Lumentum Holdings Inc (NASDAQ:LITE) Receives Consensus Recommendation of “Buy” from Analysts

Shares of Lumentum Holdings Inc (NASDAQ:LITE) have been given an average rating of “Buy” by the twenty ratings firms that are currently covering the firm, Marketbeat Ratings reports. Three analysts have rated the stock with a hold recommendation, fifteen have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $69.55.

Several equities research analysts have recently issued reports on LITE shares. B. Riley reissued a “buy” rating on shares of Lumentum in a research report on Monday, September 23rd. Zacks Investment Research downgraded shares of Lumentum from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. Barclays increased their price objective on shares of Lumentum from $60.00 to $65.00 and gave the stock an “overweight” rating in a research report on Friday, August 9th. Needham & Company LLC set a $70.00 price objective on shares of Lumentum and gave the stock a “buy” rating in a research report on Monday, September 23rd. Finally, Rosenblatt Securities reissued a “buy” rating and set a $80.00 price objective on shares of Lumentum in a research report on Tuesday, September 24th.

NASDAQ:LITE traded up $0.73 during trading hours on Monday, hitting $55.59. The stock had a trading volume of 949,286 shares, compared to its average volume of 1,514,543. Lumentum has a one year low of $37.00 and a one year high of $63.95. The company has a debt-to-equity ratio of 0.56, a quick ratio of 3.76 and a current ratio of 4.53. The company has a market cap of $4.25 billion, a price-to-earnings ratio of 16.85, a P/E/G ratio of 1.49 and a beta of 1.35. The business’s 50 day moving average is $55.31 and its 200-day moving average is $54.53.

Lumentum (NASDAQ:LITE) last issued its earnings results on Thursday, August 8th. The technology company reported $0.74 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.21. Lumentum had a negative net margin of 2.33% and a positive return on equity of 18.19%. The firm had revenue of $404.60 million during the quarter, compared to the consensus estimate of $383.54 million. During the same quarter in the prior year, the firm earned $0.95 earnings per share. The business’s quarterly revenue was up 34.4% on a year-over-year basis. On average, sell-side analysts anticipate that Lumentum will post 3.7 EPS for the current fiscal year.

In related news, SVP Judy G. Hamel sold 637 shares of the firm’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $59.89, for a total value of $38,149.93. Following the completion of the transaction, the senior vice president now owns 42,386 shares of the company’s stock, valued at $2,538,497.54. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Judy G. Hamel sold 803 shares of the firm’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $60.00, for a total transaction of $48,180.00. Following the completion of the transaction, the senior vice president now directly owns 42,510 shares of the company’s stock, valued at approximately $2,550,600. The disclosure for this sale can be found here. In the last ninety days, insiders sold 124,403 shares of company stock valued at $7,092,182. 0.48% of the stock is owned by insiders.

Institutional investors have recently added to or reduced their stakes in the stock. Strs Ohio lifted its stake in Lumentum by 14.4% in the third quarter. Strs Ohio now owns 11,100 shares of the technology company’s stock valued at $594,000 after acquiring an additional 1,400 shares during the last quarter. Robecosam AG acquired a new stake in Lumentum in the third quarter valued at $11,614,000. Tuttle Tactical Management acquired a new stake in Lumentum in the third quarter valued at $900,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Lumentum by 7.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,239 shares of the technology company’s stock valued at $281,000 after acquiring an additional 365 shares during the last quarter. Finally, Smith Graham & Co. Investment Advisors LP lifted its stake in Lumentum by 0.4% in the third quarter. Smith Graham & Co. Investment Advisors LP now owns 151,570 shares of the technology company’s stock valued at $8,118,000 after acquiring an additional 570 shares during the last quarter. 95.30% of the stock is owned by institutional investors and hedge funds.

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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