Lumentum Holdings Inc. (LITE) Given New $51.50 Price Target at Jefferies Group
Lumentum Holdings Inc. (NASDAQ:LITE) had its price target raised by stock analysts at Jefferies Group to $51.50 in a research report issued to clients and investors on Monday. Jefferies Group’s price target would suggest a potential upside of 23.29% from the stock’s previous close.
Several other research analysts also recently commented on the company. B. Riley reissued a “buy” rating and set a $50.00 target price on shares of Lumentum Holdings in a research note on Friday. MKM Partners boosted their target price on Lumentum Holdings from $37.00 to $50.00 and gave the stock a “buy” rating in a research note on Monday, September 26th. Needham & Company LLC boosted their target price on Lumentum Holdings from $40.00 to $50.00 and gave the stock a “strong-buy” rating in a research note on Monday, September 19th. Piper Jaffray Cos. reissued an “overweight” rating and set a $38.00 target price on shares of Lumentum Holdings in a research note on Wednesday, September 7th. Finally, Zacks Investment Research raised Lumentum Holdings from a “hold” rating to a “strong-buy” rating and set a $38.00 target price for the company in a research note on Tuesday, August 16th. Two analysts have rated the stock with a sell rating, two have given a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the stock. Lumentum Holdings currently has a consensus rating of “Buy” and an average price target of $38.54.
Shares of Lumentum Holdings (NASDAQ:LITE) opened at 41.43 on Monday. The firm’s 50-day moving average is $36.94 and its 200-day moving average is $28.63. The company’s market cap is $2.49 billion. Lumentum Holdings has a one year low of $13.97 and a one year high of $42.35.
Lumentum Holdings (NASDAQ:LITE) last posted its earnings results on Tuesday, August 9th. The company reported $0.41 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.36 by $0.05. Lumentum Holdings had a return on equity of 11.91% and a net margin of 1.01%. The company earned $241.70 million during the quarter, compared to the consensus estimate of $238.52 million. During the same quarter last year, the firm earned $0.15 earnings per share. The company’s revenue was up 15.7% on a year-over-year basis. Analysts expect that Lumentum Holdings will post $1.87 EPS for the current fiscal year.
In other news, COO Vincent Retort sold 39,473 shares of the company’s stock in a transaction that occurred on Monday, July 25th. The stock was sold at an average price of $30.00, for a total transaction of $1,184,190.00. Following the transaction, the chief operating officer now directly owns 40,060 shares of the company’s stock, valued at $1,201,800. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Alan S. Lowe sold 174,222 shares of the company’s stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $34.03, for a total value of $5,928,774.66. Following the transaction, the chief executive officer now directly owns 38,880 shares in the company, valued at $1,323,086.40. The disclosure for this sale can be found here. 0.76% of the stock is owned by corporate insiders.
Institutional investors have recently modified their holdings of the company. RS Investment Management Co. LLC raised its stake in Lumentum Holdings by 1,548.6% in the second quarter. RS Investment Management Co. LLC now owns 1,395,702 shares of the company’s stock worth $33,776,000 after buying an additional 1,311,042 shares during the last quarter. Teachers Advisors Inc. raised its stake in Lumentum Holdings by 50.7% in the second quarter. Teachers Advisors Inc. now owns 2,734,615 shares of the company’s stock worth $66,178,000 after buying an additional 919,821 shares during the last quarter. BlackRock Fund Advisors raised its stake in Lumentum Holdings by 38.7% in the second quarter. BlackRock Fund Advisors now owns 3,204,522 shares of the company’s stock worth $77,549,000 after buying an additional 893,643 shares during the last quarter. Quentec Asset Management LLC raised its stake in Lumentum Holdings by 1,418.0% in the second quarter. Quentec Asset Management LLC now owns 880,525 shares of the company’s stock worth $21,308,000 after buying an additional 822,519 shares during the last quarter. Finally, Capital Research Global Investors raised its stake in Lumentum Holdings by 9.6% in the second quarter. Capital Research Global Investors now owns 6,441,454 shares of the company’s stock worth $155,883,000 after buying an additional 564,000 shares during the last quarter. 74.97% of the stock is currently owned by institutional investors.
Lumentum Holdings Company Profile
Lumentum Holdings Inc is a provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers).
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