Lumentum (NASDAQ:LITE) Upgraded by Zacks Investment Research to “Hold”

Zacks Investment Research upgraded shares of Lumentum (NASDAQ:LITE) from a sell rating to a hold rating in a report published on Wednesday morning, Zacks.com reports.

According to Zacks, “Lumentum Holdings Inc. is a manufacturer of innovative optical and photonic products. The Company’s operating segment consists of Optical Communications and Commercial Lasers. Optical Communications segment portfolio includes products used by Telecom and Datacom nanoelectromechanical systems and traditional as well as cloud/data center service providers. Commercial Lasers segment products serve its customers in markets and applications, such as manufacturing, biotechnology, graphics and imaging, remote sensing and precision machining. Lumentum Holdings Inc. is headquartered in Milpitas, California. “

A number of other equities research analysts also recently commented on the company. Morgan Stanley lifted their price objective on Ollie’s Bargain Outlet from $74.00 to $79.00 and gave the company an equal weight rating in a research report on Wednesday, March 27th. Rosenblatt Securities reaffirmed a buy rating and issued a $80.00 price objective on shares of Lumentum in a research report on Tuesday, May 7th. Barclays reaffirmed a hold rating and issued a $23.00 price objective on shares of Cypress Semiconductor in a research report on Thursday, June 6th. Piper Jaffray Companies lifted their price objective on Array Biopharma from $28.00 to $35.00 and gave the company an overweight rating in a research report on Tuesday, May 21st. Finally, MKM Partners lowered their price objective on Lumentum to $60.00 and set a buy rating for the company in a research report on Tuesday, May 21st. Three investment analysts have rated the stock with a hold rating, fifteen have assigned 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 $66.57.

Shares of NASDAQ:LITE traded up $0.89 during midday trading on Wednesday, reaching $53.02. The company’s stock had a trading volume of 842,971 shares, compared to its average volume of 1,645,450. The firm has a market cap of $4.01 billion, a price-to-earnings ratio of 16.36, a price-to-earnings-growth ratio of 1.06 and a beta of 1.35. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.20 and a current ratio of 3.96. Lumentum has a 1 year low of $37.00 and a 1 year high of $69.95. The company’s 50 day moving average is $47.90.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Tuesday, May 7th. The technology company reported $0.91 EPS for the quarter, beating the Zacks’ consensus estimate of $0.69 by $0.22. The business had revenue of $433.00 million during the quarter, compared to the consensus estimate of $428.33 million. Lumentum had a return on equity of 19.94% and a net margin of 1.57%. The business’s revenue for the quarter was up 44.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.78 earnings per share. Analysts expect that Lumentum will post 3.15 EPS for the current year.

In other Lumentum news, SVP Judy G. Hamel sold 1,429 shares of the business’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $58.64, for a total transaction of $83,796.56. Following the completion of the sale, the senior vice president now owns 44,793 shares of the company’s stock, valued at $2,626,661.52. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.55% of the stock is currently owned by insiders.

A number of hedge funds have recently bought and sold shares of the business. Prudential Financial Inc. grew its position in shares of Lumentum by 11.2% in the 4th quarter. Prudential Financial Inc. now owns 61,039 shares of the technology company’s stock worth $2,564,000 after buying an additional 6,131 shares during the period. First Trust Advisors LP grew its position in shares of Lumentum by 2.9% in the 4th quarter. First Trust Advisors LP now owns 88,206 shares of the technology company’s stock worth $3,706,000 after buying an additional 2,463 shares during the period. PNC Financial Services Group Inc. grew its position in shares of Lumentum by 25.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,864 shares of the technology company’s stock worth $119,000 after buying an additional 581 shares during the period. California Public Employees Retirement System grew its position in shares of Lumentum by 13.9% in the 4th quarter. California Public Employees Retirement System now owns 97,007 shares of the technology company’s stock worth $4,075,000 after buying an additional 11,807 shares during the period. Finally, Blueshift Asset Management LLC purchased a new stake in shares of Lumentum in the 4th quarter worth about $204,000. 95.29% of the stock is owned by hedge funds and other institutional investors.

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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