BidaskClub Lowers Lumentum (LITE) to Buy

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BidaskClub downgraded shares of Lumentum (NASDAQ:LITE) from a strong-buy rating to a buy rating in a research note released on Friday morning.

A number of other research firms also recently commented on LITE. Stifel Nicolaus began coverage on shares of Lumentum in a research note on Monday, October 22nd. They set a buy rating and a $75.00 price objective on the stock. ValuEngine upgraded shares of Lumentum from a sell rating to a hold rating in a research report on Thursday, November 8th. Loop Capital reduced their price target on shares of Lumentum to $70.00 and set an average rating on the stock in a research report on Thursday, November 1st. JPMorgan Chase & Co. upgraded shares of Lumentum from a neutral rating to an overweight rating and set a $80.00 price target on the stock in a research report on Thursday, October 11th. Finally, Zacks Investment Research upgraded shares of Lumentum from a hold rating to a buy rating and set a $63.00 price target on the stock in a research report on Saturday, November 3rd. Four equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the stock. Lumentum has a consensus rating of Buy and a consensus price target of $67.95.

NASDAQ LITE opened at $42.33 on Friday. Lumentum has a 12 month low of $37.00 and a 12 month high of $74.40. The company has a debt-to-equity ratio of 0.53, a quick ratio of 3.24 and a current ratio of 4.17. The firm has a market cap of $3.22 billion, a price-to-earnings ratio of 13.06, a P/E/G ratio of 0.79 and a beta of 0.65.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Tuesday, February 5th. The technology company reported $1.15 EPS for the quarter, beating the Zacks’ consensus estimate of $1.00 by $0.15. Lumentum had a net margin of 7.50% and a return on equity of 20.24%. The firm had revenue of $373.70 million for the quarter, compared to the consensus estimate of $365.08 million. During the same period in the prior year, the firm posted $1.67 EPS. The firm’s revenue was down 7.6% compared to the same quarter last year. On average, research analysts expect that Lumentum will post 3.37 EPS for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in the business. New Mexico Educational Retirement Board increased its stake in Lumentum by 2.0% during the 4th quarter. New Mexico Educational Retirement Board now owns 15,000 shares of the technology company’s stock valued at $630,000 after buying an additional 300 shares during the period. IFP Advisors Inc increased its stake in Lumentum by 121.7% during the 4th quarter. IFP Advisors Inc now owns 949 shares of the technology company’s stock valued at $39,000 after buying an additional 521 shares during the period. Nisa Investment Advisors LLC increased its stake in Lumentum by 70.8% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,349 shares of the technology company’s stock valued at $57,000 after buying an additional 559 shares during the period. PNC Financial Services Group Inc. increased its stake in Lumentum by 25.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,864 shares of the technology company’s stock valued at $119,000 after buying an additional 581 shares during the period. Finally, Meeder Asset Management Inc. acquired a new position in Lumentum during the 4th quarter valued at about $25,000.

Lumentum Company Profile

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

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Analyst Recommendations for Lumentum (NASDAQ:LITE)

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