Lumentum (NASDAQ:LITE) Updates Q4 Earnings Guidance

Lumentum (NASDAQ:LITE) updated its fourth quarter earnings guidance on Monday. The company provided earnings per share guidance of ($0.05)-$0.10 for the period, compared to the consensus earnings per share estimate of $0.14. The company issued revenue guidance of $290-$315 million, compared to the consensus revenue estimate of $330.86 million. Lumentum also updated its Q4 2024 guidance to -0.050-0.100 EPS.

Lumentum Trading Up 0.6 %

Shares of NASDAQ:LITE traded up $0.24 during midday trading on Thursday, reaching $42.83. 260,586 shares of the company’s stock were exchanged, compared to its average volume of 1,447,169. The firm’s 50 day simple moving average is $45.98 and its two-hundred day simple moving average is $47.20. Lumentum has a fifty-two week low of $35.35 and a fifty-two week high of $65.16. The company has a debt-to-equity ratio of 1.96, a current ratio of 3.13 and a quick ratio of 2.42. The stock has a market cap of $2.89 billion, a price-to-earnings ratio of -8.01 and a beta of 1.09.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings results on Thursday, February 8th. The technology company reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.07). Lumentum had a negative net margin of 18.52% and a positive return on equity of 1.04%. The company had revenue of $366.80 million for the quarter, compared to analyst estimates of $363.44 million. As a group, sell-side analysts forecast that Lumentum will post -0.64 EPS for the current fiscal year.

Analyst Ratings Changes

LITE has been the topic of a number of research reports. Needham & Company LLC restated a buy rating and set a $50.00 price target on shares of Lumentum in a research note on Friday, February 9th. JPMorgan Chase & Co. lowered their target price on Lumentum from $62.00 to $57.00 and set an overweight rating for the company in a report on Thursday, April 11th. Stifel Nicolaus reaffirmed a buy rating and set a $62.00 target price on shares of Lumentum in a research note on Monday, April 1st. StockNews.com raised Lumentum to a sell rating in a research report on Monday. Finally, B. Riley decreased their price objective on shares of Lumentum from $41.00 to $40.00 and set a neutral rating for the company in a research report on Tuesday. Three analysts have rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $52.08.

Insider Buying and Selling at Lumentum

In other news, CAO Matthew Joseph Sepe sold 9,903 shares of Lumentum stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $49.23, for a total transaction of $487,524.69. Following the sale, the chief accounting officer now owns 33,188 shares in the company, valued at $1,633,845.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.60% of the stock is currently owned by insiders.

About Lumentum

Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. The company operates through two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers). The OpComms segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and data over high-capacity fiber optic cables.