Lumentum (LITE) Rating Increased to Strong-Buy at BidaskClub

Lumentum (NASDAQ:LITE) was upgraded by investment analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a note issued to investors on Friday.

A number of other research firms have also weighed in on LITE. Northland Securities increased their target price on Lumentum from $86.00 to $90.00 and gave the stock an “outperform” rating in a research note on Monday, October 1st. Stifel Nicolaus began coverage on Lumentum in a research note on Monday, October 22nd. They issued a “buy” rating and a $75.00 target price on the stock. ValuEngine upgraded Lumentum from a “sell” rating to a “hold” rating in a research note on Thursday, November 8th. Loop Capital cut their price target on Lumentum to $70.00 and set an “average” rating on the stock in a research note on Thursday, November 1st. Finally, JPMorgan Chase & Co. upgraded Lumentum from a “neutral” rating to an “overweight” rating and set a $80.00 price target on the stock in a research note on Thursday, October 11th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, fourteen have assigned a buy rating and three have given a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $68.26.

LITE stock opened at $45.09 on Friday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 4.88 and a current ratio of 5.52. Lumentum has a twelve month low of $37.00 and a twelve month high of $74.40. The firm has a market capitalization of $2.65 billion, a price-to-earnings ratio of 13.92, a price-to-earnings-growth ratio of 0.67 and a beta of 0.51.

Lumentum (NASDAQ:LITE) last released its earnings results on Thursday, November 1st. The technology company reported $1.31 earnings per share for the quarter, topping analysts’ consensus estimates of $1.02 by $0.29. Lumentum had a return on equity of 28.74% and a net margin of 21.21%. The business had revenue of $354.00 million for the quarter, compared to analyst estimates of $351.21 million. During the same quarter last year, the firm posted $0.43 earnings per share. The business’s revenue was up 45.7% compared to the same quarter last year. Sell-side analysts predict that Lumentum will post 3.67 earnings per share for the current fiscal year.

In other news, Director Penny Herscher sold 1,197 shares of the firm’s stock in a transaction on Friday, November 2nd. The stock was sold at an average price of $52.93, for a total transaction of $63,357.21. Following the transaction, the director now owns 34,743 shares in the company, valued at $1,838,946.99. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.55% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of LITE. DekaBank Deutsche Girozentrale grew its stake in Lumentum by 149.5% in the third quarter. DekaBank Deutsche Girozentrale now owns 1,497 shares of the technology company’s stock valued at $102,000 after purchasing an additional 897 shares during the last quarter. CIBC World Markets Inc. purchased a new position in Lumentum in the third quarter valued at about $237,000. Worth Venture Partners LLC purchased a new position in Lumentum in the third quarter valued at about $300,000. Janus Henderson Group PLC purchased a new position in Lumentum in the third quarter valued at about $311,000. Finally, Renaissance Technologies LLC purchased a new position in Lumentum in the second quarter valued at about $318,000.

Lumentum Company Profile

Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. The company operates through two segments, Optical Communications and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.

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Analyst Recommendations for Lumentum (NASDAQ:LITE)

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