Lumentum Holdings Inc (NASDAQ:LITE)‘s stock had its “buy” rating reissued by equities researchers at Rosenblatt Securities in a report issued on Thursday. They currently have a $70.00 price objective on the technology company’s stock. Rosenblatt Securities’ price objective would indicate a potential upside of 23.57% from the company’s current price.
Several other research analysts also recently issued reports on the company. Stifel Nicolaus reaffirmed a “buy” rating and set a $73.00 price objective on shares of Lumentum Holdings in a report on Thursday, September 7th. BidaskClub raised Lumentum Holdings from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 23rd. DA Davidson initiated coverage on Lumentum Holdings in a research note on Thursday, June 22nd. They issued a “neutral” rating and a $77.00 price target on the stock. Needham & Company LLC increased their price target on Lumentum Holdings from $56.00 to $80.00 and gave the company a “strong-buy” rating in a research note on Monday, June 12th. Finally, Zacks Investment Research raised Lumentum Holdings from a “strong sell” rating to a “hold” rating and set a $65.00 price target on the stock in a research note on Wednesday, July 5th. One analyst has rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the stock. Lumentum Holdings currently has an average rating of “Buy” and an average price target of $64.75.
Lumentum Holdings (NASDAQ:LITE) traded down 2.82% during mid-day trading on Thursday, hitting $55.05. The stock had a trading volume of 1,516,350 shares. Lumentum Holdings has a 1-year low of $32.90 and a 1-year high of $60.00. The stock has a 50 day moving average of $58.20 and a 200-day moving average of $58.20. The firm’s market cap is $3.39 billion.
Lumentum Holdings (NASDAQ:LITE) last posted its quarterly earnings data on Wednesday, August 9th. The technology company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.18. Lumentum Holdings had a negative return on equity of 40.72% and a negative net margin of 24.65%. 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 prior year, the business earned $0.41 EPS. The business’s revenue for the quarter was down 7.9% compared to the same quarter last year. Analysts predict that Lumentum Holdings will post $3.02 EPS for the current fiscal year.
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In related news, Director Penny Herscher sold 1,313 shares of the firm’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $53.04, for a total transaction of $69,641.52. Following the sale, the director now 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 Securities & Exchange Commission, which is accessible through this link. Also, CEO Alan S. Lowe sold 28,095 shares of the firm’s stock in a transaction on 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 sale, the chief executive officer now directly owns 249,655 shares in the company, valued at approximately $12,782,336. The disclosure for this sale can be found here. Insiders have sold a total of 52,199 shares of company stock worth $2,692,047 in the last ninety days. 0.76% of the stock is currently owned by company insiders.
A number of institutional investors have recently modified their holdings of the stock. Suntrust Banks Inc. raised its stake in Lumentum Holdings by 0.4% during the 2nd quarter. Suntrust Banks Inc. now owns 9,468 shares of the technology company’s stock worth $539,000 after buying an additional 37 shares during the period. LS Investment Advisors LLC raised its stake in Lumentum Holdings by 2.1% during the 2nd quarter. LS Investment Advisors LLC now owns 3,569 shares of the technology company’s stock worth $204,000 after buying an additional 75 shares during the period. Municipal Employees Retirement System of Michigan raised its stake in Lumentum Holdings by 1.6% during the 1st quarter. Municipal Employees Retirement System of Michigan now owns 12,500 shares of the technology company’s stock worth $667,000 after buying an additional 200 shares during the period. Arizona State Retirement System raised its stake in Lumentum Holdings by 0.7% during the 2nd quarter. Arizona State Retirement System now owns 29,060 shares of the technology company’s stock worth $1,658,000 after buying an additional 200 shares during the period. Finally, Texas Permanent School Fund raised its stake in Lumentum Holdings by 0.6% during the 1st quarter. Texas Permanent School Fund now owns 40,160 shares of the technology company’s stock worth $2,143,000 after buying an additional 249 shares during the period. 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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