B. Riley Reiterates “Buy” Rating for Lumentum Holdings Inc. (LITE)
Lumentum Holdings Inc. (NASDAQ:LITE)‘s stock had its “buy” rating reissued by equities researchers at B. Riley in a report released on Thursday. They currently have a $81.00 price objective on the technology company’s stock. B. Riley’s price target suggests a potential upside of 37.76% from the company’s current price.
LITE has been the subject of a number of other research reports. BidaskClub cut Lumentum Holdings from a “hold” rating to a “sell” rating in a report on Saturday, August 19th. Needham & Company LLC reiterated a “strong-buy” rating and issued a $80.00 target price on shares of Lumentum Holdings in a report on Wednesday, September 6th. Barclays PLC reiterated a “hold” rating on shares of Lumentum Holdings in a report on Friday, July 14th. DA Davidson started coverage on Lumentum Holdings in a report on Thursday, June 22nd. They issued a “neutral” rating and a $77.00 target price for the company. Finally, Piper Jaffray Companies reiterated an “overweight” rating and issued a $68.00 target price on shares of Lumentum Holdings in a report on Thursday, August 10th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $64.75.
Shares of Lumentum Holdings (NASDAQ LITE) traded down 1.28% during mid-day trading on Thursday, reaching $58.05. The company’s stock had a trading volume of 649,091 shares. The company’s market cap is $3.57 billion. The company has a 50-day moving average price of $57.88 and a 200 day moving average price of $49.78. Lumentum Holdings has a 52-week low of $32.90 and a 52-week high of $60.00.
Lumentum Holdings (NASDAQ:LITE) last announced its earnings results on Wednesday, August 9th. The technology company reported $0.39 EPS for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.18. The firm had revenue of $222.70 million during the quarter, compared to analysts’ expectations of $229.45 million. Lumentum Holdings had a positive return on equity of 18.12% and a negative net margin of 10.25%. The company’s quarterly revenue was down 7.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.41 EPS. Equities analysts expect that Lumentum Holdings will post $3.02 earnings per share for the current year.
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In other news, COO Vincent Retort sold 14,875 shares of Lumentum Holdings stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $51.59, for a total value of $767,401.25. Following the transaction, the chief operating officer now directly owns 92,694 shares in the company, valued at approximately $4,782,083.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 completion of the transaction, the director now owns 26,464 shares in the company, valued at $1,403,650.56. The disclosure for this sale can be found here. Insiders sold a total of 52,199 shares of company stock worth $2,692,047 over the last quarter. Company insiders own 0.76% of the company’s stock.
Several large investors have recently made changes to their positions in the company. Gierl Augustine Investment Management purchased a new position in shares of Lumentum Holdings in the 4th quarter valued at $0. Suntrust Banks Inc. grew its stake in Lumentum Holdings by 0.4% during the 2nd quarter. Suntrust Banks Inc. now owns 9,468 shares of the technology company’s stock worth $539,000 after buying an additional 37 shares during the last quarter. LS Investment Advisors LLC grew its stake in Lumentum Holdings by 2.1% during the 2nd quarter. LS Investment Advisors LLC now owns 3,569 shares of the technology company’s stock worth $204,000 after buying an additional 75 shares during the last quarter. Louisiana State Employees Retirement System grew its stake in Lumentum Holdings by 0.5% during the 2nd quarter. Louisiana State Employees Retirement System now owns 21,020 shares of the technology company’s stock worth $509,000 after buying an additional 100 shares during the last quarter. Finally, Municipal Employees Retirement System of Michigan grew its stake in Lumentum Holdings by 1.7% during the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 10,530 shares of the technology company’s stock worth $440,000 after buying an additional 180 shares during the last quarter. Institutional investors and hedge funds 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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