Lumentum (LITE) Downgraded by BidaskClub

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

A number of other research firms also recently commented on LITE. Barclays upgraded shares of Lumentum from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $65.00 to $67.00 in a report on Wednesday, January 10th. Zacks Investment Research downgraded shares of Lumentum from a “buy” rating to a “hold” rating in a report on Wednesday, October 25th. Rosenblatt Securities reiterated a “buy” rating and issued a $70.00 price objective on shares of Lumentum in a report on Thursday, September 21st. B. Riley restated a “buy” rating and set a $89.00 price target on shares of Lumentum in a report on Friday, January 5th. Finally, Piper Jaffray Companies restated a “buy” rating and set a $68.00 price target on shares of Lumentum in a report on Monday, October 9th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $69.69.

Lumentum (NASDAQ:LITE) traded down $2.85 during mid-day trading on Friday, reaching $48.85. 3,096,573 shares of the company’s stock were exchanged, compared to its average volume of 1,403,787. The firm has a market cap of $3,028.70, a P/E ratio of -32.14, a price-to-earnings-growth ratio of 0.87 and a beta of 0.84. The company has a debt-to-equity ratio of 0.50, a quick ratio of 4.38 and a current ratio of 5.21. Lumentum has a 12 month low of $34.15 and a 12 month high of $68.63.

Lumentum (NASDAQ:LITE) last released its quarterly earnings data on Wednesday, November 1st. The technology company reported $0.32 EPS for the quarter, missing the Zacks’ consensus estimate of $0.41 by ($0.09). Lumentum had a negative net margin of 9.32% and a positive return on equity of 15.99%. analysts anticipate that Lumentum will post 2.86 earnings per share for the current year.

In related news, Director Martin A. Kaplan sold 15,000 shares of the stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $57.07, for a total transaction of $856,050.00. Following the completion of the transaction, the director now owns 29,573 shares of the company’s stock, valued at approximately $1,687,731.11. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Alan S. Lowe sold 6,025 shares of the stock in a transaction that occurred on Friday, November 17th. The stock was sold at an average price of $57.13, for a total transaction of $344,208.25. Following the transaction, the chief executive officer now directly owns 250,593 shares of the company’s stock, valued at approximately $14,316,378.09. The disclosure for this sale can be found here. Insiders have sold a total of 31,643 shares of company stock valued at $1,806,554 in the last ninety days. 0.76% of the stock is currently owned by corporate insiders.

Several large investors have recently bought and sold shares of the stock. Fox Run Management L.L.C. purchased a new position in shares of Lumentum during the 4th quarter worth approximately $846,000. Westpac Banking Corp boosted its position in shares of Lumentum by 1,169.7% during the 4th quarter. Westpac Banking Corp now owns 263,138 shares of the technology company’s stock worth $12,867,000 after purchasing an additional 242,414 shares during the period. Schwab Charles Investment Management Inc. boosted its position in shares of Lumentum by 6.6% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 341,214 shares of the technology company’s stock worth $16,686,000 after purchasing an additional 21,019 shares during the period. Louisiana State Employees Retirement System boosted its position in shares of Lumentum by 6.7% during the 4th quarter. Louisiana State Employees Retirement System now owns 26,600 shares of the technology company’s stock worth $1,301,000 after purchasing an additional 1,680 shares during the period. Finally, Copper Rock Capital Partners LLC boosted its position in shares of Lumentum by 3.6% during the 4th quarter. Copper Rock Capital Partners LLC now owns 510,098 shares of the technology company’s stock worth $25,020,000 after purchasing an additional 17,679 shares during the period.

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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)

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