Piper Jaffray Cos. reissued their overweight rating on shares of Lumentum Holdings Inc. (NASDAQ:LITE) in a report published on Friday morning. The brokerage currently has a $47.00 price objective on the stock, up from their prior price objective of $38.00.
Several other research firms have also commented on LITE. MKM Partners lifted their price target on Lumentum Holdings from $37.00 to $50.00 and gave the stock a buy rating in a report on Monday, September 26th. B. Riley reiterated a buy rating and set a $41.50 price target on shares of Lumentum Holdings in a report on Wednesday, August 10th. Zacks Investment Research raised Lumentum Holdings from a hold rating to a strong-buy rating and set a $38.00 price objective for the company in a research report on Tuesday, August 16th. Stifel Nicolaus raised their price objective on Lumentum Holdings from $31.00 to $42.00 and gave the stock a buy rating in a research report on Wednesday, August 10th. Finally, Needham & Company LLC reissued a buy rating and set a $35.00 price objective on shares of Lumentum Holdings in a research report on Wednesday, June 15th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. The company presently has an average rating of Buy and an average target price of $39.29.
Lumentum Holdings (NASDAQ:LITE) traded up 1.29% during mid-day trading on Friday, hitting $44.81. 136,304 shares of the company’s stock traded hands. Lumentum Holdings has a one year low of $13.97 and a one year high of $45.25. The firm’s 50-day moving average price is $38.40 and its 200-day moving average price is $29.24. The stock’s market cap is $2.69 billion.
Lumentum Holdings (NASDAQ:LITE) last posted its quarterly earnings results on Tuesday, August 9th. The company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.36 by $0.05. Lumentum Holdings had a return on equity of 11.91% and a net margin of 1.01%. The business 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 firm earned $0.15 EPS. The company’s quarterly revenue was up 15.7% compared to the same quarter last year. On average, analysts forecast that Lumentum Holdings will post $1.88 EPS for the current fiscal year.
In other news, CEO Alan S. Lowe sold 174,222 shares of the business’s stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $34.03, for a total transaction of $5,928,774.66. Following the completion of the transaction, the chief executive officer now directly owns 38,880 shares of the company’s stock, valued at $1,323,086.40. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Vincent Retort sold 4,643 shares of the business’s stock in a transaction dated Wednesday, September 28th. The stock was sold at an average price of $41.84, for a total value of $194,263.12. Following the transaction, the chief operating officer now directly owns 69,170 shares of the company’s stock, valued at $2,894,072.80. The disclosure for this sale can be found here. 0.76% of the stock is owned by company insiders.
Several institutional investors have recently made changes to their positions in the company. Legal & General Group Plc increased its position in shares of Lumentum Holdings by 133.1% in the first quarter. Legal & General Group Plc now owns 4,109 shares of the company’s stock worth $111,000 after buying an additional 2,346 shares in the last quarter. PineBridge Investments L.P. increased its position in shares of Lumentum Holdings by 4.1% in the second quarter. PineBridge Investments L.P. now owns 6,015 shares of the company’s stock worth $146,000 after buying an additional 239 shares in the last quarter. Teacher Retirement System of Texas increased its position in shares of Lumentum Holdings by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 6,581 shares of the company’s stock worth $159,000 after buying an additional 799 shares in the last quarter. Pacad Investment Ltd. bought a new position in shares of Lumentum Holdings during the second quarter worth approximately $160,000. Finally, First American Bank bought a new position in shares of Lumentum Holdings during the third quarter worth approximately $306,000. 74.97% of the stock is owned by institutional investors and hedge funds.
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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