Lumentum Holdings Inc. (LITE) Earns Buy Rating from B. Riley
Lumentum Holdings Inc. (NASDAQ:LITE)‘s stock had its “buy” rating reiterated by investment analysts at B. Riley in a research report issued on Wednesday. They presently have a $50.00 price objective on the stock. B. Riley’s price target would indicate a potential upside of 13.02% from the stock’s current price.
Several other equities analysts have also recently issued reports on LITE. Needham & Company LLC reaffirmed a “buy” rating and issued a $35.00 price objective on shares of Lumentum Holdings in a research report on Wednesday, June 15th. Zacks Investment Research raised Lumentum Holdings from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 6th. Stifel Nicolaus upped 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. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Lumentum Holdings in a research report on Monday, August 8th. Finally, Barclays PLC increased their price target on Lumentum Holdings from $23.00 to $30.00 and gave the company an “underweight” rating in a report on Wednesday, August 10th. Two research analysts have rated the stock with a sell rating, two have given a hold rating, seven have given a buy rating and two have given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $39.29.
Shares of Lumentum Holdings (NASDAQ:LITE) traded down 0.54% during trading on Wednesday, hitting $44.24. The stock had a trading volume of 757,301 shares. The firm’s market capitalization is $2.66 billion. The stock’s 50-day moving average price is $38.40 and its 200 day moving average price is $29.24. Lumentum Holdings has a 1-year low of $13.97 and a 1-year high of $45.25.
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Lumentum Holdings (NASDAQ:LITE) last released its quarterly earnings data on Tuesday, August 9th. The company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.05. The business had revenue of $241.70 million for 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%. The firm’s quarterly revenue was up 15.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.15 EPS. On average, analysts anticipate that Lumentum Holdings will post $1.88 earnings per share for the current year.
In other Lumentum Holdings news, COO Vincent Retort sold 4,643 shares of the stock in a transaction on Wednesday, September 28th. The stock was sold at an average price of $41.84, for a total value of $194,263.12. Following the completion of the sale, the chief operating officer now owns 69,170 shares in the company, valued at approximately $2,894,072.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Aaron Tachibana sold 6,086 shares of the stock in a transaction 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 completion of the sale, the chief financial officer now owns 13,239 shares of the company’s stock, valued at approximately $458,598.96. The disclosure for this sale can be found here. 0.76% of the stock is owned by company insiders.
A number of large investors have recently modified their holdings of the company. Gierl Augustine Investment Management acquired a new stake in shares of Lumentum Holdings during the fourth quarter worth about $0. Ladenburg Thalmann Financial Services Inc. raised its stake in shares of Lumentum Holdings by 27.4% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,812 shares of the company’s stock worth $102,000 after buying an additional 821 shares during the last quarter. Legal & General Group Plc raised its stake 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 worth $111,000 after buying an additional 2,346 shares during the last quarter. PineBridge Investments L.P. raised its stake in shares of 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. Finally, Teacher Retirement System of Texas raised its stake in shares of 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. Institutional investors and hedge funds own 74.97% of the company’s stock.
About Lumentum Holdings
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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