Lumentum (LITE) Price Target Lowered to $47.00 at Loop Capital

Lumentum (NASDAQ:LITE) had its target price decreased by Loop Capital to $47.00 in a report published on Tuesday morning, The Fly reports. Loop Capital currently has a buy rating on the technology company’s stock.

Several other analysts also recently weighed in on LITE. Barclays reissued a buy rating and issued a $48.00 price target on shares of Lumentum in a research note on Tuesday. Northland Securities reissued an outperform rating and issued a $60.00 price target on shares of Lumentum in a research note on Tuesday. Zacks Investment Research raised shares of Lumentum from a hold rating to a buy rating and set a $63.00 price target for the company in a research note on Saturday, November 3rd. B. Riley lowered their price target on shares of Lumentum from $88.00 to $74.00 and set a buy rating for the company in a research note on Tuesday. Finally, Craig Hallum set a $60.00 price target on shares of Lumentum and gave the stock a buy rating in a research note on Monday. Three equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the stock. Lumentum currently has a consensus rating of Buy and a consensus price target of $69.32.

NASDAQ:LITE traded up $0.52 during trading hours on Tuesday, hitting $39.47. The stock had a trading volume of 906,560 shares, compared to its average volume of 2,808,298. The company has a debt-to-equity ratio of 0.34, a current ratio of 5.52 and a quick ratio of 4.88. Lumentum has a one year low of $37.00 and a one year high of $74.40. The company has a market cap of $2.38 billion, a price-to-earnings ratio of 12.18, a PEG ratio of 0.48 and a beta of 0.46.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Thursday, November 1st. The technology company reported $1.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.29. Lumentum had a net margin of 21.21% and a return on equity of 28.74%. The company had revenue of $354.00 million during the quarter, compared to the consensus estimate of $351.21 million. During the same period in the previous year, the firm posted $0.43 EPS. The firm’s revenue was up 45.7% compared to the same quarter last year. Equities research analysts expect that Lumentum will post 4.34 EPS for the current fiscal year.

In other Lumentum news, SVP Judy G. Hamel sold 2,495 shares of the business’s stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $63.21, for a total value of $157,708.95. Following the transaction, the senior vice president now owns 34,138 shares in the company, valued at $2,157,862.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Penny Herscher sold 1,197 shares of the business’s stock in a transaction dated Friday, November 2nd. The shares were sold at an average price of $52.93, for a total transaction of $63,357.21. Following the completion of the transaction, the director now owns 34,743 shares in the company, valued at approximately $1,838,946.99. The disclosure for this sale can be found here. Insiders sold 9,108 shares of company stock worth $570,740 in the last 90 days. Corporate insiders own 0.55% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in LITE. DekaBank Deutsche Girozentrale increased its position in shares of Lumentum by 149.5% in the third quarter. DekaBank Deutsche Girozentrale now owns 1,497 shares of the technology company’s stock valued at $102,000 after acquiring an additional 897 shares during the period. Fortaleza Asset Management Inc. purchased a new position in shares of Lumentum in the second quarter valued at about $110,000. FNY Investment Advisers LLC purchased a new position in shares of Lumentum during the second quarter valued at about $190,000. LS Investment Advisors LLC increased its position in shares of Lumentum by 95.1% during the second quarter. LS Investment Advisors LLC now owns 3,596 shares of the technology company’s stock valued at $208,000 after buying an additional 1,753 shares during the period. Finally, CIBC World Markets Inc. purchased a new position in shares of Lumentum during the third quarter valued at about $237,000.

Lumentum Company Profile

Lumentum Holdings, Inc engages in the manufacture of optical and photonic products enabling optical networking and commercial laser. It operates through the Optical Communications (OpComms) and Commercial Lasers business segments. The OpComms segment includes modules and subsystems to support and maintain customers in the Telecom and Datacom markets.

Further Reading: Cost of Equity For A Business, Investors

The Fly

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