Lumentum (LITE) Lowered to Hold at Zacks Investment Research
Lumentum (NASDAQ:LITE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.
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. “
Several other research firms also recently commented on LITE. Jefferies Group restated a “buy” rating and issued a $75.00 price target on shares of Lumentum in a research note on Wednesday, November 1st. Craig Hallum restated a “buy” rating and issued a $85.00 price target (up from $75.00) on shares of Lumentum in a research note on Wednesday, November 1st. DA Davidson upped their price target on shares of Lumentum from $82.00 to $90.00 and gave the company a “buy” rating in a research note on Thursday, November 2nd. MKM Partners upped their price target on shares of Lumentum to $71.00 and gave the company a “neutral” rating in a research note on Thursday, November 2nd. Finally, Barclays upped their price target on shares of Lumentum from $59.00 to $65.00 and gave the company an “equal weight” rating in a research note on Thursday, November 2nd. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $68.06.
In related news, COO Vincent Retort sold 30,706 shares of the company’s stock in a transaction dated Thursday, September 28th. The shares were 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 of the company’s stock, valued at $6,032,534.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Alan S. Lowe sold 4,364 shares of the company’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $54.59, for a total transaction of $238,230.76. The disclosure for this sale can be found here. Insiders have sold 65,891 shares of company stock valued at $3,675,432 in the last ninety days. 0.76% of the stock is currently owned by company insiders.
Several hedge funds have recently bought and sold shares of LITE. Riverhead Capital Management LLC lifted its holdings in shares of Lumentum by 71.8% in the second quarter. Riverhead Capital Management LLC now owns 2,062 shares of the technology company’s stock worth $118,000 after acquiring an additional 862 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Lumentum by 111.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,662 shares of the technology company’s stock worth $152,000 after acquiring an additional 1,406 shares during the last quarter. Creative Planning lifted its holdings in shares of Lumentum by 54.2% in the second quarter. Creative Planning now owns 3,039 shares of the technology company’s stock worth $173,000 after acquiring an additional 1,068 shares during the last quarter. World Asset Management Inc bought a new position in shares of Lumentum in the second quarter worth about $211,000. Finally, Virtu KCG Holdings LLC bought a new position in shares of Lumentum in the second quarter worth about $226,000. 95.70% of the stock is owned by hedge funds and other institutional investors.
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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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