Lumentum Holdings Inc. (LITE) Coverage Initiated at DA Davidson
Stock analysts at DA Davidson began coverage on shares of Lumentum Holdings Inc. (NASDAQ:LITE) in a note issued to investors on Thursday. The brokerage set a “neutral” rating and a $77.00 price target on the technology company’s stock. DA Davidson’s price objective would indicate a potential upside of 23.30% from the company’s previous close.
A number of other equities research analysts also recently issued reports on the stock. Goldman Sachs Group, Inc. (The) raised shares of Lumentum Holdings from a “sell” rating to a “neutral” rating and increased their price target for the stock from $38.00 to $45.00 in a report on Thursday, March 16th. Zacks Investment Research downgraded shares of Lumentum Holdings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 12th. Jefferies Group LLC reissued a “buy” rating and issued a $62.00 price target on shares of Lumentum Holdings in a report on Monday, May 15th. Barclays PLC raised shares of Lumentum Holdings from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $35.00 to $48.00 in a report on Friday, May 5th. Finally, Raymond James Financial, Inc. reissued a “buy” rating on shares of Lumentum Holdings in a report on Tuesday, April 25th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $57.62.
Lumentum Holdings (NASDAQ:LITE) opened at 62.45 on Thursday. The company’s 50-day moving average is $56.38 and its 200-day moving average is $47.00. Lumentum Holdings has a 52-week low of $22.04 and a 52-week high of $67.30. The company’s market capitalization is $3.82 billion.
Lumentum Holdings (NASDAQ:LITE) last released its quarterly earnings data on Thursday, May 4th. The technology company reported $0.49 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.12. The business had revenue of $255.80 million for the quarter, compared to the consensus estimate of $257.22 million. Lumentum Holdings had a negative net margin of 3.28% and a positive return on equity of 19.55%. The company’s revenue was up 11.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.32 earnings per share. On average, analysts expect that Lumentum Holdings will post $1.90 earnings per share for the current fiscal year.
In related news, COO Vincent Retort sold 2,029 shares of the company’s stock in a transaction that occurred on Wednesday, May 17th. The shares were sold at an average price of $54.26, for a total value of $110,093.54. Following the transaction, the chief operating officer now directly owns 68,448 shares in the company, valued at $3,713,988.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Alan S. Lowe sold 1,085 shares of the company’s stock in a transaction that occurred on Tuesday, May 23rd. The stock was sold at an average price of $58.15, for a total transaction of $63,092.75. Following the completion of the transaction, the chief executive officer now owns 143,447 shares in the company, valued at $8,341,443.05. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 11,813 shares of company stock worth $648,776. 0.76% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Russell Investments Group Ltd. bought a new position in Lumentum Holdings during the fourth quarter valued at $10,701,000. Comerica Bank boosted its position in Lumentum Holdings by 5.4% in the fourth quarter. Comerica Bank now owns 58,056 shares of the technology company’s stock valued at $2,110,000 after buying an additional 2,999 shares during the period. State Street Corp boosted its position in Lumentum Holdings by 7.9% in the fourth quarter. State Street Corp now owns 1,176,587 shares of the technology company’s stock valued at $45,475,000 after buying an additional 86,356 shares during the period. Raymond James Financial Services Advisors Inc. bought a new position in Lumentum Holdings during the fourth quarter valued at $667,000. Finally, Dimensional Fund Advisors LP boosted its position in Lumentum Holdings by 5.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 578,301 shares of the technology company’s stock valued at $22,352,000 after buying an additional 30,570 shares during the period. Institutional investors own 95.61% 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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