Lumentum Holdings Inc. (LITE) Receives Consensus Recommendation of “Buy” from Analysts
Lumentum Holdings Inc. (NASDAQ:LITE) has earned an average rating of “Buy” from the fourteen ratings firms that are currently covering the stock. Three equities research analysts have rated the stock with a sell rating, one has assigned a hold rating, seven have given a buy rating and three have issued a strong buy rating on the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $42.52.
A number of research analysts recently commented on the company. B. Riley reissued a “buy” rating and issued a $51.75 price target on shares of Lumentum Holdings in a report on Wednesday, November 2nd. Needham & Company LLC increased their price target on Lumentum Holdings from $50.00 to $56.00 and gave the company a “strong-buy” rating in a report on Monday, October 31st. Stifel Nicolaus increased their price target on Lumentum Holdings from $31.00 to $42.00 and gave the company a “buy” rating in a report on Wednesday, August 10th. JPMorgan Chase & Co. reissued a “buy” rating on shares of Lumentum Holdings in a report on Monday, August 8th. Finally, Barclays PLC increased their price target on Lumentum Holdings from $23.00 to $30.00 and gave the company an “underweight” rating in a report on Wednesday, August 10th.
In related news, CFO Aaron Tachibana sold 5,180 shares of the firm’s stock in a transaction that occurred on Thursday, November 17th. The stock was sold at an average price of $40.10, for a total value of $207,718.00. Following the sale, the chief financial officer now directly owns 47,548 shares in the company, valued at approximately $1,906,674.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Alan S. Lowe sold 23,610 shares of the firm’s stock in a transaction that occurred on Tuesday, September 6th. The shares were sold at an average price of $35.45, for a total value of $836,974.50. Following the completion of the sale, the chief executive officer now owns 140,302 shares in the company, valued at $4,973,705.90. The disclosure for this sale can be found here. Insiders own 0.76% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the stock. UBS Asset Management Americas Inc. boosted its stake in Lumentum Holdings by 237.9% in the first quarter. UBS Asset Management Americas Inc. now owns 134,840 shares of the company’s stock valued at $3,637,000 after buying an additional 94,936 shares in the last quarter. Wellington Management Group LLP purchased a new position in shares of Lumentum Holdings during the first quarter worth about $9,856,000. AMP Capital Investors Ltd purchased a new position in shares of Lumentum Holdings during the first quarter worth about $277,000. BNP Paribas Arbitrage SA raised its position in shares of Lumentum Holdings by 102.8% in the second quarter. BNP Paribas Arbitrage SA now owns 14,964 shares of the company’s stock worth $362,000 after buying an additional 7,586 shares during the last quarter. Finally, LaSalle Street Capital Management LLC raised its position in shares of Lumentum Holdings by 3.2% in the second quarter. LaSalle Street Capital Management LLC now owns 9,441 shares of the company’s stock worth $228,000 after buying an additional 292 shares during the last quarter. Hedge funds and other institutional investors own 83.95% of the company’s stock.
Lumentum Holdings (NASDAQ:LITE) opened at 41.20 on Wednesday. Lumentum Holdings has a 52 week low of $18.10 and a 52 week high of $45.25. The stock has a market capitalization of $2.48 billion, a P/E ratio of 762.96 and a beta of 0.63. The firm has a 50 day moving average price of $39.24 and a 200 day moving average price of $32.43.
Lumentum Holdings (NASDAQ:LITE) last issued its earnings results on Thursday, October 27th. The company reported $0.49 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.05. Lumentum Holdings had a return on equity of 15.22% and a net margin of 0.62%. The company earned $258.10 million during the quarter, compared to the consensus estimate of $251.95 million. During the same quarter in the prior year, the business earned $0.26 earnings per share. The company’s revenue was up 21.4% compared to the same quarter last year. Equities research analysts predict that Lumentum Holdings will post $2.01 earnings per share for the current year.
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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