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.

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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.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Tuesday, February 6th. The technology company reported $1.67 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.00 by $0.67. Lumentum had a return on equity of 24.06% and a net margin of 8.97%. The company had revenue of $404.60 million for the quarter, compared to analyst estimates of $357.03 million. During the same quarter last year, the firm earned $0.57 EPS. Lumentum’s revenue for the quarter was up 52.7% compared to the same quarter last year. equities research analysts anticipate that Lumentum will post 2.85 EPS for the current fiscal year.

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.

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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).

Analyst Recommendations for Lumentum (NASDAQ:LITE)

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