BidaskClub Lowers Lumentum (LITE) to Sell

Lumentum (NASDAQ:LITE) was downgraded by equities researchers at BidaskClub from a “hold” rating to a “sell” rating in a report issued on Friday.

A number of other brokerages have also recently commented on LITE. MKM Partners upped their price target on Lumentum to $71.00 and gave the company a “neutral” rating in a research report on Thursday, November 2nd. DA Davidson upped their price target on Lumentum from $82.00 to $90.00 and gave the company a “buy” rating in a research report on Thursday, November 2nd. Craig Hallum reaffirmed a “buy” rating and set a $85.00 price target (up previously from $75.00) on shares of Lumentum in a research report on Wednesday, November 1st. Jefferies Group reaffirmed a “buy” rating and set a $75.00 price target on shares of Lumentum in a research report on Wednesday, November 1st. Finally, Barclays upped their price target on Lumentum from $59.00 to $65.00 and gave the company an “equal weight” rating in a research report on Thursday, November 2nd. Two research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the stock. Lumentum currently has an average rating of “Buy” and an average price target of $69.69.

Lumentum (LITE) opened at $51.70 on Friday. Lumentum has a 1 year low of $34.15 and a 1 year high of $68.63. The company has a debt-to-equity ratio of 0.50, a quick ratio of 4.38 and a current ratio of 5.21. The company has a market capitalization of $3,200.00 and a price-to-earnings ratio of -33.79.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings results on Wednesday, November 1st. The technology company reported $0.32 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.09). Lumentum had a negative net margin of 9.32% and a positive return on equity of 15.99%. sell-side analysts forecast that Lumentum will post 2.86 earnings per share for the current fiscal year.

In other Lumentum news, Director Martin A. Kaplan sold 3,000 shares of the firm’s stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $55.03, for a total value of $165,090.00. Following the sale, the director now owns 26,573 shares of the company’s stock, valued at approximately $1,462,312.19. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Penny Herscher sold 822 shares of the firm’s stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $50.61, for a total value of $41,601.42. Following the completion of the sale, the director now directly owns 34,793 shares in the company, valued at approximately $1,760,873.73. The disclosure for this sale can be found here. Insiders have sold a total of 31,643 shares of company stock worth $1,806,554 in the last three months. 0.76% of the stock is currently owned by insiders.

Several large investors have recently added to or reduced their stakes in the business. Suntrust Banks Inc. raised its holdings in shares of Lumentum by 0.4% in the 2nd quarter. Suntrust Banks Inc. now owns 9,468 shares of the technology company’s stock valued at $539,000 after acquiring an additional 37 shares in the last quarter. Stifel Financial Corp raised its holdings in shares of Lumentum by 6.6% in the 2nd quarter. Stifel Financial Corp now owns 7,271 shares of the technology company’s stock valued at $415,000 after acquiring an additional 447 shares in the last quarter. Riverhead Capital Management LLC raised its holdings in shares of Lumentum by 71.8% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,062 shares of the technology company’s stock valued at $118,000 after acquiring an additional 862 shares in the last quarter. Ameritas Investment Partners Inc. raised its holdings in shares of Lumentum by 22.6% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,352 shares of the technology company’s stock valued at $305,000 after acquiring an additional 988 shares in the last quarter. Finally, Virginia Retirement Systems ET AL raised its holdings in shares of Lumentum by 22.9% in the 3rd quarter. Virginia Retirement Systems ET AL now owns 5,900 shares of the technology company’s stock valued at $321,000 after acquiring an additional 1,100 shares in the last quarter.

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Lumentum 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).

Analyst Recommendations for Lumentum (NASDAQ:LITE)

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