Lumentum Holdings Inc. (LITE) Lowered to “Sell” at Goldman Sachs Group Inc.
Lumentum Holdings Inc. (NASDAQ:LITE) was downgraded by equities research analysts at Goldman Sachs Group Inc. from a “neutral” rating to a “sell” rating in a note issued to investors on Tuesday, The Fly reports.
LITE has been the topic of a number of other reports. Needham & Company LLC reissued a “buy” rating and set a $35.00 price target on shares of Lumentum Holdings in a report on Wednesday, June 15th. Zacks Investment Research raised Lumentum Holdings from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 6th. MKM Partners lifted their target price on Lumentum Holdings from $28.00 to $32.00 and gave the stock a “buy” rating in a report on Wednesday, July 20th. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Lumentum Holdings in a report on Monday, August 8th. Finally, B. Riley reiterated a “buy” rating and issued a $41.50 price target on shares of Lumentum Holdings in a research report on Wednesday, August 10th. Three research analysts have rated the stock with a sell rating, one has issued a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company’s stock. Lumentum Holdings presently has a consensus rating of “Buy” and an average target price of $39.29.
Shares of Lumentum Holdings (NASDAQ:LITE) opened at 44.50 on Tuesday. Lumentum Holdings has a 12 month low of $13.97 and a 12 month high of $45.25. The firm’s 50 day moving average is $38.69 and its 200 day moving average is $29.41. The stock’s market capitalization is $2.67 billion.
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Lumentum Holdings (NASDAQ:LITE) last announced its quarterly earnings data on Tuesday, August 9th. The company reported $0.41 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.05. Lumentum Holdings had a return on equity of 11.91% and a net margin of 1.01%. The firm had revenue of $241.70 million for the quarter, compared to analysts’ expectations of $238.52 million. During the same period last year, the business posted $0.15 earnings per share. The firm’s revenue for the quarter was up 15.7% on a year-over-year basis. On average, equities analysts predict that Lumentum Holdings will post $1.88 earnings per share for the current fiscal year.
In related news, CEO Alan S. Lowe sold 4,351 shares of the business’s stock in a transaction on Wednesday, September 28th. The stock was sold at an average price of $41.82, for a total value of $181,958.82. Following the sale, the chief executive officer now owns 151,220 shares of the company’s stock, valued at approximately $6,324,020.40. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Vincent Retort sold 1,523 shares of the business’s stock in a transaction on Tuesday, August 23rd. The shares were sold at an average price of $33.96, for a total value of $51,721.08. Following the completion of the sale, the chief operating officer now directly owns 587 shares in the company, valued at approximately $19,934.52. The disclosure for this sale can be found here. Insiders own 0.76% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Bogle Investment Management L P DE raised its stake in shares of Lumentum Holdings by 311.1% in the first quarter. Bogle Investment Management L P DE now owns 407,147 shares of the company’s stock valued at $10,980,000 after buying an additional 308,119 shares in the last quarter. Wellington Management Group LLP bought a new stake in shares of Lumentum Holdings during the first quarter valued at approximately $9,856,000. Nicholas Investment Partners LP bought a new stake in shares of Lumentum Holdings during the first quarter valued at approximately $3,810,000. UBS Asset Management Americas Inc. raised its stake in shares of Lumentum Holdings by 237.9% in the first quarter. UBS Asset Management Americas Inc. now owns 134,840 shares of the company’s stock valued at $3,637,000 after buying an additional 94,936 shares in the last quarter. Finally, Meeder Asset Management Inc. bought a new stake in shares of Lumentum Holdings during the first quarter valued at approximately $967,000. 74.97% of the stock is currently owned by institutional investors and hedge funds.
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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