Lumentum Holdings Inc. (LITE) Lowered to “Sell” at Goldman Sachs Group Inc.
Lumentum Holdings Inc. (NASDAQ:LITE) was downgraded by equities researchers at Goldman Sachs Group Inc. from a “neutral” rating to a “sell” rating in a research report issued to clients and investors on Tuesday.
Several other brokerages have also recently weighed in on LITE. Needham & Company LLC reaffirmed a “buy” rating and issued a $35.00 price target on shares of Lumentum Holdings in a research report on Wednesday, June 15th. Zacks Investment Research upgraded shares of Lumentum Holdings from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 6th. MKM Partners upped their price target on shares of Lumentum Holdings from $28.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, July 20th. JPMorgan Chase & Co. restated a “buy” rating on shares of Lumentum Holdings in a research note on Monday, August 8th. Finally, B. Riley restated a “buy” rating and set a $41.50 price target on shares of Lumentum Holdings in a research note on Wednesday, August 10th. Three research analysts have rated the stock with a sell rating, one has assigned a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. Lumentum Holdings currently has an average rating of “Buy” and a consensus target price of $39.29.
Lumentum Holdings (NASDAQ:LITE) opened at 44.50 on Tuesday. The firm’s 50 day moving average is $38.69 and its 200-day moving average is $29.41. The company’s market cap is $2.67 billion. Lumentum Holdings has a 52 week low of $13.97 and a 52 week high of $45.25.
Lumentum Holdings (NASDAQ:LITE) last released its quarterly earnings results on Tuesday, August 9th. The company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.05. Lumentum Holdings had a net margin of 1.01% and a return on equity of 11.91%. The firm earned $241.70 million during the quarter, compared to analysts’ expectations of $238.52 million. During the same period in the previous year, the company earned $0.15 EPS. The firm’s revenue for the quarter was up 15.7% compared to the same quarter last year. On average, analysts predict that Lumentum Holdings will post $1.88 earnings per share for the current fiscal year.
In other news, CEO Alan S. Lowe sold 4,351 shares of Lumentum Holdings stock in a transaction on Wednesday, September 28th. The shares were sold at an average price of $41.82, for a total value of $181,958.82. Following the transaction, the chief executive officer now directly owns 151,220 shares of the company’s stock, valued at approximately $6,324,020.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Vincent Retort sold 39,473 shares of Lumentum Holdings stock in a transaction on Monday, July 25th. The shares were sold at an average price of $30.00, for a total transaction of $1,184,190.00. Following the completion of the transaction, the chief operating officer now directly owns 40,060 shares in the company, valued at $1,201,800. The disclosure for this sale can be found here. 0.76% of the stock is currently owned by corporate insiders.
Several institutional investors have recently made changes to their positions in the stock. Legal & General Group Plc boosted its position in shares of Lumentum Holdings by 133.1% in the first quarter. Legal & General Group Plc now owns 4,109 shares of the company’s stock worth $111,000 after buying an additional 2,346 shares during the last quarter. PineBridge Investments L.P. boosted its position in shares of Lumentum Holdings by 4.1% in the second quarter. PineBridge Investments L.P. now owns 6,015 shares of the company’s stock valued at $146,000 after buying an additional 239 shares in the last quarter. Teacher Retirement System of Texas boosted its position in shares of Lumentum Holdings by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 6,581 shares of the company’s stock valued at $159,000 after buying an additional 799 shares in the last quarter. Pacad Investment Ltd. purchased a new position in shares of Lumentum Holdings during the second quarter valued at about $160,000. Finally, ProShare Advisors LLC purchased a new position in shares of Lumentum Holdings during the second quarter valued at about $214,000. 74.97% of the stock is currently owned by institutional investors and hedge funds.
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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