BidaskClub Lowers Lumentum (NASDAQ:LITE) to Hold

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BidaskClub cut shares of Lumentum (NASDAQ:LITE) from a buy rating to a hold rating in a report released on Saturday, BidAskClub reports.

Several other equities research analysts have also commented on the company. Rosenblatt Securities reiterated a buy rating and set a $80.00 price objective on shares of Lumentum in a research note on Tuesday, May 7th. Craig Hallum restated a buy rating and issued a $60.00 price target (down from $81.00) on shares of Lumentum in a research report on Tuesday, May 21st. Barclays dropped their price target on Lumentum from $60.00 to $50.00 and set an overweight rating for the company in a research report on Thursday, June 6th. Jefferies Financial Group dropped their price target on Lumentum from $75.00 to $60.00 and set a buy rating for the company in a research report on Tuesday, May 21st. Finally, B. Riley upped their price target on Lumentum from $70.00 to $74.00 and gave the company a buy rating in a research report on Wednesday, May 8th. Three analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the stock. The company presently has an average rating of Buy and a consensus price target of $66.37.

NASDAQ:LITE opened at $51.56 on Friday. Lumentum has a 12 month low of $37.00 and a 12 month high of $69.95. The business’s 50 day moving average price is $53.63. The company has a current ratio of 3.96, a quick ratio of 3.20 and a debt-to-equity ratio of 0.55. The stock has a market cap of $4.14 billion, a price-to-earnings ratio of 15.91, a P/E/G ratio of 1.08 and a beta of 1.36.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Tuesday, May 7th. The technology company reported $0.91 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.69 by $0.22. Lumentum had a return on equity of 19.94% and a net margin of 1.57%. The company had revenue of $433.00 million during the quarter, compared to analyst estimates of $428.33 million. During the same period in the previous year, the business earned $0.78 EPS. Lumentum’s quarterly revenue was up 44.8% on a year-over-year basis. Analysts anticipate that Lumentum will post 3.11 earnings per share for the current year.

In related news, SVP Judy G. Hamel sold 1,429 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $58.64, for a total value of $83,796.56. Following the transaction, the senior vice president now directly owns 44,793 shares in the company, valued at $2,626,661.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.55% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Advisory Services Network LLC lifted its holdings in Lumentum by 83.6% in the second quarter. Advisory Services Network LLC now owns 953 shares of the technology company’s stock valued at $51,000 after acquiring an additional 434 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in Lumentum by 95.0% in the second quarter. DekaBank Deutsche Girozentrale now owns 2,919 shares of the technology company’s stock valued at $153,000 after acquiring an additional 1,422 shares during the last quarter. World Asset Management Inc acquired a new position in Lumentum in the first quarter valued at approximately $202,000. Commerzbank Aktiengesellschaft FI acquired a new position in Lumentum in the second quarter valued at approximately $202,000. Finally, Janney Montgomery Scott LLC acquired a new position in Lumentum in the first quarter valued at approximately $203,000. Hedge funds and other institutional investors own 94.32% of the company’s stock.

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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