Lumentum Holdings Inc (LITE) Lifted to Buy at Zacks Investment Research
Lumentum Holdings Inc (NASDAQ:LITE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Friday. The brokerage currently has a $66.00 price target on the technology company’s stock. Zacks Investment Research‘s price target points to a potential upside of 11.30% from the stock’s current price.
According to Zacks, “Lumentum Holdings Inc. is a manufacturer of innovative optical and photonic products. The Company’s operating segment consists of Optical Communications and Commercial Lasers. Optical Communications segment portfolio includes products used by Telecom and Datacom nanoelectromechanical systems and traditional as well as cloud/data center service providers. Commercial Lasers segment products serve its customers in markets and applications, such as manufacturing, biotechnology, graphics and imaging, remote sensing and precision machining. Lumentum Holdings Inc. is headquartered in Milpitas, California. “
Other equities research analysts also recently issued research reports about the company. B. Riley reiterated a “buy” rating and set a $81.00 price objective on shares of Lumentum Holdings in a research report on Tuesday, August 8th. Piper Jaffray Companies reiterated an “overweight” rating and set a $68.00 price objective on shares of Lumentum Holdings in a research report on Thursday, September 14th. Barclays PLC increased their price objective on Lumentum Holdings from $59.00 to $65.00 and gave the company an “equal weight” rating in a research report on Thursday. DA Davidson increased their price objective on Lumentum Holdings from $82.00 to $90.00 and gave the company a “buy” rating in a research report on Thursday. Finally, MKM Partners increased their price objective on Lumentum Holdings to $71.00 and gave the company a “neutral” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $68.06.
Lumentum Holdings (NASDAQ LITE) traded down $3.90 on Friday, reaching $59.30. The company’s stock had a trading volume of 2,828,376 shares, compared to its average volume of 2,060,093. The firm has a market capitalization of $3.67 billion and a P/E ratio of 41.15. Lumentum Holdings has a 12-month low of $34.15 and a 12-month high of $68.63. The company has a debt-to-equity ratio of 0.50, a current ratio of 5.21 and a quick ratio of 4.26.
Lumentum Holdings (NASDAQ:LITE) last released its earnings results on Wednesday, August 9th. The technology company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.18. The firm had revenue of $222.70 million during the quarter, compared to the consensus estimate of $229.45 million. Lumentum Holdings had a positive return on equity of 15.99% and a negative net margin of 9.32%. The firm’s revenue for the quarter was down 7.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.41 earnings per share. research analysts predict that Lumentum Holdings will post 2.59 earnings per share for the current fiscal year.
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In other Lumentum Holdings news, Director Penny Herscher sold 1,313 shares of the business’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $53.04, for a total transaction of $69,641.52. Following the sale, the director now directly owns 26,464 shares of the company’s stock, valued at approximately $1,403,650.56. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Alan S. Lowe sold 7,916 shares of the business’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $52.62, for a total transaction of $416,539.92. Following the sale, the chief executive officer now directly owns 141,162 shares in the company, valued at $7,427,944.44. The disclosure for this sale can be found here. Over the last three months, insiders have sold 87,269 shares of company stock worth $4,602,526. Company insiders own 0.76% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Suntrust Banks Inc. increased its stake in shares of Lumentum Holdings by 0.4% in the second quarter. Suntrust Banks Inc. now owns 9,468 shares of the technology company’s stock worth $539,000 after acquiring an additional 37 shares during the last quarter. LS Investment Advisors LLC increased its stake in shares of Lumentum Holdings by 2.1% in the second quarter. LS Investment Advisors LLC now owns 3,569 shares of the technology company’s stock worth $204,000 after acquiring an additional 75 shares during the last quarter. Arizona State Retirement System increased its stake in shares of Lumentum Holdings by 0.7% in the second quarter. Arizona State Retirement System now owns 29,060 shares of the technology company’s stock worth $1,658,000 after acquiring an additional 200 shares during the last quarter. Stifel Financial Corp increased its stake in shares of Lumentum Holdings by 6.6% in the second quarter. Stifel Financial Corp now owns 7,271 shares of the technology company’s stock worth $415,000 after acquiring an additional 447 shares during the last quarter. Finally, Texas Permanent School Fund increased its stake in shares of Lumentum Holdings by 1.2% in the second quarter. Texas Permanent School Fund now owns 40,628 shares of the technology company’s stock worth $2,318,000 after acquiring an additional 468 shares during the last quarter. 95.74% of the stock is currently owned by institutional investors and hedge funds.
About Lumentum Holdings
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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