Lumentum Holdings Inc. (LITE) Receives Average Recommendation of “Buy” from Analysts
Lumentum Holdings Inc. (NASDAQ:LITE) has earned an average rating of “Buy” from the thirteen analysts that are covering the company. Three analysts have rated the stock with a sell rating, one has assigned a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $41.32.
Several research analysts recently weighed in on the stock. B. Riley restated a “buy” rating and set a $41.50 price target on shares of Lumentum Holdings in a report on Monday, August 15th. Needham & Company LLC upgraded shares of Lumentum Holdings from a “buy” rating to a “strong-buy” rating and boosted their price target for the stock from $35.00 to $40.00 in a report on Monday, July 25th. Morgan Stanley cut shares of Lumentum Holdings from an “equal weight” rating to an “underweight” rating and boosted their price target for the stock from $20.00 to $27.00 in a report on Thursday, August 11th. Jefferies Group boosted their price target on shares of Lumentum Holdings from $34.00 to $39.00 and gave the stock a “buy” rating in a report on Wednesday, August 10th. Finally, Stifel Nicolaus lifted their price objective on shares of Lumentum Holdings from $31.00 to $42.00 and gave the stock a “buy” rating in a research report on Wednesday, August 10th.
In other news, 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 value of $210,819.04. Following the sale, the chief financial officer now owns 13,239 shares of the company’s stock, valued at $458,598.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Vincent Retort sold 8,114 shares of the business’s stock in a transaction that occurred on Tuesday, August 16th. The shares were sold at an average price of $32.59, for a total transaction of $264,435.26. Following the completion of the sale, the chief operating officer now directly owns 587 shares in the company, valued at approximately $19,130.33. The disclosure for this sale can be found here. 0.76% of the stock is currently owned by insiders.
Several hedge funds have recently bought and sold shares of the stock. Capstone Asset Management Co. raised its stake in Lumentum Holdings by 14.8% in the third quarter. Capstone Asset Management Co. now owns 15,920 shares of the company’s stock valued at $665,000 after buying an additional 2,050 shares during the period. First American Bank acquired a new stake in Lumentum Holdings during the third quarter valued at about $306,000. Mason Street Advisors LLC acquired a new stake in Lumentum Holdings during the second quarter valued at about $224,000. Wolverine Asset Management LLC acquired a new stake in Lumentum Holdings during the second quarter valued at about $605,000. Finally, Schwab Charles Investment Management Inc. raised its stake in Lumentum Holdings by 96.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 189,881 shares of the company’s stock valued at $4,596,000 after buying an additional 92,984 shares during the period. 74.89% of the stock is currently owned by institutional investors.
Shares of Lumentum Holdings (NASDAQ:LITE) traded up 0.65% on Tuesday, hitting $40.51. 250,227 shares of the company’s stock were exchanged. Lumentum Holdings has a 12 month low of $13.99 and a 12 month high of $45.25. The firm’s market cap is $2.43 billion. The stock’s 50 day moving average is $39.64 and its 200 day moving average is $29.89.
Lumentum Holdings (NASDAQ:LITE) last released its quarterly earnings results on Tuesday, August 9th. The company reported $0.41 earnings per share for the quarter, topping the 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 business had revenue of $241.70 million for the quarter, compared to analysts’ expectations of $238.52 million. During the same period in the previous year, the company earned $0.15 earnings per share. The firm’s revenue for the quarter was up 15.7% compared to the same quarter last year. On average, equities analysts predict that Lumentum Holdings will post $1.88 earnings per share for the current year.
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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