BidaskClub Lowers Lumentum (LITE) to Buy

BidaskClub cut shares of Lumentum (NASDAQ:LITE) from a strong-buy rating to a buy rating in a report issued on Thursday morning.

LITE has been the topic of several other research reports. DA Davidson decreased their price target on Lumentum to $92.00 and set a buy rating on the stock in a research note on Monday, July 23rd. Piper Jaffray Companies reissued an overweight rating and set a $85.00 target price on shares of Lumentum in a research note on Wednesday, August 8th. Craig Hallum set a $85.00 target price on Lumentum and gave the stock a buy rating in a research note on Monday, July 9th. Rosenblatt Securities reissued a buy rating and set a $80.00 target price on shares of Lumentum in a research note on Tuesday, June 5th. Finally, Barclays increased their target price on Lumentum from $68.00 to $70.00 and gave the stock an overweight rating in a research note on Thursday, August 9th. Four investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $80.20.

Shares of Lumentum stock opened at $61.00 on Thursday. Lumentum has a 52 week low of $41.95 and a 52 week high of $74.40. The firm has a market capitalization of $3.84 billion, a PE ratio of 18.83, a price-to-earnings-growth ratio of 0.92 and a beta of 0.13. 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 (NASDAQ:LITE) last announced 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. Lumentum had a return on equity of 25.10% and a net margin of 19.86%. The business had revenue of $301.10 million for the quarter, compared to analyst estimates of $288.56 million. During the same quarter in the prior year, the company posted $0.39 EPS. The company’s quarterly revenue was up 35.2% on a year-over-year basis. equities analysts forecast that Lumentum will post 3.66 earnings per share for the current fiscal year.

In other Lumentum news, insider Matthew Joseph Sepe sold 2,000 shares of the stock in a transaction dated Friday, August 24th. The stock was sold at an average price of $64.91, for a total value of $129,820.00. Following the sale, the insider now owns 15,332 shares of the company’s stock, valued at approximately $995,200.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Penny Herscher sold 1,313 shares of the stock in a transaction dated Wednesday, August 15th. The shares were sold at an average price of $58.85, for a total value of $77,270.05. Following the completion of the sale, the director now directly owns 18,910 shares in the company, valued at approximately $1,112,853.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 10,690 shares of company stock worth $670,238. 0.76% of the stock is owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of LITE. Fortaleza Asset Management Inc. acquired a new stake in Lumentum in the 2nd quarter valued at about $110,000. Mount Yale Investment Advisors LLC acquired a new stake in Lumentum in the 1st quarter valued at about $121,000. Summit Trail Advisors LLC raised its position in Lumentum by 4,901.2% in the 1st quarter. Summit Trail Advisors LLC now owns 161,989 shares of the technology company’s stock valued at $162,000 after purchasing an additional 158,750 shares in the last quarter. Cerebellum GP LLC acquired a new stake in Lumentum in the 2nd quarter valued at about $184,000. Finally, FNY Investment Advisers LLC acquired a new stake in Lumentum in the 2nd quarter valued at about $190,000.

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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