Brokerages Set Lumentum Holdings Inc. (NASDAQ:LITE) PT at $60.00

Shares of Lumentum Holdings Inc. (NASDAQ:LITE) have earned an average rating of “Hold” from the thirteen analysts that are presently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and eight have given a buy recommendation to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $60.00.

LITE has been the topic of a number of research reports. B. Riley boosted their target price on shares of Lumentum from $40.00 to $50.00 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. Morgan Stanley boosted their price objective on shares of Lumentum from $50.00 to $54.00 and gave the stock an “equal weight” rating in a report on Thursday, August 15th. Jefferies Financial Group increased their target price on shares of Lumentum from $53.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Needham & Company LLC boosted their price target on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Finally, JPMorgan Chase & Co. raised their price objective on Lumentum from $57.00 to $65.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th.

Lumentum Stock Performance

Shares of LITE opened at $66.23 on Friday. The company has a market capitalization of $4.48 billion, a PE ratio of -12.62, a price-to-earnings-growth ratio of 5.78 and a beta of 0.89. The company has a debt-to-equity ratio of 2.61, a current ratio of 5.90 and a quick ratio of 4.43. Lumentum has a one year low of $35.35 and a one year high of $71.07. The company’s fifty day moving average price is $59.13 and its 200 day moving average price is $51.51.

Lumentum (NASDAQ:LITE) last announced its earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.03. The firm had revenue of $308.30 million during the quarter, compared to the consensus estimate of $301.36 million. Lumentum had a negative return on equity of 4.79% and a negative net margin of 40.21%. The firm’s revenue for the quarter was down 16.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.12 EPS. As a group, analysts expect that Lumentum will post 0.2 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Swedbank AB bought a new stake in shares of Lumentum in the 1st quarter worth about $71,025,000. Vanguard Group Inc. boosted its position in Lumentum by 6.5% in the fourth quarter. Vanguard Group Inc. now owns 7,196,205 shares of the technology company’s stock valued at $377,225,000 after buying an additional 442,177 shares in the last quarter. Van Lanschot Kempen Investment Management N.V. grew its stake in Lumentum by 17.8% during the second quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,154,805 shares of the technology company’s stock worth $58,803,000 after buying an additional 174,828 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Lumentum by 8.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company’s stock worth $86,760,000 after buying an additional 130,838 shares in the last quarter. Finally, Hodges Capital Management Inc. bought a new position in shares of Lumentum in the second quarter valued at approximately $5,642,000. 94.05% of the stock is currently owned by institutional investors and hedge funds.

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.