Lumentum Holdings Inc. (LITE) Hits New 12-Month High at $35.25
Lumentum Holdings Inc. (NASDAQ:LITE) reached a new 52-week high during trading on Tuesday . The company traded as high as $35.25 and last traded at $34.66, with a volume of 373,701 shares traded. The stock had previously closed at $34.53.
A number of research firms have commented on LITE. Zacks Investment Research raised shares of Lumentum Holdings from a “hold” rating to a “strong-buy” rating and set a $38.00 target price for the company in a research report on Tuesday, August 16th. B. Riley reiterated a “buy” rating and set a $41.50 price target on shares of Lumentum Holdings in a research note on Monday, August 15th. Piper Jaffray Cos. reiterated an “overweight” rating and set a $38.00 price target (up previously from $32.00) on shares of Lumentum Holdings in a research note on Saturday, August 13th. Morgan Stanley cut shares of Lumentum Holdings from an “equal weight” rating to an “underweight” rating and lifted their price target for the stock from $20.00 to $27.00 in a research note on Thursday, August 11th. Finally, Barclays PLC lifted their price target on shares of Lumentum Holdings from $23.00 to $30.00 and gave the stock an “underweight” rating in a research note on Wednesday, August 10th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $33.35.
The company’s market cap is $2.09 billion. The company has a 50 day moving average of $31.03 and a 200 day moving average of $26.45.
Lumentum Holdings (NASDAQ:LITE) last issued its quarterly earnings results on Tuesday, August 9th. The company reported $0.41 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.05. The company had revenue of $241.70 million for the quarter, compared to analyst estimates of $238.52 million. During the same quarter in the previous year, the company posted $0.15 EPS. The company’s revenue for the quarter was up 15.7% compared to the same quarter last year. On average, equities analysts forecast that Lumentum Holdings Inc. will post $1.84 earnings per share for the current year.
In other Lumentum Holdings news, CEO Alan S. Lowe sold 174,222 shares of the company’s stock in a transaction that occurred on 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 owns 38,880 shares in the company, valued at approximately $1,323,086.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Vincent Retort sold 39,473 shares of the company’s stock in a transaction that occurred on Monday, July 25th. The shares were sold at an average price of $30.00, for a total transaction of $1,184,190.00. Following the transaction, the chief operating officer now owns 40,060 shares in the company, valued at approximately $1,201,800. The disclosure for this sale can be found here.
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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