MKM Partners upgraded shares of Lumentum Holdings Inc. (NASDAQ:LITE) from a neutral rating to a buy rating in a report published on Wednesday, Marketbeat reports. They currently have $66.00 price objective on the technology company’s stock. The analysts noted that the move was a valuation call.

Several other equities research analysts also recently weighed in on LITE. B. Riley reaffirmed a buy rating and set a $77.00 price target on shares of Lumentum Holdings in a research report on Thursday, August 3rd. Piper Jaffray Companies reaffirmed an overweight rating and set a $68.00 price target on shares of Lumentum Holdings in a research report on Thursday, August 10th. Barclays PLC increased their price target on Lumentum Holdings from $50.00 to $59.00 and gave the stock an equal weight rating in a research report on Thursday, August 10th. Needham & Company LLC reaffirmed a strong-buy rating and set a $80.00 price target on shares of Lumentum Holdings in a research report on Thursday, August 10th. Finally, Jefferies Group LLC reaffirmed a buy rating and set a $72.00 price target (up from $63.00) on shares of Lumentum Holdings in a research report on Thursday, August 10th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus price target of $65.75.

Lumentum Holdings (NASDAQ:LITE) traded down 1.54% during mid-day trading on Wednesday, reaching $54.35. The company’s stock had a trading volume of 1,479,190 shares. Lumentum Holdings has a one year low of $32.90 and a one year high of $60.00. The company’s market capitalization is $3.34 billion. The stock has a 50-day moving average price of $58.20 and a 200-day moving average price of $58.20.

Lumentum Holdings (NASDAQ:LITE) last announced its quarterly earnings results on Wednesday, August 9th. The technology company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.18. The company had revenue of $222.70 million for the quarter, compared to the consensus estimate of $229.45 million. Lumentum Holdings had a positive return on equity of 18.12% and a negative net margin of 10.25%. The firm’s revenue for the quarter was down 7.9% compared to the same quarter last year. During the same period last year, the firm earned $0.41 EPS. Equities research analysts forecast that Lumentum Holdings will post $3.01 EPS for the current year.

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In related news, Director Penny Herscher sold 1,313 shares of Lumentum Holdings stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $53.04, for a total value of $69,641.52. Following the sale, the director now directly owns 26,464 shares in the company, valued at approximately $1,403,650.56. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Alan S. Lowe sold 28,095 shares of Lumentum Holdings stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $51.20, for a total value of $1,438,464.00. Following the completion of the sale, the chief executive officer now owns 249,655 shares in the company, valued at $12,782,336. The disclosure for this sale can be found here. Over the last quarter, insiders sold 52,199 shares of company stock worth $2,692,047. 0.76% of the stock is currently owned by insiders.

A number of hedge funds have recently bought and sold shares of LITE. State Board of Administration of Florida Retirement System boosted its holdings in Lumentum Holdings by 7.4% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 37,161 shares of the technology company’s stock worth $1,983,000 after buying an additional 2,570 shares during the last quarter. First Trust Advisors LP boosted its holdings in Lumentum Holdings by 5.0% in the 1st quarter. First Trust Advisors LP now owns 92,273 shares of the technology company’s stock worth $4,923,000 after buying an additional 4,370 shares during the last quarter. Comerica Bank boosted its holdings in Lumentum Holdings by 5.8% in the 1st quarter. Comerica Bank now owns 61,424 shares of the technology company’s stock worth $2,690,000 after buying an additional 3,368 shares during the last quarter. Swiss National Bank boosted its holdings in Lumentum Holdings by 1.1% in the 1st quarter. Swiss National Bank now owns 79,320 shares of the technology company’s stock worth $4,232,000 after buying an additional 900 shares during the last quarter. Finally, Karp Capital Management Corp acquired a new stake in Lumentum Holdings in the 1st quarter worth about $653,000. Institutional investors own 95.74% of the company’s stock.

Lumentum Holdings 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).

Analyst Recommendations for Lumentum Holdings (NASDAQ:LITE)

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