Lumentum Holdings Inc. (LITE) PT Raised to $71.00
Lumentum Holdings Inc. (NASDAQ:LITE) had its price objective lifted by stock analysts at MKM Partners to $71.00 in a note issued to investors on Thursday. The brokerage currently has a “neutral” rating on the technology company’s stock. MKM Partners’ target price would suggest a potential upside of 12.43% from the company’s current price.
LITE has been the subject of several other reports. Rosenblatt Securities set a $75.00 price objective on shares of Lumentum Holdings and gave the stock a “buy” rating in a research note on Tuesday, October 24th. Barclays PLC reaffirmed a “hold” rating on shares of Lumentum Holdings in a research note on Friday, July 14th. Piper Jaffray Companies reaffirmed an “overweight” rating and set a $68.00 price objective on shares of Lumentum Holdings in a research note on Thursday, September 14th. BidaskClub lowered shares of Lumentum Holdings from a “hold” rating to a “sell” rating in a research note on Saturday, August 19th. Finally, Jefferies Group LLC reissued a “buy” rating and set a $75.00 target price on shares of Lumentum Holdings in a research note on Wednesday. One analyst has rated the stock with a sell rating, six have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Lumentum Holdings has a consensus rating of “Buy” and an average price target of $67.69.
Lumentum Holdings (NASDAQ:LITE) last posted its quarterly earnings data on Wednesday, August 9th. The technology company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.21 by $0.18. The company had revenue of $222.70 million during the quarter, compared to analyst estimates of $229.45 million. Lumentum Holdings had a negative net margin of 10.25% and a positive return on equity of 18.12%. Lumentum Holdings’s quarterly revenue was down 7.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.41 earnings per share.
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In related news, COO Vincent Retort sold 30,706 shares of Lumentum Holdings stock in a transaction dated Thursday, September 28th. The stock was sold at an average price of $54.46, for a total value of $1,672,248.76. Following the completion of the sale, the chief operating officer now directly owns 110,770 shares in the company, valued at $6,032,534.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Penny Herscher sold 1,313 shares of Lumentum Holdings stock in a transaction dated 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 sale, the director now owns 26,464 shares of the company’s stock, valued at $1,403,650.56. The disclosure for this sale can be found here. Insiders sold 87,269 shares of company stock valued at $4,602,526 over the last 90 days. 0.76% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in LITE. Jennison Associates bought a new position in Lumentum Holdings in the third quarter worth about $13,349,000. Gierl Augustine Investment Management bought a new position in Lumentum Holdings in the fourth quarter worth about $0. Pinnacle Associates Ltd. bought a new position in Lumentum Holdings in the fourth quarter worth about $19,312,000. Principal Financial Group Inc. bought a new position in Lumentum Holdings in the fourth quarter worth about $6,838,000. Finally, Marshall Wace LLP bought a new position in Lumentum Holdings in the fourth quarter worth about $7,126,000. 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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