Lumentum Holdings Inc. (LITE) Expected to Announce Earnings of $0.53 Per Share
Brokerages expect that Lumentum Holdings Inc. (NASDAQ:LITE) will report earnings of $0.53 per share for the current quarter, according to Zacks Investment Research. Seven analysts have made estimates for Lumentum Holdings’ earnings, with the highest EPS estimate coming in at $0.57 and the lowest estimate coming in at $0.48. Lumentum Holdings posted earnings per share of $0.49 in the same quarter last year, which suggests a positive year-over-year growth rate of 8.2%. The company is scheduled to report its next earnings results on Thursday, October 26th.
According to Zacks, analysts expect that Lumentum Holdings will report full year earnings of $3.08 per share for the current year, with EPS estimates ranging from $2.57 to $3.56. For the next year, analysts expect that the firm will report earnings of $3.79 per share, with EPS estimates ranging from $3.30 to $4.35. Zacks Investment Research’s EPS calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Lumentum Holdings.
Lumentum Holdings (NASDAQ:LITE) last posted its quarterly earnings data on Wednesday, August 9th. The technology company reported $0.39 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.21 by $0.18. Lumentum Holdings had a positive return on equity of 18.12% and a negative net margin of 10.25%. The company had revenue of $222.70 million during the quarter, compared to analyst estimates of $229.45 million. During the same quarter last year, the company earned $0.41 EPS. The firm’s revenue for the quarter was down 7.9% on a year-over-year basis.
A number of research firms have weighed in on LITE. B. Riley restated a “buy” rating and set a $77.00 target price (up previously from $58.00) on shares of Lumentum Holdings in a report on Tuesday, June 27th. Zacks Investment Research lowered Lumentum Holdings from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 23rd. Jefferies Group LLC restated a “buy” rating and set a $62.00 target price on shares of Lumentum Holdings in a report on Monday, May 15th. Rosenblatt Securities began coverage on Lumentum Holdings in a report on Tuesday, May 23rd. They set a “buy” rating and a $66.00 target price for the company. Finally, BidaskClub lowered Lumentum Holdings from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 1st. One investment analyst has rated the stock with a sell rating, six have given a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $64.75.
In related news, Director Penny Herscher sold 1,313 shares of the company’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $53.04, for a total value of $69,641.52. Following the transaction, the director now directly owns 26,464 shares of the company’s stock, valued at approximately $1,403,650.56. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Alan S. Lowe sold 7,916 shares of the company’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $52.62, for a total value of $416,539.92. Following the completion of the transaction, the chief executive officer now directly owns 141,162 shares in the company, valued at $7,427,944.44. The disclosure for this sale can be found here. In the last quarter, insiders have sold 52,199 shares of company stock valued at $2,692,047. Company insiders own 0.76% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Lord Abbett & CO. LLC increased its position in shares of Lumentum Holdings by 169.4% in the 2nd quarter. Lord Abbett & CO. LLC now owns 584,992 shares of the technology company’s stock valued at $33,374,000 after acquiring an additional 367,860 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in shares of Lumentum Holdings in the 2nd quarter valued at $311,000. WINTON GROUP Ltd increased its position in shares of Lumentum Holdings by 28.4% in the 2nd quarter. WINTON GROUP Ltd now owns 25,319 shares of the technology company’s stock valued at $1,444,000 after acquiring an additional 5,594 shares during the period. Public Employees Retirement System of Ohio increased its position in shares of Lumentum Holdings by 2,773.3% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 51,576 shares of the technology company’s stock valued at $2,942,000 after acquiring an additional 49,781 shares during the period. Finally, Piedmont Investment Advisors LLC acquired a new position in shares of Lumentum Holdings in the 2nd quarter valued at $686,000. 95.74% of the stock is currently owned by hedge funds and other institutional investors.
Lumentum Holdings (NASDAQ LITE) traded down 2.14% on Friday, reaching $57.25. The company had a trading volume of 3,338,813 shares. The stock’s 50-day moving average is $58.50 and its 200-day moving average is $48.43. The company’s market capitalization is $3.52 billion. Lumentum Holdings has a 52 week low of $32.90 and a 52 week high of $60.00.
About Lumentum Holdings
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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