Lumentum Holdings’ (LITE) “Buy” Rating Reaffirmed at Stifel Nicolaus
Lumentum Holdings Inc. (NASDAQ:LITE)‘s stock had its “buy” rating reaffirmed by stock analysts at Stifel Nicolaus in a note issued to investors on Thursday, MarketBeat.com reports. They currently have a $73.00 target price on the technology company’s stock, up from their prior target price of $53.00. Stifel Nicolaus’ price objective would suggest a potential upside of 14.06% from the stock’s previous close.
Other equities research analysts also recently issued research reports about the stock. B. Riley reaffirmed a “buy” rating and set a $58.00 price target on shares of Lumentum Holdings in a research note on Wednesday, May 10th. Zacks Investment Research downgraded shares of Lumentum Holdings from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 23rd. Barclays PLC raised shares of Lumentum Holdings from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $35.00 to $48.00 in a research note on Friday, May 5th. Jefferies Group LLC reaffirmed a “buy” rating and set a $62.00 price target on shares of Lumentum Holdings in a research note on Monday, May 15th. Finally, Rosenblatt Securities began coverage on shares of Lumentum Holdings in a research note on Tuesday, May 23rd. They set a “buy” rating and a $66.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $57.62.
Shares of Lumentum Holdings (NASDAQ:LITE) traded up 2.48% during trading on Thursday, reaching $64.00. 2,887,830 shares of the company were exchanged. Lumentum Holdings has a 1-year low of $22.04 and a 1-year high of $67.30. The company’s market capitalization is $3.91 billion. The stock’s 50 day moving average is $56.38 and its 200 day moving average is $47.00.
Lumentum Holdings (NASDAQ:LITE) last released its quarterly earnings results on Thursday, May 4th. The technology company reported $0.49 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.12. The company 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%. Lumentum Holdings’s revenue was up 11.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.32 earnings per share. Equities analysts anticipate that Lumentum Holdings will post $1.90 earnings per share for the current year.
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In other news, CEO Alan S. Lowe sold 5,954 shares of the stock in a transaction on Wednesday, May 17th. The shares were sold at an average price of $54.29, for a total value of $323,242.66. Following the sale, the chief executive officer now owns 153,439 shares of the company’s stock, valued at $8,330,203.31. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Vincent Retort sold 805 shares of the stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $58.15, for a total transaction of $46,810.75. Following the completion of the sale, the chief operating officer now directly owns 66,755 shares in the company, valued at approximately $3,881,803.25. The disclosure for this sale can be found here. In the last three months, insiders sold 11,813 shares of company stock worth $648,776. Insiders own 0.76% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Creative Planning boosted its position in Lumentum Holdings by 15.1% in the first quarter. Creative Planning now owns 1,971 shares of the technology company’s stock worth $105,000 after buying an additional 258 shares during the last quarter. Fortaleza Asset Management Inc. boosted its position in Lumentum Holdings by 23.7% in the fourth quarter. Fortaleza Asset Management Inc. now owns 3,240 shares of the technology company’s stock worth $125,000 after buying an additional 620 shares during the last quarter. LS Investment Advisors LLC boosted its position in Lumentum Holdings by 69.1% in the first quarter. LS Investment Advisors LLC now owns 3,494 shares of the technology company’s stock worth $186,000 after buying an additional 1,428 shares during the last quarter. Teacher Retirement System of Texas bought a new position in Lumentum Holdings during the first quarter worth approximately $206,000. Finally, Thompson Davis & CO. Inc. boosted its position in Lumentum Holdings by 384.0% in the first quarter. Thompson Davis & CO. Inc. now owns 4,162 shares of the technology company’s stock worth $222,000 after buying an additional 3,302 shares during the last quarter. Hedge funds and other institutional investors own 95.61% 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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