Zacks Investment Research Downgrades Lumentum (LITE) to Sell

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Lumentum (NASDAQ:LITE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday, Zacks.com reports.

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. “

Several other equities research analysts also recently issued reports on LITE. TheStreet downgraded Lumentum from a “b-” rating to a “c+” rating in a report on Monday, May 13th. ValuEngine downgraded Lumentum from a “hold” rating to a “sell” rating in a report on Saturday, May 18th. Northland Securities set a $68.00 price objective on Lumentum and gave the company a “buy” rating in a report on Monday, May 20th. Piper Jaffray Companies cut their price objective on Lumentum from $75.00 to $68.00 and set an “overweight” rating on the stock in a report on Tuesday, May 21st. Finally, Jefferies Financial Group cut their price objective on Lumentum from $75.00 to $60.00 and set a “buy” rating on the stock in a report on Tuesday, May 21st. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $67.16.

Shares of Lumentum stock opened at $44.41 on Friday. Lumentum has a 52 week low of $37.00 and a 52 week high of $69.95. The firm has a market capitalization of $3.39 billion, a PE ratio of 13.71, a price-to-earnings-growth ratio of 0.90 and a beta of 0.68. The company has a current ratio of 3.96, a quick ratio of 3.20 and a debt-to-equity ratio of 0.55.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Tuesday, May 7th. The technology company reported $0.91 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.22. The firm had revenue of $433.00 million for the quarter, compared to the consensus estimate of $428.33 million. Lumentum had a return on equity of 19.94% and a net margin of 1.57%. The company’s quarterly revenue was up 44.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.78 EPS. Equities analysts forecast that Lumentum will post 3.27 earnings per share for the current fiscal year.

In other Lumentum news, SVP Judy G. Hamel sold 1,429 shares of the company’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $58.64, for a total transaction of $83,796.56. Following the sale, the senior vice president now owns 44,793 shares in the company, valued at approximately $2,626,661.52. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.55% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Rockefeller Capital Management L.P. increased its holdings in Lumentum by 159.1% during the 1st quarter. Rockefeller Capital Management L.P. now owns 482 shares of the technology company’s stock worth $28,000 after purchasing an additional 296 shares during the period. Meeder Asset Management Inc. purchased a new stake in Lumentum during the 4th quarter worth about $25,000. Sapphire Star Partners LP purchased a new stake in Lumentum during the 4th quarter worth about $28,000. SevenBridge Financial Group LLC purchased a new stake in Lumentum during the 4th quarter worth about $39,000. Finally, IFP Advisors Inc increased its holdings in Lumentum by 121.7% during the 4th quarter. IFP Advisors Inc now owns 949 shares of the technology company’s stock worth $39,000 after purchasing an additional 521 shares during the period. Institutional investors own 86.44% of the company’s stock.

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 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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