Lumentum Holdings Inc. (NASDAQ:LITE) Receives Average Recommendation of “Hold” from Brokerages

Shares of Lumentum Holdings Inc. (NASDAQ:LITE) have been assigned an average rating of “Hold” from the twelve research firms that are currently covering the firm, Marketbeat reports. Two research analysts have rated the stock with a sell recommendation, three have given a hold recommendation and seven have issued a buy recommendation on the company. The average twelve-month price target among brokers that have covered the stock in the last year is $52.25.

Several research firms have commented on LITE. StockNews.com raised Lumentum to a “sell” rating in a research note on Monday, May 6th. Stifel Nicolaus reiterated a “buy” rating and set a $62.00 target price on shares of Lumentum in a research report on Monday, April 1st. Needham & Company LLC dropped their target price on Lumentum from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Monday. JPMorgan Chase & Co. dropped their target price on Lumentum from $62.00 to $57.00 and set an “overweight” rating on the stock in a research report on Thursday, April 11th. Finally, Rosenblatt Securities boosted their target price on Lumentum from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Friday, February 9th.

Institutional Investors Weigh In On Lumentum

Institutional investors and hedge funds have recently modified their holdings of the company. Headlands Technologies LLC acquired a new stake in shares of Lumentum in the 3rd quarter worth approximately $26,000. Ramirez Asset Management Inc. purchased a new stake in Lumentum in the 3rd quarter valued at approximately $32,000. Neo Ivy Capital Management purchased a new stake in Lumentum in the 3rd quarter valued at approximately $32,000. Principal Securities Inc. purchased a new stake in Lumentum in the 4th quarter valued at approximately $55,000. Finally, CENTRAL TRUST Co lifted its stake in Lumentum by 714.3% in the 1st quarter. CENTRAL TRUST Co now owns 1,140 shares of the technology company’s stock valued at $54,000 after buying an additional 1,000 shares in the last quarter. Institutional investors and hedge funds own 94.05% of the company’s stock.

Lumentum Stock Down 2.5 %

LITE opened at $46.01 on Wednesday. The business has a 50 day moving average price of $45.32 and a two-hundred day moving average price of $47.69. The company has a quick ratio of 3.87, a current ratio of 5.20 and a debt-to-equity ratio of 2.13. The company has a market cap of $3.11 billion, a PE ratio of -8.76 and a beta of 1.09. Lumentum has a 52 week low of $35.35 and a 52 week high of $65.16.

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.