Lumentum (LITE) Upgraded at BidaskClub
Lumentum (NASDAQ:LITE) was upgraded by analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a research report issued on Wednesday.
Several other brokerages have also weighed in on LITE. Morgan Stanley set a $60.00 price objective on Lumentum and gave the stock a “hold” rating in a report on Friday, March 9th. Barclays raised Lumentum from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $65.00 to $67.00 in a report on Wednesday, January 10th. MKM Partners lifted their price objective on Lumentum to $88.00 and gave the stock a “buy” rating in a report on Wednesday. Northland Securities reissued a “buy” rating and set a $82.00 price objective on shares of Lumentum in a report on Wednesday, February 7th. Finally, TheStreet raised Lumentum from a “c” rating to a “b-” rating in a report on Wednesday, February 7th. One analyst has rated the stock with a sell rating, two have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. Lumentum presently has a consensus rating of “Buy” and an average price target of $74.81.
Shares of Lumentum (LITE) traded up $1.65 during trading hours on Wednesday, hitting $73.55. The stock had a trading volume of 1,058,294 shares, compared to its average volume of 2,472,690. Lumentum has a one year low of $40.35 and a one year high of $74.40. The firm has a market cap of $4,506.25, a price-to-earnings ratio of 50.41, a PEG ratio of 1.36 and a beta of -0.09. The company has a debt-to-equity ratio of 0.38, a current ratio of 4.84 and a quick ratio of 4.16.
In related news, Director Harold L. Covert sold 7,564 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $56.58, for a total transaction of $427,971.12. Following the completion of the transaction, the director now owns 22,628 shares in the company, valued at approximately $1,280,292.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Vincent Retort sold 12,111 shares of Lumentum stock in a transaction on Monday, March 12th. The shares were sold at an average price of $71.00, for a total value of $859,881.00. Following the completion of the transaction, the chief operating officer now owns 77,318 shares of the company’s stock, valued at approximately $5,489,578. The disclosure for this sale can be found here. Insiders have sold a total of 62,150 shares of company stock valued at $3,800,816 in the last 90 days. 0.76% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of LITE. Bank of New York Mellon Corp raised its position in Lumentum by 58.0% in the 4th quarter. Bank of New York Mellon Corp now owns 4,005,797 shares of the technology company’s stock valued at $195,883,000 after purchasing an additional 1,470,587 shares during the last quarter. Eagle Asset Management Inc. bought a new position in Lumentum in the 4th quarter valued at $40,918,000. Whale Rock Capital Management LLC raised its position in Lumentum by 86.0% in the 3rd quarter. Whale Rock Capital Management LLC now owns 1,590,359 shares of the technology company’s stock valued at $86,436,000 after purchasing an additional 735,239 shares during the last quarter. Carillon Tower Advisers Inc. bought a new position in Lumentum in the 4th quarter valued at $29,089,000. Finally, AXA raised its position in Lumentum by 48.4% in the 4th quarter. AXA now owns 1,411,087 shares of the technology company’s stock valued at $69,002,000 after purchasing an additional 460,315 shares during the last quarter.
Lumentum 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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