Lumentum Holdings Inc. (NASDAQ:LITE) shares reached a new 52-week high on Monday . The stock traded as high as $29.98 and last traded at $29.78, with a volume of 1,234,823 shares traded. The stock had previously closed at $27.49.

Several research firms have weighed in on LITE. Needham & Company LLC upgraded shares of Lumentum Holdings from a “buy” rating to a “strong-buy” rating and increased their price target for the stock from $35.00 to $40.00 in a research report on Monday. Drexel Hamilton began coverage on shares of Lumentum Holdings in a research report on Friday, April 8th. They issued a “hold” rating on the stock. MKM Partners increased their price target on shares of Lumentum Holdings from $28.00 to $32.00 and gave the stock a “buy” rating in a research report on Wednesday, July 20th. B. Riley reiterated a “buy” rating and issued a $31.50 price target on shares of Lumentum Holdings in a research report on Tuesday, May 3rd. Finally, Zacks Investment Research downgraded shares of Lumentum Holdings from a “buy” rating to a “hold” rating in a research report on Thursday, May 5th. One analyst has rated the stock with a sell rating, six have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $28.81.

The company’s market capitalization is $1.82 billion. The firm’s 50-day moving average is $25.21 and its 200-day moving average is $24.31.

Lumentum Holdings (NASDAQ:LITE) last released its quarterly earnings data on Wednesday, May 4th. The company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.31 by $0.01. The business earned $230.40 million during the quarter, compared to analysts’ expectations of $226.81 million. During the same period last year, the company earned $0.11 earnings per share. The firm’s revenue was up 16.0% on a year-over-year basis. Equities analysts predict that Lumentum Holdings Inc. will post $1.25 EPS for the current fiscal year.

In other Lumentum Holdings news, Director Harold L. Covert sold 7,376 shares of the company’s stock in a transaction on Wednesday, May 11th. The shares were sold at an average price of $23.70, for a total transaction of $174,811.20. Following the completion of the transaction, the director now directly owns 6,558 shares in the company, valued at $155,424.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

A number of institutional investors recently bought and sold shares of LITE. Employees Retirement System of Texas bought a new position in Lumentum Holdings during the fourth quarter worth $5,236,000. Principal Financial Group Inc. bought a new position in Lumentum Holdings during the fourth quarter worth $6,838,000. Marshall Wace LLP bought a new position in Lumentum Holdings during the fourth quarter worth $7,126,000. Finally, Dimensional Fund Advisors LP bought a new position in Lumentum Holdings during the fourth quarter worth $12,841,000.

Lumentum Holdings Inc (Lumentum) is a provider of optical and photonic products. The Company’s products are used in a range of end markets, including data communications (Datacom) and telecommunications (Telecom) networking, and industrial and commercial lasers (commercial lasers) for manufacturing, inspection and life-sciences applications.

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