Lumentum Holdings’ (LITE) “Overweight” Rating Reiterated at Piper Jaffray Cos.
Piper Jaffray Cos. reiterated their overweight rating on shares of Lumentum Holdings Inc. (NASDAQ:LITE) in a research report sent to investors on Friday. Piper Jaffray Cos. currently has a $47.00 price objective on the stock, up from their previous price objective of $38.00.
LITE has been the subject of a number of other reports. B. Riley restated a buy rating and issued a $50.00 price target on shares of Lumentum Holdings in a report on Wednesday, October 5th. JPMorgan Chase & Co. reaffirmed a buy rating on shares of Lumentum Holdings in a research note on Monday, August 8th. Jefferies Group raised their price objective on shares of Lumentum Holdings from $39.00 to $51.50 and gave the company a buy rating in a research note on Monday, October 3rd. MKM Partners raised their price objective on shares of Lumentum Holdings from $28.00 to $32.00 and gave the company a buy rating in a research note on Wednesday, July 20th. Finally, Zacks Investment Research raised shares of Lumentum Holdings from a strong sell rating to a hold rating in a research note on Wednesday, July 6th. Three analysts have rated the stock with a sell rating, one has given a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. The stock has a consensus rating of Buy and a consensus target price of $39.29.
Shares of Lumentum Holdings (NASDAQ:LITE) opened at 40.73 on Friday. Lumentum Holdings has a 1-year low of $13.97 and a 1-year high of $45.25. The company’s market cap is $2.45 billion. The company has a 50 day moving average of $38.88 and a 200 day moving average of $29.49.
Lumentum Holdings (NASDAQ:LITE) last posted its quarterly earnings results on Tuesday, August 9th. The company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.05. The business earned $241.70 million during the quarter, compared to analysts’ expectations of $238.52 million. Lumentum Holdings had a net margin of 1.01% and a return on equity of 11.91%. The business’s quarterly revenue was up 15.7% on a year-over-year basis. During the same period last year, the company posted $0.15 earnings per share. Equities analysts expect that Lumentum Holdings will post $1.88 earnings per share for the current fiscal year.
In related news, COO Vincent Retort sold 4,643 shares of the firm’s stock in a transaction dated Wednesday, September 28th. The shares were sold at an average price of $41.84, for a total transaction of $194,263.12. Following the transaction, the chief operating officer now directly owns 69,170 shares of the company’s stock, valued at $2,894,072.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Alan S. Lowe sold 174,222 shares of the firm’s stock in a transaction dated Monday, August 22nd. The shares were sold at an average price of $34.03, for a total transaction of $5,928,774.66. Following the transaction, the chief executive officer now directly owns 38,880 shares in the company, valued at $1,323,086.40. The disclosure for this sale can be found here. Corporate insiders own 0.76% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Legal & General Group Plc increased its stake in Lumentum Holdings by 133.1% in the first quarter. Legal & General Group Plc now owns 4,109 shares of the company’s stock worth $111,000 after buying an additional 2,346 shares during the period. PineBridge Investments L.P. increased its stake in Lumentum Holdings by 4.1% in the second quarter. PineBridge Investments L.P. now owns 6,015 shares of the company’s stock worth $146,000 after buying an additional 239 shares during the period. Teacher Retirement System of Texas increased its stake in Lumentum Holdings by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 6,581 shares of the company’s stock worth $159,000 after buying an additional 799 shares during the period. Pacad Investment Ltd. bought a new stake in Lumentum Holdings during the second quarter worth about $160,000. Finally, ProShare Advisors LLC bought a new stake in Lumentum Holdings during the second quarter worth about $214,000. 74.97% of the stock is currently owned by institutional investors.
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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