Lumentum Holdings Inc. (LITE) PT Set at $55.00 by Northland Securities
Lumentum Holdings Inc. (NASDAQ:LITE) has been given a $55.00 price target by Northland Securities in a report issued on Monday, July 10th. The firm currently has a “hold” rating on the technology company’s stock. Northland Securities’ price target would suggest a potential downside of 6.38% from the company’s previous close.
A number of other brokerages also recently issued reports on LITE. B. Riley reaffirmed a “buy” rating and set a $77.00 price target (up from $58.00) on shares of Lumentum Holdings in a research report on Tuesday, June 27th. Stifel Nicolaus reaffirmed a “buy” rating and set a $73.00 price target (up from $53.00) on shares of Lumentum Holdings in a research report on Thursday, June 22nd. DA Davidson started coverage on Lumentum Holdings in a research report on Thursday, June 22nd. They set a “neutral” rating and a $77.00 price target on the stock. BidaskClub raised Lumentum Holdings from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 23rd. Finally, Needham & Company LLC upped their target price on Lumentum Holdings from $56.00 to $80.00 and gave the company a “strong-buy” rating in a research report on Monday, June 12th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $59.64.
Lumentum Holdings (NASDAQ LITE) traded down 0.17% during mid-day trading on Monday, reaching $58.75. The company had a trading volume of 1,988,171 shares. The stock’s market capitalization is $3.59 billion. The stock has a 50 day moving average price of $61.85 and a 200-day moving average price of $51.73. Lumentum Holdings has a 12-month low of $29.86 and a 12-month high of $68.63.
Lumentum Holdings (NASDAQ:LITE) last issued its quarterly earnings results on Thursday, May 4th. The technology company reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.12. The business had revenue of $255.80 million for the quarter, compared to the consensus estimate of $257.22 million. Lumentum Holdings had a positive return on equity of 19.55% and a negative net margin of 3.28%. The business’s quarterly revenue was up 11.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.32 earnings per share. Equities analysts anticipate that Lumentum Holdings will post $1.90 EPS for the current fiscal year.
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In related news, COO Vincent Retort sold 805 shares of the firm’s stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $58.15, for a total value of $46,810.75. Following the transaction, the chief operating officer now directly owns 66,755 shares of the company’s stock, valued at approximately $3,881,803.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Aaron Tachibana sold 1,521 shares of the firm’s stock in a transaction dated Wednesday, May 17th. The shares were sold at an average price of $54.40, for a total transaction of $82,742.40. Following the completion of the transaction, the chief financial officer now directly owns 45,495 shares in the company, valued at $2,474,928. The disclosure for this sale can be found here. Over the last three months, insiders have sold 11,813 shares of company stock worth $648,776. Corporate insiders own 0.76% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. Comerica Bank increased its stake in Lumentum Holdings by 5.4% in the fourth quarter. Comerica Bank now owns 58,056 shares of the technology company’s stock worth $2,110,000 after buying an additional 2,999 shares during the last quarter. State Street Corp increased its stake in shares of Lumentum Holdings by 7.9% in the fourth quarter. State Street Corp now owns 1,176,587 shares of the technology company’s stock worth $45,475,000 after buying an additional 86,356 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Lumentum Holdings by 5.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 578,301 shares of the technology company’s stock worth $22,352,000 after buying an additional 30,570 shares in the last quarter. Federated Investors Inc. PA purchased a new stake in shares of Lumentum Holdings during the fourth quarter worth about $1,320,000. Finally, FMR LLC increased its stake in shares of Lumentum Holdings by 118.8% in the fourth quarter. FMR LLC now owns 697,786 shares of the technology company’s stock worth $26,970,000 after buying an additional 378,919 shares in the last quarter. Institutional investors own 95.06% 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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