Lumentum (NASDAQ:LITE) Lifted to “Sell” at StockNews.com

StockNews.com upgraded shares of Lumentum (NASDAQ:LITE) to a sell rating in a research note released on Monday morning.

Several other research firms have also recently commented on LITE. B. Riley reduced their target price on Lumentum from $42.00 to $41.00 and set a neutral rating for the company in a research note on Friday, February 9th. Susquehanna decreased their price objective on shares of Lumentum from $65.00 to $60.00 and set a positive rating for the company in a report on Friday, February 9th. JPMorgan Chase & Co. cut their target price on shares of Lumentum from $62.00 to $57.00 and set an overweight rating on the stock in a research note on Thursday, April 11th. Stifel Nicolaus reiterated a buy rating and issued a $62.00 price target on shares of Lumentum in a research note on Monday, April 1st. Finally, Rosenblatt Securities boosted their price objective on Lumentum from $60.00 to $65.00 and gave the company a buy rating in a report on Friday, February 9th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $52.08.

Lumentum Stock Performance

Shares of LITE stock opened at $42.59 on Monday. The company’s fifty day moving average price is $45.98 and its two-hundred day moving average price is $47.20. The company has a debt-to-equity ratio of 1.96, a current ratio of 3.13 and a quick ratio of 2.42. The firm has a market capitalization of $2.87 billion, a P/E ratio of -10.81 and a beta of 1.09. Lumentum has a 12 month low of $35.35 and a 12 month high of $65.16.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings results on Thursday, February 8th. The technology company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.07). Lumentum had a negative net margin of 18.52% and a positive return on equity of 1.04%. The business had revenue of $366.80 million during the quarter, compared to analysts’ expectations of $363.44 million. On average, research analysts anticipate that Lumentum will post -0.64 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Matthew Joseph Sepe sold 9,903 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $49.23, for a total transaction of $487,524.69. Following the completion of the transaction, the chief accounting officer now owns 33,188 shares of the company’s stock, valued at $1,633,845.24. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Lumentum

Several hedge funds and other institutional investors have recently made changes to their positions in LITE. Bridge City Capital LLC raised its stake in Lumentum by 0.7% during the 1st quarter. Bridge City Capital LLC now owns 32,607 shares of the technology company’s stock valued at $1,544,000 after acquiring an additional 242 shares in the last quarter. Janney Montgomery Scott LLC lifted its holdings in Lumentum by 1.8% in the first quarter. Janney Montgomery Scott LLC now owns 14,587 shares of the technology company’s stock worth $691,000 after purchasing an additional 260 shares during the period. Arizona State Retirement System grew its position in Lumentum by 1.7% in the 3rd quarter. Arizona State Retirement System now owns 19,561 shares of the technology company’s stock valued at $884,000 after buying an additional 321 shares in the last quarter. Mcdonald Partners LLC increased its stake in Lumentum by 1.8% during the 3rd quarter. Mcdonald Partners LLC now owns 20,022 shares of the technology company’s stock valued at $905,000 after buying an additional 350 shares during the period. Finally, Kestra Advisory Services LLC raised its position in shares of Lumentum by 8.7% during the 3rd quarter. Kestra Advisory Services LLC now owns 5,030 shares of the technology company’s stock worth $227,000 after buying an additional 404 shares in the last quarter. 94.05% of the stock is currently owned by institutional investors and hedge funds.

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.