Lumentum (NASDAQ:LITE) had its price target boosted by equities research analysts at Piper Jaffray Companies to $75.00 in a research report issued on Tuesday, The Fly reports. The firm presently has an “overweight” rating on the technology company’s stock. Piper Jaffray Companies’ price objective suggests a potential upside of 25.19% from the company’s current price.
LITE has been the topic of a number of other reports. Morgan Stanley upgraded Lumentum from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $55.00 to $65.00 in a research note on Wednesday, March 27th. BidaskClub raised Lumentum from a “buy” rating to a “strong-buy” rating in a research report on Friday, February 22nd. ValuEngine raised Lumentum from a “sell” rating to a “hold” rating in a research report on Wednesday, March 27th. Northland Securities reissued a “buy” rating and set a $64.00 target price on shares of Lumentum in a research report on Wednesday, March 6th. Finally, Rosenblatt Securities set a $80.00 target price on Lumentum and gave the stock a “buy” rating in a research report on Thursday, March 7th. Two equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and three have assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $70.37.
Lumentum stock opened at $59.91 on Tuesday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 3.24 and a current ratio of 4.17. The stock has a market capitalization of $4.59 billion, a PE ratio of 18.49, a price-to-earnings-growth ratio of 1.20 and a beta of 0.68. Lumentum has a 52 week low of $37.00 and a 52 week high of $69.95.
Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Tuesday, May 7th. The technology company reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.22. The business had revenue of $433.00 million for the quarter, compared to analyst estimates of $428.33 million. Lumentum had a return on equity of 20.24% and a net margin of 7.50%. The firm’s revenue for the quarter was up 44.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.78 earnings per share. Analysts anticipate that Lumentum will post 3.31 EPS for the current year.
In other Lumentum news, Director Martin A. Kaplan sold 3,025 shares of Lumentum stock in a transaction that occurred on Friday, February 22nd. The stock was sold at an average price of $48.72, for a total transaction of $147,378.00. Following the sale, the director now directly owns 18,902 shares of the company’s stock, valued at $920,905.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jason Reinhardt sold 9,575 shares of Lumentum stock in a transaction that occurred on Friday, February 22nd. The shares were sold at an average price of $50.38, for a total value of $482,388.50. Following the sale, the executive vice president now directly owns 63,877 shares in the company, valued at $3,218,123.26. The disclosure for this sale can be found here. Insiders have sold 15,617 shares of company stock worth $768,579 over the last ninety days. Company insiders own 0.55% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LITE. IFP Advisors Inc raised its stake in shares of Lumentum by 121.7% in the fourth quarter. IFP Advisors Inc now owns 949 shares of the technology company’s stock valued at $39,000 after acquiring an additional 521 shares during the last quarter. BB&T Corp bought a new position in Lumentum in the 4th quarter worth approximately $781,000. Smith Graham & Co. Investment Advisors LP raised its position in Lumentum by 10.2% in the 1st quarter. Smith Graham & Co. Investment Advisors LP now owns 135,920 shares of the technology company’s stock worth $7,685,000 after purchasing an additional 12,550 shares during the last quarter. Amalgamated Bank raised its position in Lumentum by 164.7% in the 4th quarter. Amalgamated Bank now owns 11,386 shares of the technology company’s stock worth $478,000 after purchasing an additional 7,085 shares during the last quarter. Finally, New York State Teachers Retirement System raised its position in Lumentum by 10.6% in the 4th quarter. New York State Teachers Retirement System now owns 98,838 shares of the technology company’s stock worth $4,152,000 after purchasing an additional 9,503 shares during the last quarter. 88.11% of the stock is currently owned by 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 and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.
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