Lumentum (NASDAQ:LITE)‘s stock had its “buy” rating restated by equities research analysts at Rosenblatt Securities in a research report issued to clients and investors on Tuesday, AnalystRatings.com reports. They currently have a $80.00 price objective on the technology company’s stock. Rosenblatt Securities’ price target would indicate a potential upside of 33.53% from the company’s previous close.
The analysts wrote, “We believe Lumentum’s earnings call supports our belief of strong demand in the telecom market for ROADM and pump lasers. In addition, we think Lumentum’s 3D sensing business increased its diversification as the company added Android clients. We believe Huawei contributed ~$10 million towards 3D sensing revenue. Although iPhone 3D sensing orders declined sequentially from C1Q to C2Q due to seasonality, which led to a q/q decline in 3D sensing revenues for LITE, we expect LITE’s 3D sensing business to rebound strongly in the second half of calendar year 2019. We also expect the iPhone to adopt new 3D sensing solutions with more VCSEL units in a smaller chipset in the 2nd half of 2019.””
A number of other equities analysts have also recently commented on the company. BidaskClub raised Lumentum from a “buy” rating to a “strong-buy” rating in a report on Tuesday. Needham & Company LLC reissued a “strong-buy” rating and set a $70.00 target price on shares of Lumentum in a report on Monday. Northland Securities reissued a “buy” rating and set a $70.00 target price on shares of Lumentum in a report on Monday, April 22nd. TheStreet raised Lumentum from a “c+” rating to a “b-” rating in a report on Wednesday, April 17th. Finally, UBS Group reaffirmed a “buy” rating and issued a $70.00 price target on shares of Lumentum in a report on Thursday, April 11th. Two research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $70.37.
Shares of Lumentum stock opened at $59.91 on Tuesday. Lumentum has a 12 month low of $37.00 and a 12 month high of $69.95. The company has a market cap of $4.59 billion, a price-to-earnings ratio of 18.49, a PEG ratio of 1.20 and a beta of 0.68. The company has a quick ratio of 3.24, a current ratio of 4.17 and a debt-to-equity ratio of 0.53.
Lumentum (NASDAQ:LITE) last announced its earnings results on Tuesday, May 7th. The technology company reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.22. Lumentum had a return on equity of 20.24% and a net margin of 7.50%. The business had revenue of $433.00 million during the quarter, compared to analysts’ expectations of $428.33 million. During the same quarter in the prior year, the firm earned $0.78 earnings per share. The business’s revenue was up 44.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Lumentum will post 3.31 EPS for the current fiscal year.
In other Lumentum news, Director Harold L. Covert sold 3,017 shares of the firm’s stock in a transaction on Thursday, February 14th. The stock was sold at an average price of $46.01, for a total transaction of $138,812.17. Following the completion of the sale, the director now owns 20,000 shares of the company’s stock, valued at $920,200. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Martin A. Kaplan sold 3,025 shares of the firm’s stock in a transaction on Friday, February 22nd. The stock was sold at an average price of $48.72, for a total value of $147,378.00. Following the sale, the director now directly owns 18,902 shares of the company’s stock, valued at approximately $920,905.44. The disclosure for this sale can be found here. In the last ninety days, insiders sold 15,617 shares of company stock valued at $768,579. Insiders own 0.55% of the company’s stock.
Hedge funds have recently bought and sold shares of the business. IFP Advisors Inc increased its stake in Lumentum by 121.7% during the fourth quarter. IFP Advisors Inc now owns 949 shares of the technology company’s stock worth $39,000 after acquiring an additional 521 shares during the last quarter. BB&T Corp acquired a new stake in Lumentum during the fourth quarter worth $781,000. Smith Graham & Co. Investment Advisors LP increased its stake in Lumentum by 10.2% during the first quarter. Smith Graham & Co. Investment Advisors LP now owns 135,920 shares of the technology company’s stock worth $7,685,000 after acquiring an additional 12,550 shares during the last quarter. Amalgamated Bank increased its stake in Lumentum by 164.7% during the fourth quarter. Amalgamated Bank now owns 11,386 shares of the technology company’s stock worth $478,000 after acquiring an additional 7,085 shares during the last quarter. Finally, New York State Teachers Retirement System increased its stake in Lumentum by 10.6% during the fourth quarter. New York State Teachers Retirement System now owns 98,838 shares of the technology company’s stock worth $4,152,000 after acquiring an additional 9,503 shares during the last quarter. 88.11% of the stock is 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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