TheStreet Downgrades Lumentum (LITE) to C+

TheStreet downgraded shares of Lumentum (NASDAQ:LITE) from a b- rating to a c+ rating in a research note published on Monday, TheStreetRatingsTable reports.

Several other brokerages have also issued reports on LITE. Needham & Company LLC reissued a strong-buy rating and set a $70.00 price objective on shares of Lumentum in a report on Monday, May 6th. BidaskClub raised shares of Lumentum from a buy rating to a strong-buy rating in a report on Tuesday, May 7th. Northland Securities reaffirmed a buy rating and issued a $70.00 price target on shares of Lumentum in a report on Monday, April 22nd. Craig Hallum reaffirmed a buy rating and issued a $81.00 price target (up from $65.00) on shares of Lumentum in a report on Wednesday, May 8th. Finally, DA Davidson reaffirmed a buy rating and issued a $90.00 price target on shares of Lumentum in a report on Monday, May 6th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company. The stock currently has a consensus rating of Buy and an average price target of $70.37.

Shares of LITE stock opened at $56.75 on Monday. The company has a market cap of $4.38 billion, a P/E ratio of 17.52, a price-to-earnings-growth ratio of 1.07 and a beta of 0.68. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.20 and a current ratio of 3.96. Lumentum has a 52-week low of $37.00 and a 52-week high of $69.95.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings data on Tuesday, May 7th. The technology company reported $0.91 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.22. The company had revenue of $433.00 million for the quarter, compared to analyst estimates of $428.33 million. Lumentum had a net margin of 1.57% and a return on equity of 19.94%. Lumentum’s revenue was up 44.8% compared to the same quarter last year. During the same period last year, the company posted $0.78 earnings per share. Sell-side analysts anticipate that Lumentum will post 3.3 earnings per share for the current fiscal year.

In other news, EVP Jason Reinhardt sold 9,575 shares of the business’s stock in a transaction on Friday, February 22nd. The shares were sold at an average price of $50.38, for a total transaction of $482,388.50. Following the sale, the executive vice president now directly owns 63,877 shares of the company’s stock, valued at $3,218,123.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Judy G. Hamel sold 1,429 shares of the business’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $58.64, for a total transaction of $83,796.56. Following the sale, the senior vice president now directly owns 44,793 shares in the company, valued at $2,626,661.52. The disclosure for this sale can be found here. Insiders have sold 14,029 shares of company stock worth $713,563 over the last three months. Corporate insiders own 0.55% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Ellis Investment Partners LLC grew its holdings in shares of Lumentum by 5,816.5% during the first quarter. Ellis Investment Partners LLC now owns 1,488,472 shares of the technology company’s stock valued at $1,488,000 after buying an additional 1,463,314 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Lumentum by 9.0% during the first quarter. Dimensional Fund Advisors LP now owns 1,233,118 shares of the technology company’s stock valued at $69,718,000 after buying an additional 101,741 shares during the last quarter. Oregon Public Employees Retirement Fund grew its holdings in shares of Lumentum by 4,834.3% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,231,145 shares of the technology company’s stock valued at $29,000 after buying an additional 1,206,194 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Lumentum by 5.1% during the first quarter. Northern Trust Corp now owns 1,218,391 shares of the technology company’s stock valued at $68,888,000 after buying an additional 59,395 shares during the last quarter. Finally, AQR Capital Management LLC grew its holdings in shares of Lumentum by 52.2% during the first quarter. AQR Capital Management LLC now owns 990,701 shares of the technology company’s stock valued at $55,509,000 after buying an additional 339,683 shares during the last quarter. 88.02% of the stock is currently owned by hedge funds and other institutional investors.

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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