Lumentum (LITE) Lowered to “Sell” at BidaskClub

Lumentum (NASDAQ:LITE) was downgraded by research analysts at BidaskClub from a “hold” rating to a “sell” rating in a report released on Saturday.

A number of other research analysts have also recently weighed in on LITE. B. Riley restated a “buy” rating and issued a $81.00 price target on shares of Lumentum in a research report on Tuesday, August 8th. UBS raised their price target on Lumentum from $66.00 to $70.00 in a research report on Wednesday, August 9th. Craig Hallum restated a “buy” rating and issued a $75.00 price target on shares of Lumentum in a research report on Wednesday, August 9th. Rosenblatt Securities set a $70.00 price target on Lumentum and gave the company a “buy” rating in a research report on Wednesday, August 9th. Finally, Piper Jaffray Companies restated an “overweight” rating and issued a $68.00 price target on shares of Lumentum in a research report on Thursday, August 10th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company’s stock. Lumentum presently has a consensus rating of “Buy” and a consensus price target of $68.06.

Shares of Lumentum (NASDAQ LITE) traded down $1.80 during mid-day trading on Friday, hitting $52.25. The stock had a trading volume of 2,168,700 shares, compared to its average volume of 1,481,650. Lumentum has a twelve month low of $34.15 and a twelve month high of $68.63. The stock has a market capitalization of $3,351.10, a PE ratio of 37.80, a P/E/G ratio of 0.99 and a beta of 0.86. The company has a current ratio of 5.21, a quick ratio of 4.38 and a debt-to-equity ratio of 0.50.

In related news, COO Vincent Retort sold 30,706 shares of Lumentum stock in a transaction dated Thursday, September 28th. The stock was sold at an average price of $54.46, for a total transaction of $1,672,248.76. Following the completion of the sale, the chief operating officer now owns 110,770 shares in the company, valued at approximately $6,032,534.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Aaron Tachibana sold 1,248 shares of Lumentum stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $60.00, for a total value of $74,880.00. Following the sale, the chief financial officer now owns 69,830 shares of the company’s stock, valued at approximately $4,189,800. The disclosure for this sale can be found here. In the last quarter, insiders have sold 65,891 shares of company stock valued at $3,675,432. 0.76% of the stock is currently owned by company insiders.

Large investors have recently modified their holdings of the business. Riverhead Capital Management LLC boosted its stake in Lumentum by 71.8% in 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 boosted its stake in Lumentum by 111.9% in 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 boosted its stake in Lumentum by 54.2% in 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 boosted its stake in Lumentum by 2.1% in 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. Finally, World Asset Management Inc acquired a new stake in Lumentum in the 2nd quarter worth about $211,000. 95.69% of the stock is currently owned by hedge funds and other institutional investors.

COPYRIGHT VIOLATION WARNING: “Lumentum (LITE) Lowered to “Sell” at BidaskClub” was reported by American Banking News and is the property of of American Banking News. If you are accessing this news story on another publication, it was illegally copied and reposted in violation of international trademark & copyright laws. The original version of this news story can be read at https://www.americanbankingnews.com/2017/12/02/lumentum-lite-lowered-to-sell-at-bidaskclub.html.

About Lumentum

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).

Analyst Recommendations for Lumentum (NASDAQ:LITE)

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.

Leave a Reply