Lumentum Holdings Inc. (NASDAQ:LITE)‘s stock had its “overweight” rating reaffirmed by analysts at J P Morgan Chase & Co in a research note issued on Wednesday.
LITE has been the topic of several other reports. Goldman Sachs Group, Inc. (The) lowered shares of Lumentum Holdings from a “neutral” rating to a “sell” rating and set a $36.00 target price on the stock. in a research note on Tuesday, October 11th. Zacks Investment Research lowered shares of Lumentum Holdings from a “buy” rating to a “hold” rating in a research note on Wednesday, December 7th. Raymond James Financial, Inc. raised shares of Lumentum Holdings from an “outperform” rating to a “strong-buy” rating and set a $45.00 target price on the stock in a research note on Monday, November 7th. Needham & Company LLC reissued a “strong-buy” rating and set a $50.00 target price on shares of Lumentum Holdings in a research note on Friday, October 28th. Finally, Stifel Nicolaus increased their target price on shares of Lumentum Holdings from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, October 28th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. Lumentum Holdings presently has an average rating of “Buy” and an average price target of $42.46.
Shares of Lumentum Holdings (NASDAQ:LITE) traded up 14.05% during midday trading on Wednesday, reaching $45.85. The company’s stock had a trading volume of 5,356,395 shares. The stock has a market capitalization of $2.76 billion, a PE ratio of 849.07 and a beta of 0.73. Lumentum Holdings has a 52 week low of $20.80 and a 52 week high of $46.45. The company has a 50 day moving average price of $37.89 and a 200-day moving average price of $37.71.
Lumentum Holdings (NASDAQ:LITE) last posted its earnings results on Tuesday, February 7th. The company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.06. Lumentum Holdings had a net margin of 0.62% and a return on equity of 15.22%. The business had revenue of $265 million for the quarter, compared to analyst estimates of $265.66 million. During the same period in the prior year, the company posted $0.31 EPS. The company’s revenue for the quarter was up 21.4% on a year-over-year basis. On average, equities research analysts expect that Lumentum Holdings will post $2.03 EPS for the current year.
In other news, COO Vincent Retort sold 1,578 shares of the firm’s stock in a transaction that occurred on Thursday, November 17th. The shares were sold at an average price of $40.45, for a total transaction of $63,830.10. Following the completion of the sale, the chief operating officer now owns 67,920 shares in the company, valued at approximately $2,747,364. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Alan S. Lowe sold 6,113 shares of the firm’s stock in a transaction that occurred on Thursday, November 17th. The stock was sold at an average price of $40.68, for a total transaction of $248,676.84. Following the sale, the chief executive officer now owns 158,306 shares of the company’s stock, valued at approximately $6,439,888.08. The disclosure for this sale can be found here. Insiders sold a total of 19,805 shares of company stock worth $777,818 over the last three months. Corporate insiders own 0.76% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Comerica Bank increased its stake in shares of Lumentum Holdings by 5.4% in the fourth quarter. Comerica Bank now owns 58,056 shares of the company’s stock worth $2,110,000 after buying an additional 2,999 shares in the last quarter. Calamos Advisors LLC purchased a new stake in shares of Lumentum Holdings during the fourth quarter worth about $10,726,000. Cadence Capital Management LLC purchased a new stake in shares of Lumentum Holdings during the fourth quarter worth about $453,000. Russell Investments Group Ltd. purchased a new stake in shares of Lumentum Holdings during the fourth quarter worth about $10,701,000. Finally, Marvin & Palmer Associates Inc. increased its stake in shares of Lumentum Holdings by 107.4% in the third quarter. Marvin & Palmer Associates Inc. now owns 235,775 shares of the company’s stock worth $9,849,000 after buying an additional 122,075 shares in the last quarter. Institutional investors and hedge funds own 83.17% of the company’s stock.
Lumentum Holdings 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).