Needham & Company LLC restated their strong-buy rating on shares of Lumentum (NASDAQ:LITE) in a research report report published on Thursday, January 3rd, The Fly reports.
A number of other research analysts also recently commented on the company. JPMorgan Chase & Co. raised Lumentum from a neutral rating to an overweight rating and set a $80.00 target price on the stock in a report on Thursday, October 11th. ValuEngine upgraded Lumentum from a sell rating to a hold rating in a research report on Friday, October 12th. BidaskClub lowered Lumentum from a strong-buy rating to a buy rating in a research note on Thursday, September 13th. Raymond James reduced their price objective on Lumentum from $88.00 to $87.00 and set a strong-buy rating for the company in a research note on Tuesday, December 11th. Finally, Stifel Nicolaus assumed coverage on Lumentum in a research note on Monday, October 22nd. They set a buy rating and a $75.00 price objective for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, fourteen have assigned a buy rating and three have given a strong buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $68.26.
Shares of NASDAQ:LITE opened at $45.73 on Thursday. Lumentum has a 12 month low of $37.00 and a 12 month high of $74.40. The company has a quick ratio of 4.88, a current ratio of 5.52 and a debt-to-equity ratio of 0.34. The stock has a market cap of $2.84 billion, a price-to-earnings ratio of 14.11, a PEG ratio of 0.72 and a beta of 0.51.
Lumentum (NASDAQ:LITE) last issued its quarterly earnings results on Thursday, November 1st. The technology company reported $1.31 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.29. Lumentum had a return on equity of 28.74% and a net margin of 21.21%. The firm had revenue of $354.00 million during the quarter, compared to the consensus estimate of $351.21 million. During the same quarter in the prior year, the business posted $0.43 earnings per share. Lumentum’s revenue for the quarter was up 45.7% on a year-over-year basis. Research analysts predict that Lumentum will post 3.67 EPS for the current fiscal year.
In other news, Director Penny Herscher sold 1,197 shares of the business’s stock in a transaction that occurred on Friday, November 2nd. The stock was sold at an average price of $52.93, for a total value of $63,357.21. Following the transaction, the director now directly owns 34,743 shares of the company’s stock, valued at approximately $1,838,946.99. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.55% of the stock is owned by insiders.
Hedge funds have recently bought and sold shares of the stock. Schwab Charles Investment Management Inc. raised its position in shares of Lumentum by 7.7% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 379,953 shares of the technology company’s stock valued at $22,000,000 after acquiring an additional 27,127 shares during the last quarter. American Century Companies Inc. raised its position in shares of Lumentum by 47.7% during the 2nd quarter. American Century Companies Inc. now owns 45,058 shares of the technology company’s stock valued at $2,609,000 after acquiring an additional 14,556 shares during the last quarter. Swiss National Bank raised its position in shares of Lumentum by 2.1% during the 2nd quarter. Swiss National Bank now owns 109,420 shares of the technology company’s stock valued at $6,335,000 after acquiring an additional 2,200 shares during the last quarter. GSA Capital Partners LLP acquired a new position in shares of Lumentum in the 2nd quarter valued at $690,000. Finally, Private Advisor Group LLC acquired a new position in shares of Lumentum in the 2nd quarter valued at $263,000.
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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