Lumentum Holdings Inc. (LITE) Given Consensus Recommendation of “Buy” by Brokerages
Shares of Lumentum Holdings Inc. (NASDAQ:LITE) have been given a consensus recommendation of “Buy” by the eighteen brokerages that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $66.07.
LITE has been the subject of a number of recent analyst reports. BidaskClub downgraded Lumentum Holdings from a “hold” rating to a “sell” rating in a report on Saturday, August 19th. Needham & Company LLC reissued a “strong-buy” rating and issued a $80.00 target price on shares of Lumentum Holdings in a report on Wednesday, September 6th. B. Riley reissued a “buy” rating and issued a $81.00 target price on shares of Lumentum Holdings in a report on Thursday, September 14th. Barclays PLC reissued a “hold” rating on shares of Lumentum Holdings in a report on Friday, July 14th. Finally, DA Davidson began 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.
In other Lumentum Holdings news, CEO Alan S. Lowe sold 28,095 shares of the company’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $51.20, for a total transaction of $1,438,464.00. Following the completion of the sale, the chief executive officer now directly owns 249,655 shares of the company’s stock, valued at approximately $12,782,336. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Vincent Retort sold 14,875 shares of the company’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $51.59, for a total value of $767,401.25. Following the sale, the chief operating officer now directly owns 92,694 shares of the company’s stock, valued at $4,782,083.46. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 52,199 shares of company stock valued at $2,692,047. 0.76% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently bought and sold shares of the business. Riverhead Capital Management LLC raised its stake 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 valued at $118,000 after acquiring an additional 862 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake 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 valued at $152,000 after acquiring an additional 1,406 shares during the last quarter. Creative Planning raised its stake in Lumentum Holdings by 54.2% during the 2nd quarter. Creative Planning now owns 3,039 shares of the technology company’s stock valued at $173,000 after acquiring an additional 1,068 shares during the last quarter. LS Investment Advisors LLC raised its stake 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 valued at $186,000 after acquiring an additional 1,428 shares during the last quarter. Finally, World Asset Management Inc purchased a new stake in Lumentum Holdings during the 2nd quarter valued at approximately $211,000. 95.74% of the stock is owned by hedge funds and other institutional investors.
TRADEMARK VIOLATION NOTICE: “Lumentum Holdings Inc. (LITE) Given Consensus Recommendation of “Buy” by Brokerages” was published by American Banking News and is the property of of American Banking News. If you are viewing this article on another site, it was illegally copied and reposted in violation of international trademark and copyright law. The legal version of this article can be accessed at https://www.americanbankingnews.com/2017/09/24/lumentum-holdings-inc-lite-given-consensus-recommendation-of-buy-by-brokerages-2.html.
Shares of Lumentum Holdings (LITE) traded up 0.09% on Friday, hitting $55.10. The stock had a trading volume of 1,224,639 shares. Lumentum Holdings has a 12-month low of $32.90 and a 12-month high of $60.00. The stock has a 50 day moving average price of $58.20 and a 200-day moving average price of $58.20. The company’s market cap is $3.39 billion.
Lumentum Holdings (NASDAQ:LITE) last announced its quarterly earnings results on Wednesday, August 9th. The technology company reported $0.39 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.18. The company had revenue of $222.70 million during 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%. Lumentum Holdings’s revenue for the quarter was down 7.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.41 EPS. On average, equities analysts expect that Lumentum Holdings will post $3.02 earnings per share for the current year.
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).
Receive News & Ratings for Lumentum Holdings Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lumentum Holdings Inc. and related companies with MarketBeat.com's FREE daily email newsletter.