B. Riley Reiterates Buy Rating for Lumentum (LITE)
Lumentum (NASDAQ:LITE)‘s stock had its “buy” rating reissued by analysts at B. Riley in a research note issued on Friday. They presently have a $89.00 target price on the technology company’s stock. B. Riley’s price objective indicates a potential upside of 74.17% from the stock’s current price.
LITE has been the topic of several other research reports. Zacks Investment Research cut shares of Lumentum from a “buy” rating to a “hold” rating in a research report on Wednesday, December 6th. Barclays increased their price target on shares of Lumentum from $59.00 to $65.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 2nd. BidaskClub cut shares of Lumentum from a “hold” rating to a “sell” rating in a research report on Saturday, December 2nd. Craig Hallum reissued a “buy” rating and set a $85.00 price target (up previously from $75.00) on shares of Lumentum in a research report on Wednesday, November 1st. Finally, Jefferies Group reaffirmed a “buy” rating and issued a $75.00 target price on shares of Lumentum in a report on Friday, October 6th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the stock. Lumentum has an average rating of “Buy” and an average price target of $69.56.
Shares of Lumentum (NASDAQ LITE) traded up $0.90 on Friday, hitting $51.10. 1,265,600 shares of the stock traded hands, compared to its average volume of 1,372,450. The firm has a market capitalization of $3,140.00 and a PE ratio of -33.40. Lumentum has a 1-year low of $34.15 and a 1-year high of $68.63. The company has a debt-to-equity ratio of 0.50, a current ratio of 5.21 and a quick ratio of 4.38.
Institutional investors and hedge funds have recently made changes to their positions in the company. Pacer Advisors Inc. purchased a new position in shares of Lumentum during the third quarter worth approximately $434,000. Shelton Capital Management purchased a new position in shares of Lumentum during the second quarter worth approximately $314,000. Chicago Equity Partners LLC grew its position in shares of Lumentum by 20.1% during the second quarter. Chicago Equity Partners LLC now owns 14,655 shares of the technology company’s stock worth $836,000 after acquiring an additional 2,455 shares during the last quarter. DekaBank Deutsche Girozentrale purchased a new position in shares of Lumentum during the third quarter worth approximately $318,000. Finally, Macquarie Group Ltd. grew its position in shares of Lumentum by 21.5% during the third quarter. Macquarie Group Ltd. now owns 114,540 shares of the technology company’s stock worth $6,225,000 after acquiring an additional 20,244 shares during the last quarter. Institutional investors and hedge funds own 95.70% of the company’s stock.
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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