StockNews.com Upgrades Lumentum (NASDAQ:LITE) to Sell

StockNews.com upgraded shares of Lumentum (NASDAQ:LITE) to a sell rating in a research note issued to investors on Monday morning.

Other research analysts have also issued research reports about the stock. Rosenblatt Securities lifted their price target on shares of Lumentum from $60.00 to $65.00 and gave the company a buy rating in a research note on Friday, February 9th. JPMorgan Chase & Co. reduced their target price on shares of Lumentum from $62.00 to $57.00 and set an overweight rating for the company in a research note on Thursday, April 11th. Susquehanna dropped their price target on Lumentum from $65.00 to $60.00 and set a positive rating on the stock in a research note on Friday, February 9th. B. Riley reduced their price objective on Lumentum from $42.00 to $41.00 and set a neutral rating for the company in a research report on Friday, February 9th. Finally, Raymond James increased their price objective on Lumentum from $51.50 to $58.00 and gave the stock an outperform rating in a report on Monday, April 1st. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Lumentum currently has an average rating of Hold and an average target price of $52.08.

Lumentum Price Performance

LITE opened at $42.59 on Monday. The stock has a market cap of $2.87 billion, a P/E ratio of -10.81 and a beta of 1.09. Lumentum has a 12 month low of $35.35 and a 12 month high of $65.16. The company has a quick ratio of 2.42, a current ratio of 3.13 and a debt-to-equity ratio of 1.96. The company has a fifty day simple moving average of $45.98 and a 200 day simple moving average of $47.20.

Lumentum (NASDAQ:LITE) last released its quarterly earnings data on Thursday, February 8th. The technology company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.07). Lumentum had a negative net margin of 18.52% and a positive return on equity of 1.04%. The business had revenue of $366.80 million for the quarter, compared to the consensus estimate of $363.44 million. On average, research analysts expect that Lumentum will post -0.64 EPS for the current year.

Insider Activity

In related news, CAO Matthew Joseph Sepe sold 9,903 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $49.23, for a total transaction of $487,524.69. Following the transaction, the chief accounting officer now directly owns 33,188 shares in the company, valued at $1,633,845.24. The sale was disclosed in a filing with the SEC, which is available through this link. 0.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Lumentum

Several hedge funds have recently bought and sold shares of the company. Headlands Technologies LLC acquired a new position in Lumentum during the third quarter worth approximately $26,000. Ramirez Asset Management Inc. bought a new position in shares of Lumentum during the 3rd quarter worth approximately $32,000. Neo Ivy Capital Management acquired a new position in shares of Lumentum during the 3rd quarter worth approximately $32,000. CENTRAL TRUST Co raised its stake in Lumentum by 714.3% in the 1st quarter. CENTRAL TRUST Co now owns 1,140 shares of the technology company’s stock valued at $54,000 after acquiring an additional 1,000 shares during the period. Finally, Principal Securities Inc. acquired a new stake in Lumentum during the 4th quarter valued at $55,000. 94.05% of the stock is currently owned by institutional investors and hedge funds.

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 (OpComms) and Commercial Lasers (Lasers). The OpComms segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and data over high-capacity fiber optic cables.