Lumentum (LITE) Upgraded at BidaskClub

Lumentum (NASDAQ:LITE) was upgraded by research analysts at BidaskClub from a “hold” rating to a “buy” rating in a research note issued on Friday.

Several other research firms have also commented on LITE. JPMorgan Chase & Co. raised their price target on shares of Lumentum from $74.00 to $78.00 and gave the company a “hold” rating in a research report on Wednesday, May 23rd. Zacks Investment Research lowered shares of Lumentum from a “buy” rating to a “hold” rating in a research report on Tuesday, May 8th. TheStreet lowered shares of Lumentum from a “b+” rating to a “c” rating in a research report on Friday, May 4th. Rosenblatt Securities restated a “buy” rating and set a $80.00 price target on shares of Lumentum in a research report on Tuesday, June 5th. Finally, Cascend Securities assumed coverage on shares of Lumentum in a research report on Tuesday, July 17th. They set a “buy” rating and a $70.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Lumentum currently has an average rating of “Buy” and an average price target of $79.42.

LITE stock opened at $60.30 on Friday. The firm has a market cap of $3.67 billion, a P/E ratio of 18.61, a PEG ratio of 0.96 and a beta of -0.06. The company has a current ratio of 5.27, a quick ratio of 4.55 and a debt-to-equity ratio of 0.36. Lumentum has a one year low of $41.95 and a one year high of $74.40.

Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Wednesday, August 8th. The technology company reported $0.95 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.30. The company had revenue of $301.10 million for the quarter, compared to analyst estimates of $288.56 million. Lumentum had a net margin of 19.86% and a return on equity of 25.10%. The firm’s revenue was up 35.2% on a year-over-year basis. During the same quarter last year, the business earned $0.39 earnings per share. research analysts predict that Lumentum will post 3.41 earnings per share for the current year.

In other Lumentum news, CEO Alan S. Lowe sold 11,672 shares of the stock in a transaction on Monday, May 21st. The shares were sold at an average price of $63.02, for a total transaction of $735,569.44. Following the transaction, the chief executive officer now directly owns 208,062 shares of the company’s stock, valued at $13,112,067.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Matthew Joseph Sepe sold 1,466 shares of the stock in a transaction on Monday, July 16th. The shares were sold at an average price of $58.38, for a total transaction of $85,585.08. Following the transaction, the insider now directly owns 17,898 shares in the company, valued at $1,044,885.24. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 14,451 shares of company stock worth $898,425. Insiders own 0.76% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Thrivent Financial for Lutherans lifted its stake in shares of Lumentum by 10.9% in the first quarter. Thrivent Financial for Lutherans now owns 41,998 shares of the technology company’s stock worth $2,679,000 after buying an additional 4,142 shares in the last quarter. Fortaleza Asset Management Inc. purchased a new position in shares of Lumentum in the second quarter worth about $110,000. Millennium Management LLC lifted its stake in shares of Lumentum by 109.2% in the first quarter. Millennium Management LLC now owns 56,100 shares of the technology company’s stock worth $3,579,000 after buying an additional 29,283 shares in the last quarter. Prudential Financial Inc. lifted its stake in shares of Lumentum by 18.1% in the first quarter. Prudential Financial Inc. now owns 120,878 shares of the technology company’s stock worth $7,712,000 after buying an additional 18,514 shares in the last quarter. Finally, Suntrust Banks Inc. lifted its stake in shares of Lumentum by 94.6% in the first quarter. Suntrust Banks Inc. now owns 9,574 shares of the technology company’s stock worth $610,000 after buying an additional 4,655 shares in the last quarter.

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. It 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.

Featured Story: Average Daily Trade Volume – What You Need to Know

Analyst Recommendations for Lumentum (NASDAQ:LITE)

Receive News & Ratings for Lumentum Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lumentum and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply