Lumentum Holdings Inc. (NASDAQ:LITE) Receives Buy Rating from Stifel Nicolaus
Lumentum Holdings Inc. (NASDAQ:LITE)‘s stock had its “buy” rating reaffirmed by equities research analysts at Stifel Nicolaus in a research report issued on Saturday. They presently have a $73.00 price target on the technology company’s stock. Stifel Nicolaus’ price target would suggest a potential upside of 15.23% from the stock’s previous close.
Other equities analysts have also issued research reports about the company. Zacks Investment Research lowered Lumentum Holdings from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 23rd. B. Riley reissued a “buy” rating and issued a $58.00 price objective on shares of Lumentum Holdings in a research note on Wednesday, May 10th. Barclays PLC raised Lumentum Holdings from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $35.00 to $48.00 in a research note on Friday, May 5th. Jefferies Group LLC reissued a “buy” rating and issued a $62.00 price objective on shares of Lumentum Holdings in a research note on Monday, May 15th. Finally, Rosenblatt Securities assumed coverage on Lumentum Holdings in a research note on Tuesday, May 23rd. They issued a “buy” rating and a $66.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $59.64.
Lumentum Holdings (LITE) opened at 63.35 on Friday. The company’s 50-day moving average price is $61.12 and its 200 day moving average price is $50.03. The company’s market capitalization is $3.87 billion. Lumentum Holdings has a 52 week low of $26.51 and a 52 week high of $67.30.
Lumentum Holdings (NASDAQ:LITE) last announced its quarterly earnings results on Thursday, May 4th. The technology company reported $0.49 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.12. The business had revenue of $255.80 million for the quarter, compared to analyst estimates of $257.22 million. Lumentum Holdings had a positive return on equity of 19.55% and a negative net margin of 3.28%. Lumentum Holdings’s quarterly revenue was up 11.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.32 EPS. On average, equities research analysts anticipate that Lumentum Holdings will post $1.90 EPS for the current year.
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In other Lumentum Holdings news, CEO Alan S. Lowe sold 5,954 shares of the stock in a transaction dated Wednesday, May 17th. The stock was sold at an average price of $54.29, for a total value of $323,242.66. Following the completion of the sale, the chief executive officer now directly owns 153,439 shares in the company, valued at $8,330,203.31. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Aaron Tachibana sold 1,521 shares of the stock in a transaction dated Wednesday, May 17th. The stock was sold at an average price of $54.40, for a total value of $82,742.40. Following the completion of the sale, the chief financial officer now owns 45,495 shares of the company’s stock, valued at $2,474,928. The disclosure for this sale can be found here. Insiders sold 11,813 shares of company stock valued at $648,776 over the last 90 days. Corporate insiders own 0.76% of the company’s stock.
Large investors have recently made changes to their positions in the company. Fisher Asset Management LLC increased its stake in shares of Lumentum Holdings by 102.1% in the first quarter. Fisher Asset Management LLC now owns 136,268 shares of the technology company’s stock valued at $7,270,000 after buying an additional 68,831 shares during the period. Nationwide Fund Advisors increased its stake in shares of Lumentum Holdings by 9.7% in the first quarter. Nationwide Fund Advisors now owns 86,654 shares of the technology company’s stock valued at $4,623,000 after buying an additional 7,657 shares during the period. State of Alaska Department of Revenue increased its stake in shares of Lumentum Holdings by 3.9% in the first quarter. State of Alaska Department of Revenue now owns 6,150 shares of the technology company’s stock valued at $328,000 after buying an additional 230 shares during the period. DnB Asset Management AS acquired a new stake in shares of Lumentum Holdings during the first quarter valued at about $1,446,000. Finally, Louisiana State Employees Retirement System increased its stake in shares of Lumentum Holdings by 2.7% in the first quarter. Louisiana State Employees Retirement System now owns 22,620 shares of the technology company’s stock valued at $1,207,000 after buying an additional 600 shares during the period. Institutional investors own 95.14% of the company’s stock.
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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