Lumentum Holdings Inc. (LITE) Downgraded by Goldman Sachs Group Inc. to Sell
Goldman Sachs Group Inc. lowered shares of Lumentum Holdings Inc. (NASDAQ:LITE) from a neutral rating to a sell rating in a research note released on Tuesday morning. The brokerage currently has $36.00 price objective on the stock.
Several other analysts have also recently commented on the stock. Needham & Company LLC upgraded shares of Lumentum Holdings from a buy rating to a strong-buy rating and raised their price objective for the company from $35.00 to $40.00 in a research note on Monday, July 25th. Zacks Investment Research upgraded shares of Lumentum Holdings from a hold rating to a strong-buy rating and set a $38.00 price objective for the company in a research note on Tuesday, August 16th. Piper Jaffray Cos. reiterated an overweight rating and issued a $38.00 price objective (up previously from $32.00) on shares of Lumentum Holdings in a research note on Saturday, August 13th. 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, 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. Three investment analysts have rated the stock with a sell rating, one has assigned a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. The stock has an average rating of Buy and a consensus price target of $40.21.
Lumentum Holdings (NASDAQ:LITE) traded up 0.15% during mid-day trading on Tuesday, hitting $40.53. 32,098 shares of the stock traded hands. Lumentum Holdings has a 12-month low of $13.97 and a 12-month high of $45.25. The firm’s 50-day moving average is $39.46 and its 200-day moving average is $29.75. The company’s market cap is $2.44 billion.
Lumentum Holdings (NASDAQ:LITE) last released its earnings results on Tuesday, August 9th. The company reported $0.41 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.05. Lumentum Holdings had a net margin of 1.01% and a return on equity of 11.91%. The company earned $241.70 million during the quarter, compared to analysts’ expectations of $238.52 million. During the same quarter last year, the business earned $0.15 EPS. The business’s revenue was up 15.7% on a year-over-year basis. Equities research analysts expect that Lumentum Holdings will post $1.88 EPS for the current year.
In other news, CEO Alan S. Lowe sold 4,351 shares of Lumentum Holdings stock in a transaction dated Wednesday, September 28th. The shares were sold at an average price of $41.82, for a total transaction of $181,958.82. Following the completion of the sale, the chief executive officer now directly owns 151,220 shares in the company, valued at $6,324,020.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Aaron Tachibana sold 6,086 shares of the business’s stock in a transaction that occurred on Friday, August 19th. The shares were sold at an average price of $34.64, for a total transaction of $210,819.04. Following the completion of the sale, the chief financial officer now owns 13,239 shares of the company’s stock, valued at $458,598.96. The disclosure for this sale can be found here. Insiders own 0.76% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in LITE. 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 last quarter. 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 last quarter. 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 last quarter. Pacad Investment Ltd. bought a new stake in Lumentum Holdings during the second quarter worth about $160,000. Finally, First American Bank bought a new stake in Lumentum Holdings during the third quarter worth about $306,000. Hedge funds and other institutional investors own 74.89% of the company’s stock.
Lumentum Holdings Company Profile
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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