Lumentum Holdings Inc. (NASDAQ:LITE) Receives Average Recommendation of “Hold” from Brokerages

Shares of Lumentum Holdings Inc. (NASDAQ:LITE) have earned a consensus rating of “Hold” from the thirteen research firms that are presently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and eight have given a buy recommendation to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $59.08.

Several research firms have recently weighed in on LITE. JPMorgan Chase & Co. upped their price target on shares of Lumentum from $57.00 to $65.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. Jefferies Financial Group raised their price target on Lumentum from $53.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Barclays boosted their price objective on Lumentum from $38.00 to $40.00 and gave the stock an “underweight” rating in a report on Thursday, August 15th. Susquehanna raised their target price on shares of Lumentum from $60.00 to $70.00 and gave the company a “positive” rating in a research note on Wednesday, July 17th. Finally, B. Riley increased their price target on shares of Lumentum from $40.00 to $50.00 and gave the stock a “neutral” rating in a report on Thursday, August 15th.

Lumentum Price Performance

Lumentum stock opened at $61.23 on Tuesday. 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 $62.21. The firm has a market capitalization of $4.14 billion, a P/E ratio of -11.66, a PEG ratio of 4.26 and a beta of 0.88. The business has a fifty day moving average price of $52.99 and a 200-day moving average price of $49.14.

Lumentum (NASDAQ:LITE) last announced its quarterly 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. Lumentum had a negative return on equity of 4.79% and a negative net margin of 40.21%. The firm had revenue of $308.30 million for the quarter, compared to analysts’ expectations of $301.36 million. During the same period in the prior year, the business posted $0.12 earnings per share. The company’s revenue was down 16.9% on a year-over-year basis. As a group, equities research analysts forecast that Lumentum will post 0.22 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Swedbank AB bought a new position in Lumentum during the 1st quarter worth approximately $71,025,000. Norges Bank purchased a new stake in Lumentum in the fourth quarter worth $53,785,000. Westfield Capital Management Co. LP bought a new position in Lumentum in the fourth quarter worth $29,675,000. Vanguard Group Inc. boosted its holdings in shares of Lumentum by 6.5% during the 4th 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. Finally, Robeco Schweiz AG grew its position in shares of Lumentum by 28.1% in the 1st quarter. Robeco Schweiz AG now owns 843,000 shares of the technology company’s stock worth $39,916,000 after buying an additional 185,000 shares during the period. Hedge funds and other institutional investors own 94.05% of the company’s stock.

About Lumentum

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.