Lumentum (NASDAQ:LITE) Trading 3.9% Higher

Lumentum Holdings Inc. (NASDAQ:LITE) rose 3.9% during mid-day trading on Tuesday . The company traded as high as $53.49 and last traded at $53.45. Approximately 600,236 shares were traded during trading, a decline of 53% from the average daily volume of 1,287,437 shares. The stock had previously closed at $51.43.

Analysts Set New Price Targets

A number of research firms have weighed in on LITE. Stifel Nicolaus reiterated a “buy” rating and issued a $62.00 target price on shares of Lumentum in a research note on Monday, April 1st. Raymond James increased their price objective on Lumentum from $51.50 to $58.00 and gave the company an “outperform” rating in a report on Monday, April 1st. B. Riley lowered their target price on Lumentum from $41.00 to $40.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 7th. Needham & Company LLC cut their price target on Lumentum from $60.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, May 20th. Finally, JPMorgan Chase & Co. lowered their price objective on Lumentum from $62.00 to $57.00 and set an “overweight” rating on the stock in a research note on Thursday, April 11th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $52.25.

Lumentum Stock Up 0.6 %

The business’s 50-day moving average price is $46.19 and its 200 day moving average price is $48.47. The company has a current ratio of 5.20, a quick ratio of 3.87 and a debt-to-equity ratio of 2.13.

Lumentum (NASDAQ:LITE) last posted its earnings results on Monday, May 6th. The technology company reported ($0.18) EPS for the quarter, hitting the consensus estimate of ($0.18). Lumentum had a negative return on equity of 1.72% and a negative net margin of 24.91%. The business had revenue of $366.50 million during the quarter, compared to analysts’ expectations of $366.53 million. Sell-side analysts forecast that Lumentum Holdings Inc. will post -0.64 EPS for the current fiscal year.

Hedge Funds Weigh In On Lumentum

A number of institutional investors have recently made changes to their positions in the stock. LPL Financial LLC raised its position in Lumentum by 2.1% during the third quarter. LPL Financial LLC now owns 122,935 shares of the technology company’s stock valued at $5,554,000 after purchasing an additional 2,511 shares in the last quarter. Northern Trust Corp boosted its stake in Lumentum by 9.9% in the third quarter. Northern Trust Corp now owns 820,489 shares of the technology company’s stock worth $37,070,000 after buying an additional 73,935 shares in the last quarter. Ramirez Asset Management Inc. bought a new position in Lumentum during the third quarter valued at approximately $32,000. Neo Ivy Capital Management bought a new stake in shares of Lumentum in the 3rd quarter worth approximately $32,000. Finally, Whittier Trust Co. grew its holdings in shares of Lumentum by 697.7% during the 4th quarter. Whittier Trust Co. now owns 1,715 shares of the technology company’s stock valued at $90,000 after purchasing an additional 1,500 shares during the last quarter. Institutional investors own 94.05% 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 (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.