A number of other equities analysts have also issued reports on the stock. Needham & Company LLC upgraded shares of Lumentum Holdings from a buy rating to a strong-buy rating and upped their target price for the stock from $35.00 to $40.00 in a research report on Monday, July 25th. Zacks Investment Research raised shares of Lumentum Holdings from a hold rating to a strong-buy rating and set a $38.00 price target for the company in a research note on Tuesday, August 16th. Piper Jaffray Cos. reissued an overweight rating and set a $38.00 price target (up from $32.00) on shares of Lumentum Holdings in a research note on Saturday, August 13th. MKM Partners boosted their price target on shares of Lumentum Holdings from $28.00 to $32.00 and gave the stock a buy rating in a research note on Wednesday, July 20th. Finally, Jefferies Group boosted their price target on shares of Lumentum Holdings from $39.00 to $51.50 and gave the stock a buy rating in a research note on Monday, October 3rd. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating, seven have given a buy rating and two have given a strong buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus price target of $39.29.
Shares of Lumentum Holdings (NASDAQ:LITE) traded up 0.52% during midday trading on Tuesday, hitting $40.94. 335,432 shares of the company’s stock were exchanged. The firm’s market cap is $2.46 billion. Lumentum Holdings has a 52 week low of $13.97 and a 52 week high of $45.25. The company has a 50-day moving average of $38.88 and a 200-day moving average of $29.49.
Lumentum Holdings (NASDAQ:LITE) last announced its earnings results on Tuesday, August 9th. The company reported $0.41 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.36 by $0.05. Lumentum Holdings had a net margin of 1.01% and a return on equity of 11.91%. The company had revenue of $241.70 million for the quarter, compared to analyst estimates of $238.52 million. During the same period in the prior year, the business earned $0.15 earnings per share. Lumentum Holdings’s quarterly revenue was up 15.7% on a year-over-year basis. Equities research analysts expect that Lumentum Holdings will post $1.88 EPS for the current fiscal year.
In other news, CFO Aaron Tachibana sold 6,086 shares of the stock in a transaction on Friday, August 19th. The shares were sold at an average price of $34.64, for a total transaction of $210,819.04. Following the completion of the sale, the chief financial officer now owns 13,239 shares of the company’s stock, valued at $458,598.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Vincent Retort sold 1,523 shares of the stock in a transaction on Tuesday, August 23rd. The stock was sold at an average price of $33.96, for a total transaction of $51,721.08. Following the sale, the chief operating officer now directly owns 587 shares of the company’s stock, valued at approximately $19,934.52. The disclosure for this sale can be found here. Insiders own 0.76% of the company’s stock.
Several large investors have recently modified their holdings of the company. Legal & General Group Plc increased its stake 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 valued at $111,000 after buying an additional 2,346 shares in the last quarter. PineBridge Investments L.P. increased its stake 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 valued at $146,000 after buying an additional 239 shares in the last quarter. Teacher Retirement System of Texas increased its stake 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 valued at $159,000 after buying an additional 799 shares in the last quarter. Pacad Investment Ltd. bought a new stake in shares of Lumentum Holdings during the second quarter valued at about $160,000. Finally, ProShare Advisors LLC bought a new stake in shares of Lumentum Holdings during the second quarter valued at about $214,000. 74.97% of the stock is owned by institutional investors.
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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