Jefferies Group LLC reiterated their buy rating on shares of Lumentum Holdings Inc (NASDAQ:LITE) in a research note released on Thursday morning. Jefferies Group LLC currently has a $56.00 price objective on the technology company’s stock.
LITE has been the topic of a number of other reports. Needham & Company LLC reissued a positive rating and set a $56.00 price target on shares of Lumentum Holdings in a research report on Monday, March 13th. Zacks Investment Research cut shares of Lumentum Holdings from a buy rating to a hold rating in a research report on Wednesday, December 7th. Raymond James Financial, Inc. reissued a buy rating and set a $46.00 price target on shares of Lumentum Holdings in a research report on Friday, February 10th. Morgan Stanley raised their price objective on shares of Lumentum Holdings from $34.00 to $44.00 and gave the stock an underweight rating in a report on Wednesday, February 22nd. Finally, Stifel Nicolaus restated a buy rating and set a $57.50 price objective (up from $45.00) on shares of Lumentum Holdings in a report on Thursday, February 16th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company. The stock presently has an average rating of Hold and a consensus price target of $47.54.
Lumentum Holdings (NASDAQ:LITE) traded up 2.21% during mid-day trading on Thursday, hitting $43.90. The stock had a trading volume of 1,309,990 shares. The stock has a market cap of $2.66 billion, a price-to-earnings ratio of 184.45 and a beta of 0.73. Lumentum Holdings has a 12-month low of $20.80 and a 12-month high of $55.92. The company has a 50-day moving average of $48.12 and a 200-day moving average of $42.37.
Lumentum Holdings (NASDAQ:LITE) last announced its quarterly earnings results on Tuesday, February 7th. The technology company reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.06. The company had revenue of $265 million for the quarter, compared to analysts’ expectations of $265.66 million. Lumentum Holdings had a net margin of 1.50% and a return on equity of 17.24%. The business’s quarterly revenue was up 21.4% compared to the same quarter last year. During the same period last year, the firm posted $0.31 earnings per share. On average, analysts anticipate that Lumentum Holdings will post $2.12 earnings per share for the current fiscal year.
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In related news, General Counsel Judy G. Hamel sold 1,814 shares of Lumentum Holdings stock in a transaction dated Monday, February 13th. The shares were sold at an average price of $48.75, for a total transaction of $88,432.50. Following the completion of the sale, the general counsel now owns 18,682 shares of the company’s stock, valued at approximately $910,747.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Judy G. Hamel sold 512 shares of Lumentum Holdings stock in a transaction dated Thursday, February 16th. The stock was sold at an average price of $50.15, for a total transaction of $25,676.80. Following the sale, the general counsel now directly owns 19,285 shares of the company’s stock, valued at approximately $967,142.75. The disclosure for this sale can be found here. Insiders have sold a total of 37,999 shares of company stock worth $1,859,770 over the last 90 days. 0.76% of the stock is owned by company insiders.
Several hedge funds have recently made changes to their positions in LITE. Gilder Gagnon Howe & Co. LLC increased its stake in shares of Lumentum Holdings by 110,915.0% in the third quarter. Gilder Gagnon Howe & Co. LLC now owns 2,070,429 shares of the technology company’s stock valued at $86,482,000 after buying an additional 2,068,564 shares during the last quarter. Victory Capital Management Inc. increased its stake in Lumentum Holdings by 69,766.5% in the third quarter. Victory Capital Management Inc. now owns 1,429,469 shares of the technology company’s stock worth $59,709,000 after buying an additional 1,427,423 shares in the last quarter. BlackRock Fund Advisors increased its stake in Lumentum Holdings by 18.3% in the third quarter. BlackRock Fund Advisors now owns 3,791,393 shares of the technology company’s stock worth $158,366,000 after buying an additional 586,871 shares in the last quarter. 1832 Asset Management L.P. increased its stake in Lumentum Holdings by 56,970,000.0% in the third quarter. 1832 Asset Management L.P. now owns 569,701 shares of the technology company’s stock worth $23,067,000 after buying an additional 569,700 shares in the last quarter. Finally, Norges Bank acquired a new stake in Lumentum Holdings during the fourth quarter worth about $20,182,000. 84.16% 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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