Brokerages Set Lumentum Holdings Inc. (NASDAQ:LITE) Target Price at $52.69

Shares of Lumentum Holdings Inc. (NASDAQ:LITE) have been assigned a consensus rating of “Hold” from the twelve research firms that are currently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, three have given a hold recommendation and seven have given a buy recommendation to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $52.69.

LITE has been the topic of a number of recent research reports. Stifel Nicolaus reissued a “buy” rating and issued a $62.00 target price on shares of Lumentum in a research note on Monday, April 1st. Susquehanna dropped their price objective on Lumentum from $65.00 to $60.00 and set a “positive” rating on the stock in a research report on Friday, February 9th. Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 price objective on shares of Lumentum in a research report on Friday, February 9th. Raymond James increased their price objective on Lumentum from $51.50 to $58.00 and gave the company an “outperform” rating in a research report on Monday, April 1st. Finally, Barclays increased their price objective on Lumentum from $40.00 to $45.00 and gave the company an “underweight” rating in a research report on Tuesday, January 16th.

Lumentum Stock Performance

NASDAQ:LITE opened at $41.34 on Friday. The company has a debt-to-equity ratio of 1.96, a quick ratio of 2.42 and a current ratio of 3.13. The firm has a market cap of $2.79 billion, a PE ratio of -10.49 and a beta of 1.09. The business has a 50 day moving average price of $47.38 and a 200-day moving average price of $47.07. Lumentum has a fifty-two week low of $35.35 and a fifty-two week high of $65.16.

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

Insider Activity at Lumentum

In related news, CAO Matthew Joseph Sepe sold 9,903 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $49.23, for a total transaction of $487,524.69. Following the completion of the transaction, the chief accounting officer now owns 33,188 shares in the company, valued at approximately $1,633,845.24. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Lumentum

Several hedge funds have recently made changes to their positions in the company. State of Michigan Retirement System increased its position in Lumentum by 3.1% during the 1st quarter. State of Michigan Retirement System now owns 16,528 shares of the technology company’s stock valued at $783,000 after buying an additional 500 shares in the last quarter. F&V Capital Management LLC grew its stake in Lumentum by 1.5% during the 1st quarter. F&V Capital Management LLC now owns 141,390 shares of the technology company’s stock valued at $6,695,000 after purchasing an additional 2,060 shares during the last quarter. Thompson Investment Management Inc. grew its stake in Lumentum by 139.1% during the 1st quarter. Thompson Investment Management Inc. now owns 71,429 shares of the technology company’s stock valued at $3,382,000 after purchasing an additional 41,556 shares during the last quarter. Bridge City Capital LLC grew its stake in Lumentum by 0.7% during the 1st quarter. Bridge City Capital LLC now owns 32,607 shares of the technology company’s stock valued at $1,544,000 after purchasing an additional 242 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. purchased a new stake in Lumentum during the 4th quarter valued at about $612,000. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

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 (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.