$0.53 Earnings Per Share Expected for Lumentum Holdings Inc. (LITE) This Quarter
Analysts forecast that Lumentum Holdings Inc. (NASDAQ:LITE) will announce earnings of $0.53 per share for the current quarter, Zacks reports. Seven analysts have issued estimates for Lumentum Holdings’ earnings, with the lowest EPS estimate coming in at $0.48 and the highest estimate coming in at $0.57. Lumentum Holdings reported earnings per share of $0.49 during the same quarter last year, which would suggest a positive year over year growth rate of 8.2%. The business is scheduled to report its next quarterly earnings results on Thursday, October 26th.
According to Zacks, analysts expect that Lumentum Holdings will report full year earnings of $3.08 per share for the current fiscal year, with EPS estimates ranging from $2.57 to $3.56. For the next fiscal year, analysts forecast that the business will post earnings of $3.79 per share, with EPS estimates ranging from $3.30 to $4.35. Zacks Investment Research’s earnings per share averages are an average based on a survey of sell-side analysts that that provide coverage for Lumentum Holdings.
Lumentum Holdings (NASDAQ:LITE) last issued its quarterly earnings results on Wednesday, August 9th. The technology company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.18. The business had revenue of $222.70 million for the quarter, compared to the consensus estimate of $229.45 million. Lumentum Holdings had a positive return on equity of 18.12% and a negative net margin of 10.25%. The business’s quarterly revenue was down 7.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.41 earnings per share.
Several equities research analysts have recently issued reports on the stock. B. Riley reaffirmed a “buy” rating and set a $77.00 price objective (up from $58.00) on shares of Lumentum Holdings in a research report on Tuesday, June 27th. Barclays PLC lifted their price objective on shares of Lumentum Holdings from $50.00 to $59.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 10th. Piper Jaffray Companies reaffirmed an “overweight” rating and set a $68.00 price objective on shares of Lumentum Holdings in a research report on Thursday, August 10th. Needham & Company LLC reaffirmed a “strong-buy” rating and set a $80.00 price objective on shares of Lumentum Holdings in a research report on Thursday, August 10th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $72.00 price objective (up from $63.00) on shares of Lumentum Holdings in a research report on Thursday, August 10th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $64.75.
In other Lumentum Holdings news, Director Penny Herscher sold 1,313 shares of Lumentum Holdings stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $53.04, for a total value of $69,641.52. Following the transaction, the director now directly owns 26,464 shares in the company, valued at $1,403,650.56. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Alan S. Lowe sold 7,916 shares of Lumentum Holdings stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $52.62, for a total transaction of $416,539.92. Following the completion of the transaction, 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. Over the last 90 days, insiders sold 52,199 shares of company stock worth $2,692,047. 0.76% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Lord Abbett & CO. LLC increased its stake in Lumentum Holdings by 169.4% in the second quarter. Lord Abbett & CO. LLC now owns 584,992 shares of the technology company’s stock valued at $33,374,000 after purchasing an additional 367,860 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in Lumentum Holdings in the second quarter valued at $311,000. WINTON GROUP Ltd increased its stake in Lumentum Holdings by 28.4% in the second quarter. WINTON GROUP Ltd now owns 25,319 shares of the technology company’s stock valued at $1,444,000 after purchasing an additional 5,594 shares during the period. Public Employees Retirement System of Ohio increased its stake in Lumentum Holdings by 2,773.3% in the second quarter. Public Employees Retirement System of Ohio now owns 51,576 shares of the technology company’s stock valued at $2,942,000 after purchasing an additional 49,781 shares during the period. Finally, Piedmont Investment Advisors LLC acquired a new position in Lumentum Holdings in the second quarter valued at $686,000. Institutional investors own 95.74% of the company’s stock.
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Shares of Lumentum Holdings (NASDAQ:LITE) traded down 1.74% during trading on Friday, hitting $56.40. The stock had a trading volume of 1,664,031 shares. Lumentum Holdings has a one year low of $32.90 and a one year high of $68.63. The stock’s market cap is $3.47 billion. The stock’s 50 day moving average price is $57.97 and its 200-day moving average price is $54.40.
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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