Lumentum (NASDAQ:LITE) Raised to “Buy” at StockNews.com

StockNews.com upgraded shares of Lumentum (NASDAQ:LITEGet Rating) from a hold rating to a buy rating in a report issued on Tuesday morning.

Several other research firms have also issued reports on LITE. TheStreet raised Lumentum from a c+ rating to a b- rating in a research note on Monday, August 15th. Barclays dropped their price objective on Lumentum from $100.00 to $95.00 and set an overweight rating for the company in a research note on Monday, July 25th. Susquehanna Bancshares dropped their price objective on Lumentum to $105.00 in a research note on Monday, July 25th. Needham & Company LLC reissued a buy rating and set a $125.00 price objective on shares of Lumentum in a research note on Monday, June 6th. Finally, Raymond James lifted their price objective on Lumentum from $102.00 to $114.00 and gave the company an outperform rating in a research note on Wednesday, August 17th. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $111.75.

Lumentum Price Performance

Lumentum stock opened at $71.27 on Tuesday. Lumentum has a one year low of $70.66 and a one year high of $108.90. The business has a fifty day moving average price of $85.24 and a 200-day moving average price of $85.94. The company has a debt-to-equity ratio of 0.78, a current ratio of 4.38 and a quick ratio of 4.03. The firm has a market capitalization of $4.85 billion, a P/E ratio of 26.69, a PEG ratio of 1.10 and a beta of 0.94.

Lumentum (NASDAQ:LITEGet Rating) last posted its quarterly earnings results on Tuesday, August 16th. The technology company reported $1.15 EPS for the quarter, topping analysts’ consensus estimates of $1.07 by $0.08. Lumentum had a return on equity of 18.66% and a net margin of 11.61%. The firm had revenue of $422.10 million during the quarter, compared to analyst estimates of $417.99 million. During the same period last year, the company earned $0.84 earnings per share. The business’s revenue for the quarter was up 7.7% on a year-over-year basis. As a group, equities research analysts forecast that Lumentum will post 4.93 EPS for the current year.

Insider Transactions at Lumentum

In other news, CFO Wajid Ali sold 8,781 shares of Lumentum stock in a transaction dated Tuesday, August 23rd. The stock was sold at an average price of $92.47, for a total value of $811,979.07. Following the transaction, the chief financial officer now owns 31,194 shares in the company, valued at $2,884,509.18. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CFO Wajid Ali sold 8,781 shares of Lumentum stock in a transaction dated Tuesday, August 23rd. The stock was sold at an average price of $92.47, for a total value of $811,979.07. Following the transaction, the chief financial officer now owns 31,194 shares in the company, valued at $2,884,509.18. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Alan S. Lowe sold 8,809 shares of Lumentum stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $94.94, for a total value of $836,326.46. Following the completion of the transaction, the chief executive officer now owns 139,946 shares in the company, valued at approximately $13,286,473.24. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,620 shares of company stock worth $1,909,492. Company insiders own 0.32% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Alliancebernstein L.P. increased its holdings in Lumentum by 8.1% during the 4th quarter. Alliancebernstein L.P. now owns 5,215,446 shares of the technology company’s stock valued at $551,638,000 after purchasing an additional 391,641 shares during the period. Schroder Investment Management Group boosted its position in shares of Lumentum by 23.9% in the 4th quarter. Schroder Investment Management Group now owns 1,005,798 shares of the technology company’s stock worth $106,383,000 after purchasing an additional 193,774 shares in the last quarter. Alyeska Investment Group L.P. lifted its position in Lumentum by 465.6% in the 1st quarter. Alyeska Investment Group L.P. now owns 930,738 shares of the technology company’s stock valued at $90,840,000 after acquiring an additional 766,170 shares in the last quarter. Whale Rock Capital Management LLC bought a new position in Lumentum in the 2nd quarter valued at approximately $68,549,000. Finally, Point72 Asset Management L.P. raised its stake in Lumentum by 26.3% during the 4th quarter. Point72 Asset Management L.P. now owns 816,600 shares of the technology company’s stock valued at $86,372,000 after buying an additional 170,200 shares during the last quarter. Hedge funds and other institutional investors own 95.49% of the company’s stock.

About Lumentum

(Get Rating)

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 in 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.

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Analyst Recommendations for Lumentum (NASDAQ:LITE)

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