BidaskClub Downgrades Lumentum Holdings Inc. (LITE) to Sell
Lumentum Holdings Inc. (NASDAQ:LITE) was downgraded by stock analysts at BidaskClub from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday.
A number of other brokerages have also recently issued reports on LITE. Barclays PLC reissued a “hold” rating on shares of Lumentum Holdings in a research report on Friday, July 14th. Stifel Nicolaus reissued a “buy” rating and issued a $73.00 target price on shares of Lumentum Holdings in a research report on Saturday, July 22nd. B. Riley reissued a “buy” rating and issued a $77.00 target price (up previously from $58.00) on shares of Lumentum Holdings in a research report on Tuesday, June 27th. DA Davidson began coverage on shares of Lumentum Holdings in a research report on Thursday, June 22nd. They set a “neutral” rating and a $77.00 price objective for the company. Finally, Northland Securities set a $55.00 price objective on shares of Lumentum Holdings and gave the stock a “hold” rating in a research report on Monday, July 10th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $64.75.
Lumentum Holdings (NASDAQ LITE) traded up 1.27% during trading on Friday, hitting $52.00. 1,871,209 shares of the stock were exchanged. The stock’s market capitalization is $3.20 billion. The firm has a 50-day moving average of $59.67 and a 200-day moving average of $53.22. Lumentum Holdings has a 52 week low of $32.90 and a 52 week high of $68.63.
Lumentum Holdings (NASDAQ:LITE) last announced its earnings results on Wednesday, August 9th. The technology company reported $0.39 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.21 by $0.18. The company had revenue of $222.70 million during the quarter, compared to analysts’ expectations of $229.45 million. Lumentum Holdings had a negative net margin of 10.25% and a positive return on equity of 18.12%. Lumentum Holdings’s quarterly revenue was down 7.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.41 earnings per share. Equities research analysts anticipate that Lumentum Holdings will post $3.02 earnings per share for the current fiscal year.
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In other news, COO Vincent Retort sold 805 shares of the stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $58.15, for a total value of $46,810.75. Following the completion of the transaction, the chief operating officer now owns 66,755 shares of the company’s stock, valued at $3,881,803.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Penny Herscher sold 1,313 shares of the stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $53.04, for a total transaction of $69,641.52. Following the completion of the transaction, the director now directly owns 26,464 shares of the company’s stock, valued at approximately $1,403,650.56. The disclosure for this sale can be found here. Insiders sold 3,203 shares of company stock valued at $179,545 in the last three months. Company insiders own 0.76% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. boosted its position in Lumentum Holdings by 151,490.5% in the first quarter. BlackRock Inc. now owns 6,441,080 shares of the technology company’s stock worth $343,632,000 after buying an additional 6,436,831 shares during the period. Alliancebernstein L.P. boosted its position in Lumentum Holdings by 2,347.2% in the first quarter. Alliancebernstein L.P. now owns 1,837,130 shares of the technology company’s stock worth $98,011,000 after buying an additional 1,762,060 shares during the period. Wellington Management Group LLP boosted its position in Lumentum Holdings by 702.0% in the first quarter. Wellington Management Group LLP now owns 1,480,805 shares of the technology company’s stock worth $79,000,000 after buying an additional 1,296,173 shares during the period. Bank of New York Mellon Corp boosted its position in Lumentum Holdings by 71.2% in the second quarter. Bank of New York Mellon Corp now owns 2,662,272 shares of the technology company’s stock worth $151,883,000 after buying an additional 1,107,107 shares during the period. Finally, Sumitomo Mitsui Asset Management Company LTD bought a new position in Lumentum Holdings during the first quarter worth approximately $55,001,000. 97.36% of the stock is owned by hedge funds and other institutional investors.
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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