Zacks Investment Research upgraded shares of Lumentum Holdings Inc. (NASDAQ:LITE) from a hold rating to a buy rating in a report published on Wednesday morning. They currently have $66.00 price objective on the technology company’s stock.
According to Zacks, “Lumentum Holdings Inc. is a manufacturer of innovative optical and photonic products. The Company’s operating segment consists of Optical Communications and Commercial Lasers. Optical Communications segment portfolio includes products used by Telecom and Datacom nanoelectromechanical systems and traditional as well as cloud/data center service providers. Commercial Lasers segment products serve its customers in markets and applications, such as manufacturing, biotechnology, graphics and imaging, remote sensing and precision machining. Lumentum Holdings Inc. is headquartered in Milpitas, California. “
A number of other research analysts also recently issued reports on LITE. Stifel Nicolaus reiterated a buy rating and issued a $73.00 price target on shares of Lumentum Holdings in a report on Thursday, September 7th. BidaskClub upgraded Lumentum Holdings from a buy rating to a strong-buy rating in a report on Friday, June 23rd. DA Davidson assumed coverage on Lumentum Holdings in a report on Thursday, June 22nd. They issued a neutral rating and a $77.00 price target on the stock. Rosenblatt Securities reiterated a buy rating and issued a $75.00 price target (up from $70.00) on shares of Lumentum Holdings in a report on Wednesday, October 4th. Finally, Needham & Company LLC reiterated a strong-buy rating and issued a $80.00 price target on shares of Lumentum Holdings in a report on Wednesday, September 6th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of Buy and a consensus price target of $66.31.
Lumentum Holdings (NASDAQ:LITE) last issued its quarterly earnings results on Wednesday, August 9th. The technology company reported $0.39 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.18. Lumentum Holdings had a positive return on equity of 18.12% and a negative net margin of 10.25%. The firm had revenue of $222.70 million during the quarter, compared to analyst estimates of $229.45 million. During the same period last year, the company earned $0.41 EPS. Lumentum Holdings’s quarterly revenue was down 7.9% compared to the same quarter last year. Analysts forecast that Lumentum Holdings will post $3.07 EPS for the current year.
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In related news, CEO Alan S. Lowe sold 4,364 shares of Lumentum Holdings stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $54.59, for a total value of $238,230.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Penny Herscher sold 1,313 shares of Lumentum Holdings stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $53.04, for a total value of $69,641.52. Following the completion of the transaction, the director now owns 26,464 shares of the company’s stock, valued at approximately $1,403,650.56. The disclosure for this sale can be found here. In the last 90 days, insiders sold 87,269 shares of company stock valued at $4,602,526. 0.76% of the stock is owned by company insiders.
A number of large investors have recently bought and sold shares of LITE. Riverhead Capital Management LLC increased its stake in Lumentum Holdings by 71.8% during the 2nd quarter. Riverhead Capital Management LLC now owns 2,062 shares of the technology company’s stock worth $118,000 after buying an additional 862 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Lumentum Holdings by 111.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,662 shares of the technology company’s stock worth $152,000 after buying an additional 1,406 shares in the last quarter. Creative Planning increased its stake in Lumentum Holdings by 54.2% during the 2nd quarter. Creative Planning now owns 3,039 shares of the technology company’s stock worth $173,000 after buying an additional 1,068 shares in the last quarter. LS Investment Advisors LLC increased its stake in Lumentum Holdings by 2.1% during the 2nd quarter. LS Investment Advisors LLC now owns 3,569 shares of the technology company’s stock worth $204,000 after buying an additional 75 shares in the last quarter. Finally, Teacher Retirement System of Texas purchased a new stake in Lumentum Holdings during the 1st quarter worth approximately $206,000. Institutional investors own 95.74% of the company’s stock.
About Lumentum Holdings
Lumentum Holdings Inc is a provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers).
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