Lumentum (NASDAQ:LITE)‘s stock had its “buy” rating reaffirmed by equities research analysts at Rosenblatt Securities in a report issued on Monday.
Several other equities research analysts have also recently commented on the company. Zacks Investment Research cut Lumentum from a “buy” rating to a “hold” rating in a report on Wednesday, December 6th. Piper Jaffray Companies reissued a “buy” rating and set a $81.00 target price on shares of Lumentum in a report on Wednesday, January 3rd. BidaskClub cut Lumentum from a “hold” rating to a “sell” rating in a report on Friday, December 29th. B. Riley reissued a “buy” rating and set a $89.00 target price on shares of Lumentum in a report on Wednesday, December 13th. Finally, Morgan Stanley raised Lumentum from an “underweight” rating to an “equal weight” rating and set a $46.00 target price on the stock in a report on Tuesday, January 23rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and fifteen have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $73.19.
Shares of Lumentum (NASDAQ LITE) traded up $4.08 during midday trading on Monday, hitting $73.05. The stock had a trading volume of 4,861,467 shares, compared to its average volume of 2,423,172. Lumentum has a fifty-two week low of $40.35 and a fifty-two week high of $74.40. The firm has a market capitalization of $4,620.00 and a P/E ratio of 26.64. The company has a debt-to-equity ratio of 0.38, a quick ratio of 4.16 and a current ratio of 4.84.
In other Lumentum news, CEO Alan S. Lowe sold 4,511 shares of the business’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $58.52, for a total transaction of $263,983.72. Following the sale, the chief executive officer now directly owns 238,998 shares of the company’s stock, valued at approximately $13,986,162.96. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Aaron Tachibana sold 2,000 shares of the business’s stock in a transaction on Tuesday, March 6th. The shares were sold at an average price of $65.00, for a total transaction of $130,000.00. Following the sale, the chief financial officer now directly owns 68,530 shares in the company, valued at $4,454,450. The disclosure for this sale can be found here. Insiders sold 48,039 shares of company stock worth $2,798,935 in the last ninety days. 0.76% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in LITE. Bank of New York Mellon Corp raised its stake in Lumentum by 58.0% during the 4th 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 during the period. Eagle Asset Management Inc. acquired a new stake in Lumentum during the 4th quarter valued at $40,918,000. Whale Rock Capital Management LLC raised its stake in Lumentum by 86.0% during the 3rd quarter. Whale Rock Capital Management LLC now owns 1,590,359 shares of the technology company’s stock valued at $86,436,000 after purchasing an additional 735,239 shares during the period. Carillon Tower Advisers Inc. acquired a new stake in Lumentum during the 4th quarter valued at $29,089,000. Finally, AXA grew its holdings in shares of Lumentum by 48.4% during the 4th quarter. AXA now owns 1,411,087 shares of the technology company’s stock valued at $69,002,000 after acquiring an additional 460,315 shares in the last quarter.
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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).
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