Lumentum Holdings Inc. (LITE) Rating Reiterated by Stifel Nicolaus
Lumentum Holdings Inc. (NASDAQ:LITE)‘s stock had its “buy” rating reissued by analysts at Stifel Nicolaus in a research note issued on Thursday. They currently have a $73.00 price objective on the technology company’s stock. Stifel Nicolaus’ target price would indicate a potential upside of 27.18% from the stock’s current price.
A number of other research analysts have also commented on LITE. B. Riley reiterated a “buy” rating and set a $77.00 price target (up from $58.00) on shares of Lumentum Holdings in a report on Tuesday, June 27th. Piper Jaffray Companies reiterated an “overweight” rating and set a $68.00 price target on shares of Lumentum Holdings in a report on Thursday, August 10th. Barclays PLC upped their price target on Lumentum Holdings from $50.00 to $59.00 and gave the stock an “equal weight” rating in a report on Thursday, August 10th. Needham & Company LLC reiterated a “strong-buy” rating and set a $80.00 price target on shares of Lumentum Holdings in a report on Thursday, August 10th. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $72.00 price target (up from $63.00) on shares of Lumentum Holdings in a report on Thursday, August 10th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. Lumentum Holdings currently has an average rating of “Buy” and an average price target of $64.75.
Lumentum Holdings (NASDAQ:LITE) traded down 0.78% during mid-day trading on Thursday, hitting $57.40. 1,120,396 shares of the stock were exchanged. The company’s market cap is $3.53 billion. The company has a 50-day moving average price of $58.21 and a 200-day moving average price of $54.37. Lumentum Holdings has a one year low of $32.90 and a one year high of $68.63.
Lumentum Holdings (NASDAQ:LITE) last issued its quarterly earnings results on Wednesday, August 9th. The technology company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.18. Lumentum Holdings had a positive return on equity of 18.12% and a negative net margin of 10.25%. The company had revenue of $222.70 million during the quarter, compared to analyst estimates of $229.45 million. During the same period in the previous year, the company earned $0.41 earnings per share. The company’s quarterly revenue was down 7.9% compared to the same quarter last year. On average, analysts predict that Lumentum Holdings will post $3.02 earnings per share for the current fiscal year.
In other Lumentum Holdings news, Director Penny Herscher sold 1,313 shares of the company’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $53.04, for a total value of $69,641.52. Following the sale, the director now directly owns 26,464 shares in the company, valued at $1,403,650.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Alan S. Lowe sold 7,916 shares of the company’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $52.62, for a total value of $416,539.92. Following the completion of the sale, the chief executive officer now owns 141,162 shares in the company, valued at $7,427,944.44. The disclosure for this sale can be found here. Insiders sold 52,199 shares of company stock worth $2,692,047 over the last quarter. Company insiders own 0.76% of the company’s stock.
Large investors have recently made changes to their positions in the business. Myriad Asset Management Ltd. bought a new stake in Lumentum Holdings in the first quarter valued at $8,853,000. Great West Life Assurance Co. Can grew its position in Lumentum Holdings by 7.8% in the first quarter. Great West Life Assurance Co. Can now owns 76,101 shares of the technology company’s stock valued at $4,055,000 after acquiring an additional 5,507 shares during the period. Lebenthal Lisanti Capital Growth LLC grew its position in Lumentum Holdings by 195.4% in the second quarter. Lebenthal Lisanti Capital Growth LLC now owns 36,345 shares of the technology company’s stock valued at $2,073,000 after acquiring an additional 24,040 shares during the period. SpiderRock Advisors LLC grew its position in Lumentum Holdings by 325.2% in the second quarter. SpiderRock Advisors LLC now owns 5,428 shares of the technology company’s stock valued at $311,000 after acquiring an additional 7,838 shares during the period. Finally, AXA grew its position in Lumentum Holdings by 95.4% in the first quarter. AXA now owns 663,512 shares of the technology company’s stock valued at $35,398,000 after acquiring an additional 323,975 shares during the period. Hedge funds and other institutional investors own 95.74% 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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