B. Riley Reiterates “Buy” Rating for Lumentum Holdings Inc. (LITE)
Lumentum Holdings Inc. (NASDAQ:LITE)‘s stock had its “buy” rating reiterated by investment analysts at B. Riley in a research note issued to investors on Tuesday. They presently have a $81.00 price target on the technology company’s stock. B. Riley’s target price would indicate a potential upside of 52.69% from the stock’s current price.
Several other equities analysts have also issued reports on LITE. Zacks Investment Research lowered Lumentum Holdings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 12th. Raymond James Financial, Inc. reaffirmed a “buy” rating on shares of Lumentum Holdings in a report on Tuesday, April 25th. Northland Securities lowered Lumentum Holdings from an “outperform” rating to a “market perform” rating in a report on Thursday, May 4th. Jefferies Group LLC reiterated a “buy” rating and issued a $62.00 price objective on shares of Lumentum Holdings in a research note on Friday, May 5th. Finally, Barclays PLC upgraded Lumentum Holdings from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $35.00 to $48.00 in a research note on Friday, May 5th. One research analyst has rated the stock with a sell rating, six have given a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. Lumentum Holdings has a consensus rating of “Buy” and an average price target of $64.50.
Lumentum Holdings (NASDAQ:LITE) traded down 7.58% during mid-day trading on Tuesday, hitting $53.05. The stock had a trading volume of 3,472,575 shares. The firm’s 50-day moving average price is $61.36 and its 200-day moving average price is $52.56. Lumentum Holdings has a 1-year low of $31.50 and a 1-year high of $68.63. The stock’s market cap is $3.24 billion.
Lumentum Holdings (NASDAQ:LITE) last released its earnings results on Wednesday, August 9th. The technology company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.18. The company had revenue of $222.70 million during the quarter, compared to analyst estimates of $229.45 million. Lumentum Holdings had a positive return on equity of 19.55% and a negative net margin of 3.28%. Lumentum Holdings’s quarterly revenue was down 7.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.41 earnings per share. On average, equities analysts expect that Lumentum Holdings will post $2.93 earnings per share for the current year.
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In related news, COO Vincent Retort sold 805 shares of the stock in a transaction on Tuesday, May 23rd. The stock was sold at an average price of $58.15, for a total value of $46,810.75. Following the sale, the chief operating officer now owns 66,755 shares in the company, valued at $3,881,803.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Alan S. Lowe sold 5,954 shares of the stock in a transaction on Wednesday, May 17th. The stock was sold at an average price of $54.29, for a total value of $323,242.66. Following the completion of the sale, the chief executive officer now owns 153,439 shares in the company, valued at approximately $8,330,203.31. The disclosure for this sale can be found here. Insiders sold 11,813 shares of company stock worth $648,776 in the last quarter. 0.76% of the stock is currently owned by company insiders.
Large investors have recently modified their holdings of the company. State of Alaska Department of Revenue increased its stake in shares of Lumentum Holdings by 3.9% in the first quarter. State of Alaska Department of Revenue now owns 6,150 shares of the technology company’s stock worth $328,000 after buying an additional 230 shares during the period. Myriad Asset Management Ltd. acquired a new stake in shares of Lumentum Holdings during the first quarter worth about $8,853,000. AQR Capital Management LLC increased its stake in shares of Lumentum Holdings by 68.1% in the fourth quarter. AQR Capital Management LLC now owns 144,751 shares of the technology company’s stock worth $5,595,000 after buying an additional 58,646 shares during the period. State of Tennessee Treasury Department increased its stake in shares of Lumentum Holdings by 16.8% in the third quarter. State of Tennessee Treasury Department now owns 43,462 shares of the technology company’s stock worth $1,815,000 after buying an additional 6,240 shares during the period. Finally, Rhumbline Advisers increased its stake in shares of Lumentum Holdings by 8.5% in the third quarter. Rhumbline Advisers now owns 73,489 shares of the technology company’s stock worth $3,070,000 after buying an additional 5,732 shares during the period. Institutional investors own 95.06% 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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