Lumentum (LITE) Lowered to Sell at BidaskClub
BidaskClub lowered shares of Lumentum (NASDAQ:LITE) from a hold rating to a sell rating in a report released on Saturday.
Several other research analysts also recently commented on the stock. Zacks Investment Research raised shares of Lumentum from a hold rating to a buy rating and set a $66.00 price objective for the company in a report on Friday, November 3rd. Barclays raised their price objective on shares of Lumentum from $59.00 to $65.00 and gave the stock an equal weight rating in a report on Thursday, November 2nd. MKM Partners raised their price target on shares of Lumentum to $71.00 and gave the company a neutral rating in a report on Thursday, November 2nd. DA Davidson raised their price target on shares of Lumentum from $82.00 to $90.00 and gave the company a buy rating in a report on Thursday, November 2nd. Finally, Craig Hallum reissued a buy rating and issued a $85.00 price target (up from $75.00) on shares of Lumentum in a report on Wednesday, November 1st. Two research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company’s stock. Lumentum currently has an average rating of Buy and an average target price of $68.06.
Lumentum (LITE) opened at $47.15 on Friday. The company has a market cap of $2,950.00 and a P/E ratio of 36.54. Lumentum has a fifty-two week low of $34.15 and a fifty-two week high of $68.63. The company has a quick ratio of 4.38, a current ratio of 5.21 and a debt-to-equity ratio of 0.50.
In related news, COO Vincent Retort sold 30,706 shares of Lumentum stock in a transaction on Thursday, September 28th. The shares were sold at an average price of $54.46, for a total value of $1,672,248.76. Following the transaction, the chief operating officer now owns 110,770 shares in the company, valued at approximately $6,032,534.20. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Aaron Tachibana sold 1,248 shares of Lumentum stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $60.00, for a total transaction of $74,880.00. Following the completion of the transaction, the chief financial officer now owns 69,830 shares in the company, valued at approximately $4,189,800. The disclosure for this sale can be found here. In the last quarter, insiders sold 65,891 shares of company stock worth $3,675,432. 0.76% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in LITE. Creative Planning increased its position in shares of Lumentum by 54.2% in the second quarter. Creative Planning now owns 3,039 shares of the technology company’s stock valued at $173,000 after acquiring an additional 1,068 shares during the period. LS Investment Advisors LLC increased its position in shares of Lumentum by 2.1% in the second quarter. LS Investment Advisors LLC now owns 3,569 shares of the technology company’s stock valued at $204,000 after acquiring an additional 75 shares during the period. Aperio Group LLC increased its position in shares of Lumentum by 39.8% in the second quarter. Aperio Group LLC now owns 17,109 shares of the technology company’s stock valued at $976,000 after acquiring an additional 4,873 shares during the period. Russell Investments Group Ltd. boosted its stake in shares of Lumentum by 95.1% during the 2nd quarter. Russell Investments Group Ltd. now owns 339,877 shares of the technology company’s stock valued at $19,389,000 after purchasing an additional 165,639 shares in the last quarter. Finally, Strs Ohio boosted its stake in shares of Lumentum by 87.2% during the 2nd quarter. Strs Ohio now owns 8,800 shares of the technology company’s stock valued at $502,000 after purchasing an additional 4,100 shares in the last quarter. Hedge funds and other institutional investors own 95.70% of the company’s stock.
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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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