Zacks: Brokerages Expect Lumentum Holdings Inc (LITE) Will Post Quarterly Sales of $359.95 Million
Analysts forecast that Lumentum Holdings Inc (NASDAQ:LITE) will post $359.95 million in sales for the current fiscal quarter, according to Zacks. Six analysts have made estimates for Lumentum’s earnings, with the highest sales estimate coming in at $375.00 million and the lowest estimate coming in at $350.20 million. Lumentum posted sales of $265.00 million during the same quarter last year, which suggests a positive year-over-year growth rate of 35.8%. The company is scheduled to report its next earnings results on Tuesday, February 6th.
According to Zacks, analysts expect that Lumentum will report full year sales of $359.95 million for the current year, with estimates ranging from $1.00 billion to $1.42 billion. For the next year, analysts expect that the company will report sales of $1.41 billion per share, with estimates ranging from $1.24 billion to $1.55 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that follow Lumentum.
Several brokerages have issued reports on LITE. Jefferies Group restated a “buy” rating and set a $75.00 target price on shares of Lumentum in a research report on Wednesday, November 1st. Craig Hallum restated a “buy” rating and set a $85.00 target price (up previously from $75.00) on shares of Lumentum in a research report on Wednesday, November 1st. DA Davidson lifted 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 boosted their price objective on shares of Lumentum to $71.00 and gave the stock a “neutral” rating in a research note on Thursday, November 2nd. Finally, Barclays upped their price target on Lumentum from $59.00 to $65.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 2nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $68.75.
A number of hedge funds have recently modified their holdings of LITE. Riverhead Capital Management LLC boosted its position in Lumentum by 71.8% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,062 shares of the technology company’s stock valued at $118,000 after buying an additional 862 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Lumentum by 111.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,662 shares of the technology company’s stock valued at $152,000 after purchasing an additional 1,406 shares in the last quarter. World Asset Management Inc acquired a new stake in shares of Lumentum in the 2nd quarter valued at $211,000. Virtu KCG Holdings LLC acquired a new stake in shares of Lumentum in the 2nd quarter valued at $226,000. Finally, Alpine Woods Capital Investors LLC acquired a new stake in shares of Lumentum in the 2nd quarter valued at $229,000. 95.70% of the stock is owned by institutional investors.
Lumentum (LITE) traded down $1.48 on Thursday, reaching $50.27. The company had a trading volume of 12,293,800 shares, compared to its average volume of 1,888,035. Lumentum has a 12 month low of $34.15 and a 12 month high of $68.63. The stock has a market capitalization of $3,110.00 and a price-to-earnings ratio of 36.19. The company has a current ratio of 5.21, a quick ratio of 4.38 and a debt-to-equity ratio of 0.50.
ILLEGAL ACTIVITY NOTICE: “Zacks: Brokerages Expect Lumentum Holdings Inc (LITE) Will Post Quarterly Sales of $359.95 Million” was originally posted by American Banking News and is owned by of American Banking News. If you are accessing this piece on another domain, it was copied illegally and republished in violation of United States and international copyright and trademark laws. The legal version of this piece can be accessed at https://www.americanbankingnews.com/2017/12/14/zacks-brokerages-expect-lumentum-holdings-inc-lite-will-post-quarterly-sales-of-359-95-million.html.
Lumentum 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).
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Lumentum Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lumentum and related companies with MarketBeat.com's FREE daily email newsletter.