Zacks: Brokerages Anticipate Lumentum Holdings Inc. (LITE) Will Announce Quarterly Sales of $255.20 Million
Wall Street brokerages expect Lumentum Holdings Inc. (NASDAQ:LITE) to report sales of $255.20 million for the current quarter, Zacks reports. Seven analysts have made estimates for Lumentum Holdings’ earnings, with the highest sales estimate coming in at $260.00 million and the lowest estimate coming in at $246.80 million. Lumentum Holdings reported sales of $258.10 million in the same quarter last year, which indicates a negative year over year growth rate of 1.1%. The company is scheduled to announce its next earnings results before the market opens on Thursday, October 26th.
According to Zacks, analysts expect that Lumentum Holdings will report full-year sales of $255.20 million for the current fiscal year, with estimates ranging from $1.08 billion to $1.42 billion. For the next fiscal year, analysts expect that the company will report sales of $1.36 billion per share, with estimates ranging from $1.15 billion to $1.53 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow Lumentum Holdings.
Lumentum Holdings (NASDAQ:LITE) last announced 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 the consensus estimate of $229.45 million. Lumentum Holdings had a negative net margin of 10.25% and a positive return on equity of 18.12%. The firm’s quarterly revenue was down 7.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.41 earnings per share.
Several equities analysts have recently commented on the stock. Barclays PLC restated a “hold” rating on shares of Lumentum Holdings in a report on Friday, July 14th. Stifel Nicolaus restated a “buy” rating and issued a $73.00 price objective on shares of Lumentum Holdings in a report on Saturday, July 22nd. B. Riley restated a “buy” rating and issued a $77.00 price objective (up from $58.00) on shares of Lumentum Holdings in a report on Tuesday, June 27th. BidaskClub lowered shares of Lumentum Holdings from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Finally, Northland Securities set a $55.00 price objective on shares of Lumentum Holdings and gave the stock a “hold” rating in a report on Monday, July 10th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. Lumentum Holdings currently has an average rating of “Buy” and a consensus price target of $66.31.
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Shares of Lumentum Holdings (LITE) traded down 0.18% during trading on Wednesday, hitting $55.95. 1,409,099 shares of the stock were exchanged. Lumentum Holdings has a one year low of $32.90 and a one year high of $60.20. The company’s market cap is $3.44 billion. The stock’s 50 day moving average price is $56.43 and its 200-day moving average price is $56.43.
In other Lumentum Holdings news, CEO Alan S. Lowe sold 4,364 shares of the stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $54.59, for a total transaction of $238,230.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Vincent Retort sold 30,706 shares of the stock in a transaction that occurred on Thursday, September 28th. The stock was sold at an average price of $54.46, for a total transaction of $1,672,248.76. Following the sale, the chief operating officer now owns 110,770 shares in the company, valued at $6,032,534.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 87,269 shares of company stock worth $4,602,526. 0.76% of the stock is owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in LITE. BlackRock Inc. lifted its holdings in Lumentum Holdings by 151,490.5% during the 1st quarter. BlackRock Inc. now owns 6,441,080 shares of the technology company’s stock worth $343,632,000 after buying an additional 6,436,831 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Lumentum Holdings by 71.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,662,272 shares of the technology company’s stock worth $151,883,000 after buying an additional 1,107,107 shares in the last quarter. Columbus Circle Investors acquired a new stake in Lumentum Holdings during the 2nd quarter worth approximately $34,743,000. Vanguard Group Inc. lifted its holdings in Lumentum Holdings by 10.4% during the 1st quarter. Vanguard Group Inc. now owns 5,208,003 shares of the technology company’s stock worth $277,848,000 after buying an additional 491,391 shares in the last quarter. Finally, Gilder Gagnon Howe & Co. LLC lifted its holdings in Lumentum Holdings by 23.4% during the 2nd quarter. Gilder Gagnon Howe & Co. LLC now owns 2,099,760 shares of the technology company’s stock worth $119,791,000 after buying an additional 397,622 shares in the last quarter. Institutional investors own 95.74% of the company’s stock.
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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