Lumentum Holdings Inc (NASDAQ:LITE) – Research analysts at Jefferies Group reduced their Q3 2018 EPS estimates for Lumentum in a research note issued to investors on Wednesday. Jefferies Group analyst G. Notter now expects that the technology company will post earnings of $0.53 per share for the quarter, down from their prior estimate of $0.85. Jefferies Group currently has a “Buy” rating and a $75.00 target price on the stock. Jefferies Group also issued estimates for Lumentum’s Q4 2018 earnings at $0.55 EPS, FY2018 earnings at $2.82 EPS, Q1 2019 earnings at $0.90 EPS, Q2 2019 earnings at $1.37 EPS, Q3 2019 earnings at $0.90 EPS, Q4 2019 earnings at $0.92 EPS and FY2019 earnings at $4.09 EPS.
A number of other analysts also recently commented on LITE. Zacks Investment Research downgraded shares of Lumentum from a “buy” rating to a “hold” rating in a report on Wednesday, October 25th. Rosenblatt Securities set a $75.00 price target on shares of Lumentum and gave the company a “buy” rating in a report on Tuesday, October 24th. Craig Hallum restated a “buy” rating and set a $85.00 price target (up previously from $75.00) on shares of Lumentum in a report on Wednesday, November 1st. DA Davidson boosted their price target on shares of Lumentum from $82.00 to $90.00 and gave the company a “buy” rating in a report on Thursday, November 2nd. Finally, MKM Partners boosted their price target on shares of Lumentum to $71.00 and gave the company a “neutral” rating in a report on Thursday, November 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have assigned a buy rating to the stock. Lumentum currently has an average rating of “Buy” and an average price target of $71.94.
Lumentum (NASDAQ:LITE) last released its earnings results on Tuesday, February 6th. The technology company reported $1.67 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.67. Lumentum had a net margin of 8.97% and a return on equity of 24.06%. The business had revenue of $404.60 million for the quarter, compared to the consensus estimate of $357.03 million. During the same period in the previous year, the firm earned $0.57 EPS. The business’s revenue for the quarter was up 52.7% on a year-over-year basis.
In related news, CFO Aaron Tachibana sold 1,248 shares of the business’s stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $60.00, for a total transaction of $74,880.00. Following the transaction, the chief financial officer now directly owns 69,830 shares of the company’s stock, valued at $4,189,800. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Alan S. Lowe sold 5,548 shares of the business’s stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $58.53, for a total transaction of $324,724.44. Following the transaction, the chief executive officer now directly owns 231,763 shares in the company, valued at $13,565,088.39. The disclosure for this sale can be found here. Insiders have sold 16,643 shares of company stock worth $950,504 over the last ninety days. 0.76% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in LITE. Bank of New York Mellon Corp grew its position in Lumentum by 58.0% during the fourth quarter. Bank of New York Mellon Corp now owns 4,005,797 shares of the technology company’s stock valued at $195,883,000 after purchasing an additional 1,470,587 shares in the last quarter. Eagle Asset Management Inc. bought a new stake in Lumentum in the fourth quarter worth approximately $40,918,000. Whale Rock Capital Management LLC grew its position in Lumentum by 86.0% in the third quarter. Whale Rock Capital Management LLC now owns 1,590,359 shares of the technology company’s stock worth $86,436,000 after acquiring an additional 735,239 shares in the last quarter. Artemis Investment Management LLP grew its position in Lumentum by 676.1% in the third quarter. Artemis Investment Management LLP now owns 672,022 shares of the technology company’s stock worth $36,541,000 after acquiring an additional 585,432 shares in the last quarter. Finally, Cramer Rosenthal Mcglynn LLC grew its position in Lumentum by 51.5% in the third quarter. Cramer Rosenthal Mcglynn LLC now owns 1,139,914 shares of the technology company’s stock worth $61,954,000 after acquiring an additional 387,290 shares in the last quarter.
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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