price points to a potential upside of 6.24% from the company’s current price.
Other analysts have also recently issued research reports about the company. B. Riley reaffirmed a “buy” rating and issued a $41.50 target price on shares of Lumentum Holdings in a research report on Monday, August 15th. Needham & Company LLC raised Lumentum Holdings from a “buy” rating to a “strong-buy” rating and lifted their price objective for the company from $35.00 to $40.00 in a research report on Monday, July 25th. Morgan Stanley cut Lumentum Holdings from an “equal weight” rating to an “underweight” rating and lifted their price objective for the company from $20.00 to $27.00 in a research report on Thursday, August 11th. Jefferies Group lifted their price objective on Lumentum Holdings from $34.00 to $39.00 and gave the company a “buy” rating in a research report on Wednesday, August 10th. Finally, Stifel Nicolaus lifted their price objective on Lumentum Holdings from $31.00 to $42.00 and gave the company a “buy” rating in a research report on Wednesday, August 10th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the stock. Lumentum Holdings currently has an average rating of “Buy” and a consensus price target of $39.29.
Shares of Lumentum Holdings (NASDAQ:LITE) traded down 0.54% during midday trading on Friday, reaching $44.24. The company’s stock had a trading volume of 757,301 shares. Lumentum Holdings has a 12 month low of $13.97 and a 12 month high of $45.25. The stock’s market capitalization is $2.66 billion. The stock’s 50-day moving average is $38.12 and its 200 day moving average is $29.12.
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Lumentum Holdings (NASDAQ:LITE) last issued its earnings results on Tuesday, August 9th. The company reported $0.41 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.05. The business earned $241.70 million during the quarter, compared to analysts’ expectations of $238.52 million. Lumentum Holdings had a return on equity of 11.91% and a net margin of 1.01%. Lumentum Holdings’s revenue was up 15.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.15 earnings per share. On average, analysts expect that Lumentum Holdings will post $1.88 earnings per share for the current fiscal year.
In other news, CEO Alan S. Lowe sold 4,351 shares of Lumentum Holdings stock in a transaction dated Wednesday, September 28th. The stock was sold at an average price of $41.82, for a total value of $181,958.82. Following the transaction, the chief executive officer now directly owns 151,220 shares in the company, valued at $6,324,020.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Vincent Retort sold 8,114 shares of Lumentum Holdings stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $32.59, for a total value of $264,435.26. Following the completion of the transaction, the chief operating officer now owns 587 shares in the company, valued at $19,130.33. The disclosure for this sale can be found here. 0.76% of the stock is owned by insiders.
Several institutional investors have recently bought and sold shares of the company. Legal & General Group Plc raised its position in Lumentum Holdings by 133.1% in the first quarter. Legal & General Group Plc now owns 4,109 shares of the company’s stock worth $111,000 after buying an additional 2,346 shares during the last quarter. PineBridge Investments L.P. raised its position in Lumentum Holdings by 4.1% in the second quarter. PineBridge Investments L.P. now owns 6,015 shares of the company’s stock worth $146,000 after buying an additional 239 shares during the last quarter. Teacher Retirement System of Texas raised its position 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 worth $159,000 after buying an additional 799 shares during the last quarter. Pacad Investment Ltd. acquired a new position in Lumentum Holdings during the second quarter worth approximately $160,000. Finally, First American Bank acquired a new position in Lumentum Holdings during the third quarter worth approximately $306,000. Institutional investors and hedge funds 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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