Lumentum Holdings Inc. (LITE) Lifted to Hold at BidaskClub
BidaskClub upgraded shares of Lumentum Holdings Inc. (NASDAQ:LITE) from a sell rating to a hold rating in a research report report published on Saturday morning.
Several other research firms also recently issued reports on LITE. B. Riley reaffirmed a buy rating and set a $77.00 price target on shares of Lumentum Holdings in a research note on Thursday, August 3rd. UBS AG lifted their price target on shares of Lumentum Holdings from $66.00 to $70.00 in a research note on Wednesday, August 9th. Rosenblatt Securities set a $70.00 price target on shares of Lumentum Holdings and gave the stock a buy rating in a research note on Wednesday, August 9th. Needham & Company LLC lifted their price target on shares of Lumentum Holdings from $56.00 to $80.00 and gave the stock a strong-buy rating in a research note on Monday, June 12th. Finally, Jefferies Group LLC reaffirmed a buy rating and set a $72.00 price target (up previously from $63.00) on shares of Lumentum Holdings in a research note on Thursday, August 10th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $64.75.
Shares of Lumentum Holdings (LITE) opened at 56.60 on Friday. Lumentum Holdings has a 12 month low of $32.90 and a 12 month high of $68.63. The firm’s 50-day moving average price is $59.24 and its 200 day moving average price is $53.83. The company’s market cap is $3.48 billion.
Lumentum Holdings (NASDAQ:LITE) last released its quarterly earnings results on Wednesday, August 9th. The technology company reported $0.39 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.18. Lumentum Holdings had a negative net margin of 10.25% and a positive return on equity of 18.12%. The firm had revenue of $222.70 million for the quarter, compared to the consensus estimate of $229.45 million. During the same quarter in the previous year, the firm posted $0.41 EPS. The firm’s quarterly revenue was down 7.9% on a year-over-year basis. Equities research analysts anticipate that Lumentum Holdings will post $3.02 earnings per share for the current fiscal year.
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In other news, Director Penny Herscher sold 1,313 shares of Lumentum Holdings stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $53.04, for a total value of $69,641.52. Following the completion of the transaction, the director now directly owns 26,464 shares of the company’s stock, valued at approximately $1,403,650.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 shares were sold at an average price of $51.20, for a total transaction of $1,438,464.00. Following the completion of the transaction, the chief executive officer now directly owns 249,655 shares of the company’s stock, valued at $12,782,336. The disclosure for this sale can be found here. Insiders sold a total of 52,199 shares of company stock valued at $2,692,047 in the last three months. Insiders own 0.76% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Creative Planning raised its position in Lumentum Holdings by 15.1% in the first quarter. Creative Planning now owns 1,971 shares of the technology company’s stock valued at $105,000 after buying an additional 258 shares during the period. Riverhead Capital Management LLC raised its position in Lumentum Holdings by 71.8% in the second quarter. Riverhead Capital Management LLC now owns 2,062 shares of the technology company’s stock valued at $118,000 after buying an additional 862 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Lumentum Holdings by 111.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,662 shares of the technology company’s stock valued at $152,000 after buying an additional 1,406 shares during the period. LS Investment Advisors LLC raised its position in Lumentum Holdings by 69.1% in the first quarter. LS Investment Advisors LLC now owns 3,494 shares of the technology company’s stock valued at $186,000 after buying an additional 1,428 shares during the period. Finally, World Asset Management Inc acquired a new position in Lumentum Holdings during the second quarter valued at approximately $211,000. 95.74% of the stock is owned by institutional investors and hedge funds.
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).
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