Lumentum (LITE) Rating Lowered to Hold at Zacks Investment Research

Lumentum (NASDAQ:LITE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.

According to Zacks, “Lumentum Holdings Inc. is a manufacturer of innovative optical and photonic products. The Company’s operating segment consists of Optical Communications and Commercial Lasers. Optical Communications segment portfolio includes products used by Telecom and Datacom nanoelectromechanical systems and traditional as well as cloud/data center service providers. Commercial Lasers segment products serve its customers in markets and applications, such as manufacturing, biotechnology, graphics and imaging, remote sensing and precision machining. Lumentum Holdings Inc. is headquartered in Milpitas, California. “

LITE has been the topic of a number of other reports. Jefferies Group reiterated a “buy” rating and set a $75.00 price target on shares of Lumentum in a research note on Wednesday, November 1st. Craig Hallum reiterated a “buy” rating and set a $85.00 price target (up from $75.00) on shares of Lumentum in a research note on Wednesday, November 1st. DA Davidson boosted their price target on shares of Lumentum from $82.00 to $90.00 and gave the stock a “buy” rating in a research note on Thursday, November 2nd. MKM Partners boosted their price target on shares of Lumentum to $71.00 and gave the stock a “neutral” rating in a research note on Thursday, November 2nd. Finally, Barclays boosted their price target on shares of Lumentum from $59.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 2nd. Two analysts have rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $68.06.

Lumentum (NASDAQ LITE) traded down $0.75 during midday trading on Wednesday, reaching $46.40. 2,036,047 shares of the company’s stock were exchanged, compared to its average volume of 1,819,653. Lumentum has a 52 week low of $34.15 and a 52 week high of $68.63. The company has a debt-to-equity ratio of 0.50, a current ratio of 5.21 and a quick ratio of 4.38. The firm has a market capitalization of $2,923.30, a PE ratio of 32.97, a P/E/G ratio of 0.86 and a beta of 0.83.

In related news, Director Martin A. Kaplan sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $55.03, for a total transaction of $165,090.00. Following the sale, the director now directly owns 26,573 shares in the company, valued at $1,462,312.19. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Vincent Retort sold 30,706 shares of the company’s stock in a transaction that occurred on Thursday, September 28th. The stock was sold at an average price of $54.46, for a total transaction of $1,672,248.76. Following the sale, the chief operating officer now owns 110,770 shares in the company, valued at $6,032,534.20. The disclosure for this sale can be found here. Insiders have sold 65,891 shares of company stock worth $3,675,432 over the last 90 days. Insiders own 0.76% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the stock. Suntrust Banks Inc. increased its stake in shares of Lumentum by 0.4% during the second quarter. Suntrust Banks Inc. now owns 9,468 shares of the technology company’s stock worth $539,000 after buying an additional 37 shares during the period. Arizona State Retirement System increased its stake in shares of Lumentum by 0.7% during the second quarter. Arizona State Retirement System now owns 29,060 shares of the technology company’s stock worth $1,658,000 after buying an additional 200 shares during the period. Stifel Financial Corp increased its stake in shares of Lumentum by 6.6% during the second quarter. Stifel Financial Corp now owns 7,271 shares of the technology company’s stock worth $415,000 after buying an additional 447 shares during the period. Texas Permanent School Fund increased its stake in shares of Lumentum by 1.2% during the second quarter. Texas Permanent School Fund now owns 40,628 shares of the technology company’s stock worth $2,318,000 after buying an additional 468 shares during the period. Finally, Municipal Employees Retirement System of Michigan increased its stake in shares of Lumentum by 5.2% during the second quarter. Municipal Employees Retirement System of Michigan now owns 13,150 shares of the technology company’s stock worth $750,000 after buying an additional 650 shares during the period. Hedge funds and other institutional investors own 95.70% of the company’s stock.

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About Lumentum

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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