Lumentum Holdings Inc (LITE) Upgraded to “Buy” by Zacks Investment Research
Lumentum Holdings Inc (NASDAQ:LITE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Friday. The firm currently has a $66.00 price target on the technology company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 11.30% from the company’s current price.
According to Zacks, “Lumentum Holdings Inc. is a manufacturer of innovative optical and photonic products. The Company’s operating segment consists of Optical Communications and Commercial Lasers. Optical Communications segment portfolio includes products used by Telecom and Datacom nanoelectromechanical systems and traditional as well as cloud/data center service providers. Commercial Lasers segment products serve its customers in markets and applications, such as manufacturing, biotechnology, graphics and imaging, remote sensing and precision machining. Lumentum Holdings Inc. is headquartered in Milpitas, California. “
LITE has been the subject of several other reports. BidaskClub downgraded Lumentum Holdings from a “hold” rating to a “sell” rating in a research report on Saturday, August 19th. Needham & Company LLC reiterated a “strong-buy” rating and set a $80.00 target price on shares of Lumentum Holdings in a research report on Wednesday, September 6th. B. Riley reiterated a “buy” rating and set a $81.00 target price on shares of Lumentum Holdings in a research report on Thursday, September 14th. Craig Hallum reiterated a “buy” rating and set a $85.00 target price (up from $75.00) on shares of Lumentum Holdings in a research report on Wednesday. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $75.00 target price on shares of Lumentum Holdings in a research report on Friday, October 6th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $68.06.
Shares of Lumentum Holdings (NASDAQ:LITE) traded down $3.90 on Friday, reaching $59.30. The company had a trading volume of 2,828,376 shares, compared to its average volume of 1,940,000. The company has a market capitalization of $3.67 billion and a P/E ratio of 41.15. Lumentum Holdings has a 12 month low of $34.15 and a 12 month high of $68.63. The company has a debt-to-equity ratio of 0.50, a quick ratio of 4.26 and a current ratio of 5.21.
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 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 15.99% and a negative net margin of 9.32%. Lumentum Holdings’s revenue was down 7.9% on a year-over-year basis. During the same period last year, the company earned $0.41 earnings per share. sell-side analysts anticipate that Lumentum Holdings will post 2.59 EPS for the current year.
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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.
Institutional investors and hedge funds have recently bought and sold shares of the business. Kennedy Capital Management Inc. grew its stake in Lumentum Holdings by 24.2% in the second quarter. Kennedy Capital Management Inc. now owns 383,304 shares of the technology company’s stock valued at $21,867,000 after purchasing an additional 74,769 shares during the last quarter. Shelton Capital Management purchased a new position in Lumentum Holdings in the second quarter valued at about $314,000. Alliancebernstein L.P. grew its stake in Lumentum Holdings by 14.5% in the second quarter. Alliancebernstein L.P. now owns 2,102,853 shares of the technology company’s stock valued at $119,968,000 after purchasing an additional 265,723 shares during the last quarter. Lebenthal Lisanti Capital Growth LLC grew its stake in Lumentum Holdings by 195.4% in the second quarter. Lebenthal Lisanti Capital Growth LLC now owns 36,345 shares of the technology company’s stock valued at $2,073,000 after purchasing an additional 24,040 shares during the last quarter. Finally, Chicago Equity Partners LLC grew its stake in Lumentum Holdings by 20.1% in the second quarter. Chicago Equity Partners LLC now owns 14,655 shares of the technology company’s stock valued at $836,000 after purchasing an additional 2,455 shares during the last quarter. Institutional investors own 95.74% of the company’s stock.
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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