Lumentum (NASDAQ:LITE) Announces Earnings Results, Beats Estimates By $0.21 EPS

Lumentum (NASDAQ:LITE) announced its earnings results on Thursday. The technology company reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.21, Morningstar.com reports. Lumentum had a positive return on equity of 18.19% and a negative net margin of 2.33%. The company had revenue of $404.60 million during the quarter, compared to analysts’ expectations of $383.54 million. During the same period last year, the business posted $0.95 EPS. Lumentum’s revenue for the quarter was up 34.4% on a year-over-year basis. Lumentum updated its Q1 2020 guidance to $1.12-1.26 EPS and its Q1 guidance to $1.12-1.26 EPS.

Shares of LITE traded down $0.93 during midday trading on Friday, hitting $59.71. The company had a trading volume of 2,267,623 shares, compared to its average volume of 1,579,799. The company has a 50-day moving average price of $54.24. The company has a quick ratio of 3.20, a current ratio of 4.53 and a debt-to-equity ratio of 0.56. The firm has a market capitalization of $4.63 billion, a price-to-earnings ratio of 18.09, a P/E/G ratio of 1.21 and a beta of 1.36. Lumentum has a 1 year low of $37.00 and a 1 year high of $69.95.

A number of brokerages recently commented on LITE. UBS Group set a $70.00 target price on Lumentum and gave the company a “buy” rating in a report on Wednesday, May 8th. Piper Jaffray Companies raised their target price on Lumentum from $68.00 to $72.00 and gave the company an “overweight” rating in a report on Friday. Rosenblatt Securities restated a “buy” rating and set a $80.00 target price on shares of Lumentum in a report on Tuesday, May 7th. Craig Hallum lifted their price objective on Lumentum from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Friday. Finally, Needham & Company LLC reiterated a “strong-buy” rating and issued a $70.00 price objective (up previously from $62.00) on shares of Lumentum in a research note on Friday. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $69.13.



Several institutional investors and hedge funds have recently made changes to their positions in the company. Bridge City Capital LLC lifted its stake in Lumentum by 0.5% during the second quarter. Bridge City Capital LLC now owns 50,443 shares of the technology company’s stock worth $2,694,000 after purchasing an additional 243 shares during the last quarter. Magnus Financial Group LLC lifted its stake in Lumentum by 4.5% during the first quarter. Magnus Financial Group LLC now owns 6,356 shares of the technology company’s stock worth $359,000 after purchasing an additional 274 shares during the last quarter. Hayden Royal LLC lifted its stake in Lumentum by 8.0% during the second quarter. Hayden Royal LLC now owns 4,050 shares of the technology company’s stock worth $215,000 after purchasing an additional 300 shares during the last quarter. Penserra Capital Management LLC lifted its stake in Lumentum by 3.0% during the first quarter. Penserra Capital Management LLC now owns 11,374 shares of the technology company’s stock worth $703,000 after purchasing an additional 330 shares during the last quarter. Finally, Securian Asset Management Inc lifted its stake in Lumentum by 3.8% during the first quarter. Securian Asset Management Inc now owns 9,271 shares of the technology company’s stock worth $524,000 after purchasing an additional 343 shares during the last quarter. Institutional investors and hedge funds own 94.32% of the company’s stock.

Lumentum Company Profile

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 and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.

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Earnings History for Lumentum (NASDAQ:LITE)

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