Lumentum Holdings Inc. (NASDAQ:LITE) Receives Consensus Recommendation of “Hold” from Brokerages

Lumentum Holdings Inc. (NASDAQ:LITE) has earned a consensus recommendation of “Hold” from the twelve brokerages that are covering the company, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and seven have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $52.14.

LITE has been the topic of several research reports. JPMorgan Chase & Co. decreased their price target on shares of Lumentum from $63.00 to $62.00 and set an “overweight” rating on the stock in a report on Friday, February 9th. Stifel Nicolaus reiterated a “buy” rating and set a $62.00 target price on shares of Lumentum in a research report on Monday. Susquehanna cut their target price on shares of Lumentum from $65.00 to $60.00 and set a “positive” rating on the stock in a research report on Friday, February 9th. Craig Hallum upgraded shares of Lumentum from a “hold” rating to a “buy” rating in a research report on Friday, December 22nd. Finally, Barclays lifted their target price on shares of Lumentum from $40.00 to $45.00 and gave the stock an “underweight” rating in a research report on Tuesday, January 16th.

Lumentum Trading Up 1.7 %

Shares of Lumentum stock opened at $48.15 on Tuesday. The firm has a market capitalization of $3.25 billion, a PE ratio of -12.22 and a beta of 1.10. The company has a current ratio of 3.13, a quick ratio of 2.42 and a debt-to-equity ratio of 1.96. The firm’s 50 day moving average is $50.43 and its 200 day moving average is $47.20. Lumentum has a 1 year low of $35.35 and a 1 year high of $65.16.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings results on Thursday, February 8th. The technology company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.07). The company had revenue of $366.80 million for the quarter, compared to the consensus estimate of $363.44 million. Lumentum had a negative net margin of 18.52% and a positive return on equity of 1.04%. Equities research analysts forecast that Lumentum will post -0.59 earnings per share for the current fiscal year.

Insider Transactions at Lumentum

In other news, CAO Matthew Joseph Sepe sold 9,903 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $49.23, for a total value of $487,524.69. Following the transaction, the chief accounting officer now owns 33,188 shares in the company, valued at approximately $1,633,845.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank bought a new stake in shares of Lumentum in the 4th quarter valued at $53,785,000. Earnest Partners LLC increased its stake in Lumentum by 576.4% during the 1st quarter. Earnest Partners LLC now owns 680,435 shares of the technology company’s stock valued at $66,410,000 after purchasing an additional 579,835 shares in the last quarter. Westfield Capital Management Co. LP bought a new stake in Lumentum during the 4th quarter valued at $29,675,000. Vanguard Group Inc. increased its stake in Lumentum by 6.5% during the 4th quarter. Vanguard Group Inc. now owns 7,196,205 shares of the technology company’s stock valued at $377,225,000 after purchasing an additional 442,177 shares in the last quarter. Finally, Van Lanschot Kempen Investment Management N.V. increased its stake in Lumentum by 88.1% during the 4th quarter. Van Lanschot Kempen Investment Management N.V. now owns 939,269 shares of the technology company’s stock valued at $49,236,000 after purchasing an additional 439,907 shares in the last quarter. Institutional investors and hedge funds own 94.05% of the company’s stock.

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 (OpComms) and Commercial Lasers (Lasers). The OpComms segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and data over high-capacity fiber optic cables.