Lumentum Holdings Inc. (NASDAQ:LITE) Given Average Rating of “Hold” by Brokerages

Lumentum Holdings Inc. (NASDAQ:LITE) has been assigned an average rating of “Hold” from the thirteen brokerages that are presently covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, three have given a hold recommendation and eight have assigned a buy recommendation to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $73.15.

LITE has been the topic of several recent analyst reports. Raymond James increased their target price on Lumentum from $70.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Barclays increased their price objective on Lumentum from $40.00 to $80.00 and gave the company an “underweight” rating in a report on Monday. Northland Securities boosted their target price on Lumentum from $45.00 to $60.00 and gave the stock a “market perform” rating in a research note on Friday, November 8th. Craig Hallum increased their price target on shares of Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Finally, Needham & Company LLC boosted their price objective on shares of Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Swedbank AB purchased a new position in shares of Lumentum during the first quarter worth about $71,025,000. Van Lanschot Kempen Investment Management N.V. increased its holdings in shares of Lumentum by 17.8% in the second quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,154,805 shares of the technology company’s stock valued at $58,803,000 after purchasing an additional 174,828 shares during the period. Pinnacle Associates Ltd. raised its stake in shares of Lumentum by 50.4% during the third quarter. Pinnacle Associates Ltd. now owns 407,789 shares of the technology company’s stock worth $25,846,000 after purchasing an additional 136,659 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Lumentum by 8.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company’s stock worth $86,760,000 after purchasing an additional 130,838 shares during the period. Finally, Hodges Capital Management Inc. acquired a new stake in shares of Lumentum during the second quarter worth $5,642,000. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Lumentum Stock Performance

Shares of LITE opened at $86.65 on Wednesday. Lumentum has a 1 year low of $38.28 and a 1 year high of $89.70. The stock has a market capitalization of $5.95 billion, a PE ratio of -10.46, a PEG ratio of 8.55 and a beta of 0.88. The company has a debt-to-equity ratio of 2.61, a quick ratio of 4.43 and a current ratio of 5.90. The stock has a 50-day simple moving average of $64.51 and a 200-day simple moving average of $54.69.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings results on Wednesday, August 14th. The technology company reported $0.06 EPS for the quarter, topping the consensus estimate of $0.03 by $0.03. Lumentum had a negative net margin of 40.70% and a negative return on equity of 6.43%. The company had revenue of $308.30 million during the quarter, compared to analysts’ expectations of $301.36 million. During the same quarter in the previous year, the business posted $0.12 EPS. The firm’s revenue was down 16.9% on a year-over-year basis. On average, analysts predict that Lumentum will post 0.17 earnings per share for the current fiscal year.

Lumentum Company Profile

Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. The company operates through two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers). The OpComms segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and data over high-capacity fiber optic cables.