ValuEngine downgraded shares of Lumentum (NASDAQ:LITE) from a hold rating to a sell rating in a research report report published on Friday.

Several other brokerages have also issued reports on LITE. BidaskClub raised shares of Lumentum from a hold rating to a buy rating in a research note on Friday, November 23rd. TheStreet downgraded shares of Lumentum from a b rating to a c+ rating in a report on Thursday, November 29th. DA Davidson upped their price objective on shares of Lumentum from $92.00 to $98.00 and gave the stock a buy rating in a report on Thursday, August 9th. Barclays restated a buy rating and set a $48.00 price objective on shares of Lumentum in a report on Tuesday, November 13th. Finally, JPMorgan Chase & Co. set a $80.00 price objective on shares of Lumentum and gave the stock a hold rating in a report on Tuesday, September 4th. One analyst has rated the stock with a sell rating, three have given a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the stock. Lumentum has an average rating of Buy and an average target price of $69.79.

NASDAQ LITE traded down $2.82 on Friday, hitting $41.91. 2,105,847 shares of the company were exchanged, compared to its average volume of 2,873,207. The firm has a market cap of $2.84 billion, a PE ratio of 12.94, a P/E/G ratio of 0.70 and a beta of 0.40. Lumentum has a 12 month low of $37.00 and a 12 month high of $74.40. The company has a quick ratio of 4.88, a current ratio of 5.52 and a debt-to-equity ratio of 0.34.

Lumentum (NASDAQ:LITE) last issued its earnings results on Thursday, November 1st. The technology company reported $1.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.02 by $0.29. The business had revenue of $354.00 million for the quarter, compared to analyst estimates of $351.21 million. Lumentum had a net margin of 21.21% and a return on equity of 28.74%. Lumentum’s revenue was up 45.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.43 earnings per share. On average, equities analysts predict that Lumentum will post 3.56 earnings per share for the current year.

In other news, Director Penny Herscher sold 1,197 shares of the stock in a transaction dated Friday, November 2nd. The shares were sold at an average price of $52.93, for a total value of $63,357.21. Following the completion of the sale, the director now owns 34,743 shares in the company, valued at $1,838,946.99. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.55% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of LITE. DekaBank Deutsche Girozentrale grew its position in Lumentum by 149.5% during the third quarter. DekaBank Deutsche Girozentrale now owns 1,497 shares of the technology company’s stock valued at $102,000 after buying an additional 897 shares during the period. CIBC World Markets Inc. bought a new position in Lumentum during the third quarter valued at about $237,000. Private Advisor Group LLC bought a new position in Lumentum during the second quarter valued at about $263,000. D.A. Davidson & CO. bought a new position in Lumentum during the second quarter valued at about $268,000. Finally, Lido Advisors LLC grew its position in Lumentum by 27.3% during the second quarter. Lido Advisors LLC now owns 4,811 shares of the technology company’s stock valued at $278,000 after buying an additional 1,033 shares during the period.

About Lumentum

Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. The company operates through two segments, Optical Communications and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.

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Analyst Recommendations for Lumentum (NASDAQ:LITE)

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