B. Riley Reaffirms “Buy” Rating for Lumentum Holdings Inc. (LITE)
B. Riley restated their buy rating on shares of Lumentum Holdings Inc. (NASDAQ:LITE) in a report published on Thursday morning. B. Riley currently has a $81.00 price objective on the technology company’s stock.
Several other research analysts have also recently issued reports on the company. Stifel Nicolaus reaffirmed a buy rating and set a $73.00 price objective on shares of Lumentum Holdings in a research report on Thursday, September 7th. Needham & Company LLC reissued a strong-buy rating and issued a $80.00 target price on shares of Lumentum Holdings in a research report on Wednesday, September 6th. BidaskClub raised Lumentum Holdings from a sell rating to a hold rating in a research report on Saturday, August 26th. Zacks Investment Research cut Lumentum Holdings from a buy rating to a hold rating in a research report on Tuesday, August 15th. Finally, Jefferies Group LLC reissued a buy rating and issued a $72.00 target price (up from $63.00) on shares of Lumentum Holdings in a research report on Thursday, August 10th. 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 given a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and an average target price of $64.75.
Shares of Lumentum Holdings (NASDAQ LITE) opened at 57.25 on Thursday. The firm has a 50-day moving average price of $57.76 and a 200 day moving average price of $52.78. The firm’s market cap is $3.52 billion. Lumentum Holdings has a one year low of $32.90 and a one year high of $68.63.
Lumentum Holdings (NASDAQ:LITE) last released its quarterly earnings data on Wednesday, August 9th. The technology company reported $0.39 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.18. The business had revenue of $222.70 million during the quarter, compared to analysts’ expectations of $229.45 million. Lumentum Holdings had a positive return on equity of 18.12% and a negative net margin of 10.25%. The business’s quarterly revenue was down 7.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.41 EPS. On average, analysts forecast that Lumentum Holdings will post $3.02 earnings per share for the current fiscal year.
In other Lumentum Holdings news, CEO Alan S. Lowe sold 28,095 shares of the stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $51.20, for a total transaction of $1,438,464.00. Following the completion of the sale, the chief executive officer now directly owns 249,655 shares of the company’s stock, valued at approximately $12,782,336. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Penny Herscher sold 1,313 shares of the stock in a transaction that occurred 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 sale, the director now directly owns 26,464 shares of the company’s stock, valued at $1,403,650.56. The disclosure for this sale can be found here. Insiders have sold a total of 52,199 shares of company stock valued at $2,692,047 over the last ninety days. 0.76% of the stock is owned by insiders.
A number of institutional investors have recently bought and sold shares of LITE. Riverhead Capital Management LLC lifted its position in Lumentum Holdings by 71.8% during the 2nd quarter. Riverhead Capital Management LLC now owns 2,062 shares of the technology company’s stock worth $118,000 after acquiring an additional 862 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Lumentum Holdings by 111.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,662 shares of the technology company’s stock worth $152,000 after acquiring an additional 1,406 shares during the period. Creative Planning lifted its position in Lumentum Holdings by 54.2% during the 2nd quarter. Creative Planning now owns 3,039 shares of the technology company’s stock worth $173,000 after acquiring an additional 1,068 shares during the period. LS Investment Advisors LLC lifted its position in Lumentum Holdings by 69.1% during the 1st quarter. LS Investment Advisors LLC now owns 3,494 shares of the technology company’s stock worth $186,000 after acquiring an additional 1,428 shares during the period. Finally, Teacher Retirement System of Texas acquired a new stake in Lumentum Holdings during the 1st quarter worth approximately $206,000. 95.74% of the stock is owned by institutional investors.
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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