Lumentum Holdings Inc (NASDAQ:LITE) has been assigned an average rating of “Buy” from the twenty-two analysts that are presently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation, sixteen have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $67.94.
Several research firms recently commented on LITE. Zacks Investment Research upgraded shares of Lumentum from a “sell” rating to a “hold” rating in a report on Saturday, June 8th. BidaskClub cut shares of Lumentum from a “hold” rating to a “sell” rating in a report on Thursday, May 30th. TheStreet cut shares of Lumentum from a “b-” rating to a “c+” rating in a report on Monday, May 13th. ValuEngine cut shares of Lumentum from a “hold” rating to a “sell” rating in a report on Saturday, May 18th. Finally, Jefferies Financial Group cut their price objective on shares of Lumentum from $75.00 to $60.00 and set a “buy” rating on the stock in a research report on Tuesday, May 21st.
LITE stock opened at $46.96 on Tuesday. The company has a quick ratio of 3.20, a current ratio of 3.96 and a debt-to-equity ratio of 0.55. The company has a market cap of $3.53 billion, a P/E ratio of 14.49, a P/E/G ratio of 1.04 and a beta of 1.13. Lumentum has a 52 week low of $37.00 and a 52 week high of $69.95.
Lumentum (NASDAQ:LITE) last posted its quarterly earnings results on Tuesday, May 7th. The technology company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.69 by $0.22. The business had revenue of $433.00 million during the quarter, compared to analysts’ expectations of $428.33 million. Lumentum had a net margin of 1.57% and a return on equity of 19.94%. The firm’s quarterly revenue was up 44.8% compared to the same quarter last year. During the same period last year, the company posted $0.78 earnings per share. As a group, analysts anticipate that Lumentum will post 3.17 earnings per share for the current year.
In other news, SVP Judy G. Hamel sold 1,429 shares of Lumentum stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $58.64, for a total value of $83,796.56. Following the transaction, the senior vice president now owns 44,793 shares of the company’s stock, valued at $2,626,661.52. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.55% of the stock is currently owned by company insiders.
Several large investors have recently added to or reduced their stakes in LITE. Ellis Investment Partners LLC raised its position in shares of Lumentum by 5,816.5% in the first quarter. Ellis Investment Partners LLC now owns 1,488,472 shares of the technology company’s stock valued at $1,488,000 after purchasing an additional 1,463,314 shares during the period. Oregon Public Employees Retirement Fund raised its position in shares of Lumentum by 4,834.3% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,231,145 shares of the technology company’s stock valued at $29,000 after purchasing an additional 1,206,194 shares during the period. Norges Bank bought a new position in shares of Lumentum in the fourth quarter valued at approximately $34,669,000. Westfield Capital Management Co. LP acquired a new stake in shares of Lumentum in the fourth quarter worth $20,503,000. Finally, AO Asset Management LP acquired a new stake in shares of Lumentum in the first quarter worth $20,513,000. 95.36% of the stock is currently owned by institutional investors.
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 and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.
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