Lumentum (NASDAQ:LITE) Sets New 52-Week High at $74.87

Lumentum Holdings Inc (NASDAQ:LITE) hit a new 52-week high during trading on Thursday . The company traded as high as $74.87 and last traded at $74.69, with a volume of 2347802 shares trading hands. The stock had previously closed at $69.81.

A number of equities research analysts recently commented on LITE shares. Morgan Stanley cut shares of Lumentum from an “overweight” rating to an “equal” rating and increased their price objective for the company from $65.00 to $68.00 in a research note on Monday, November 11th. Craig Hallum increased their price objective on shares of Lumentum from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. They noted that the move was a valuation call. Rosenblatt Securities reaffirmed a “buy” rating and set a $90.00 price target on shares of Lumentum in a research note on Monday, December 2nd. Needham & Company LLC reaffirmed a “buy” rating and set a $70.00 price target on shares of Lumentum in a research note on Monday, October 28th. Finally, B. Riley raised their price target on shares of Lumentum from $71.00 to $75.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Two analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $73.66.

The company has a market capitalization of $5.38 billion, a price-to-earnings ratio of 22.64, a PEG ratio of 1.25 and a beta of 1.42. The company’s 50 day simple moving average is $66.76 and its 200-day simple moving average is $56.72. The company has a current ratio of 4.49, a quick ratio of 3.85 and a debt-to-equity ratio of 0.58.

Lumentum (NASDAQ:LITE) last released its earnings results on Thursday, October 31st. The technology company reported $1.44 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.20 by $0.24. Lumentum had a negative net margin of 2.18% and a positive return on equity of 17.81%. The business had revenue of $449.90 million for the quarter, compared to analysts’ expectations of $448.16 million. During the same period last year, the company earned $1.31 earnings per share. The company’s quarterly revenue was up 27.1% on a year-over-year basis. Sell-side analysts anticipate that Lumentum Holdings Inc will post 3.99 EPS for the current year.

In related news, SVP Judy G. Hamel sold 3,841 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $70.00, for a total value of $268,870.00. Following the sale, the senior vice president now directly owns 46,891 shares of the company’s stock, valued at $3,282,370. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Alan S. Lowe sold 22,887 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $57.14, for a total transaction of $1,307,763.18. Following the completion of the sale, the chief executive officer now directly owns 233,536 shares in the company, valued at $13,344,247.04. The disclosure for this sale can be found here. Insiders sold 182,240 shares of company stock worth $11,413,524 over the last three months. Corporate insiders own 0.48% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in LITE. Commonwealth Equity Services LLC boosted its position in shares of Lumentum by 13.0% in the second quarter. Commonwealth Equity Services LLC now owns 13,730 shares of the technology company’s stock worth $733,000 after acquiring an additional 1,583 shares during the last quarter. Arizona State Retirement System boosted its position in shares of Lumentum by 1.5% in the second quarter. Arizona State Retirement System now owns 55,449 shares of the technology company’s stock worth $2,962,000 after acquiring an additional 805 shares during the last quarter. Strs Ohio boosted its position in shares of Lumentum by 4.3% in the second quarter. Strs Ohio now owns 9,700 shares of the technology company’s stock worth $518,000 after acquiring an additional 400 shares during the last quarter. Creative Planning raised its holdings in Lumentum by 31.8% in the second quarter. Creative Planning now owns 4,817 shares of the technology company’s stock valued at $257,000 after buying an additional 1,162 shares during the period. Finally, Janney Montgomery Scott LLC raised its holdings in Lumentum by 39.1% in the second quarter. Janney Montgomery Scott LLC now owns 4,981 shares of the technology company’s stock valued at $266,000 after buying an additional 1,399 shares during the period. 90.66% of the stock is currently owned by institutional investors and hedge funds.

Lumentum Company Profile (NASDAQ:LITE)

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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