Lumentum Holdings Inc. (LITE) Receives Overweight Rating from Piper Jaffray Companies
Lumentum Holdings Inc. (NASDAQ:LITE)‘s stock had its “overweight” rating restated by Piper Jaffray Companies in a research report issued on Thursday. They presently have a $68.00 price target on the technology company’s stock. Piper Jaffray Companies’ price objective would indicate a potential upside of 15.65% from the stock’s current price.
Other equities research analysts have also issued reports about the company. BidaskClub lowered Lumentum Holdings from a “hold” rating to a “sell” rating in a research note on Saturday, August 19th. Needham & Company LLC restated a “strong-buy” rating and set a $80.00 price target on shares of Lumentum Holdings in a research note on Wednesday, September 6th. Barclays PLC restated a “hold” rating on shares of Lumentum Holdings in a research note on Friday, July 14th. DA Davidson began coverage on Lumentum Holdings in a research note on Thursday, June 22nd. They set a “neutral” rating and a $77.00 price target for the company. Finally, Zacks Investment Research lowered Lumentum Holdings from a “buy” rating to a “hold” rating in a research note on Tuesday, August 15th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. Lumentum Holdings currently has a consensus rating of “Buy” and an average price target of $64.75.
Shares of Lumentum Holdings (NASDAQ LITE) traded down 1.79% during mid-day trading on Thursday, hitting $57.75. The company had a trading volume of 748,193 shares. The firm has a 50-day moving average of $57.88 and a 200-day moving average of $49.78. Lumentum Holdings has a 12 month low of $32.90 and a 12 month high of $60.00. The company’s market cap is $3.55 billion.
Lumentum Holdings (NASDAQ:LITE) last released its earnings results on Wednesday, August 9th. The technology company reported $0.39 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate 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 firm had revenue of $222.70 million for the quarter, compared to the consensus estimate of $229.45 million. During the same period in the prior year, the business posted $0.41 earnings per share. The firm’s revenue for the quarter was down 7.9% compared to the same quarter last year. On average, analysts expect that Lumentum Holdings will post $3.02 EPS for the current year.
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In other Lumentum Holdings news, Director Penny Herscher sold 1,313 shares of the stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $53.04, for a total transaction of $69,641.52. Following the transaction, the director now owns 26,464 shares of the company’s stock, valued at approximately $1,403,650.56. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Alan S. Lowe sold 7,916 shares of the stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $52.62, for a total value of $416,539.92. Following the transaction, the chief executive officer now directly owns 141,162 shares in the company, valued at approximately $7,427,944.44. The disclosure for this sale can be found here. In the last ninety days, insiders have 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 large investors have recently added to or reduced their stakes in LITE. Riverhead Capital Management LLC lifted its holdings in Lumentum Holdings by 71.8% during the 2nd quarter. Riverhead Capital Management LLC now owns 2,062 shares of the technology company’s stock worth $118,000 after buying an additional 862 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Lumentum Holdings by 111.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,662 shares of the technology company’s stock worth $152,000 after buying an additional 1,406 shares during the last quarter. Creative Planning lifted its holdings in Lumentum Holdings by 54.2% during the 2nd quarter. Creative Planning now owns 3,039 shares of the technology company’s stock worth $173,000 after buying an additional 1,068 shares during the last quarter. LS Investment Advisors LLC lifted its holdings in Lumentum Holdings by 69.1% during the 1st quarter. LS Investment Advisors LLC now owns 3,494 shares of the technology company’s stock worth $186,000 after buying an additional 1,428 shares during the last quarter. Finally, Teacher Retirement System of Texas bought a new position in Lumentum Holdings during the 1st quarter worth approximately $206,000. 95.74% of the stock is currently owned by 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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