Lumentum Holdings Inc. (NASDAQ:LITE) had its target price raised by analysts at MKM Partners to $71.00 in a note issued to investors on Thursday. The firm presently has a “neutral” rating on the technology company’s stock. MKM Partners’ target price would suggest a potential upside of 12.43% from the company’s current price.
LITE has been the topic of a number of other research reports. Rosenblatt Securities set a $75.00 price objective on Lumentum Holdings and gave the stock a “buy” rating in a research note on Tuesday, October 24th. Barclays PLC reaffirmed a “hold” rating on shares of Lumentum Holdings in a research note on Friday, July 14th. Piper Jaffray Companies reaffirmed an “overweight” rating and issued a $68.00 price objective on shares of Lumentum Holdings in a research note on Thursday, September 14th. BidaskClub downgraded Lumentum Holdings from a “hold” rating to a “sell” rating in a research note on Saturday, August 19th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and issued a $75.00 price objective on shares of Lumentum Holdings in a research note on Wednesday. One research analyst has rated the stock with a sell rating, six have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Lumentum Holdings currently has a consensus rating of “Buy” and a consensus target price of $67.69.
Lumentum Holdings (NASDAQ:LITE) last released its quarterly earnings data 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 business had revenue of $222.70 million for the quarter, compared to the consensus estimate of $229.45 million. During the same quarter in the previous year, the company posted $0.41 EPS. The company’s revenue was down 7.9% compared to the same quarter last year.
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In other news, CEO Alan S. Lowe sold 28,095 shares of the stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $51.20, for a total value of $1,438,464.00. Following the transaction, the chief executive officer now directly owns 249,655 shares of the company’s stock, valued at $12,782,336. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Penny Herscher sold 1,313 shares of the 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 directly owns 26,464 shares in the company, valued at $1,403,650.56. The disclosure for this sale can be found here. Insiders have sold a total of 87,269 shares of company stock worth $4,602,526 over the last ninety days. 0.76% of the stock is currently owned by corporate insiders.
Hedge funds have recently made changes to their positions in the company. Kennedy Capital Management Inc. increased its holdings in shares of Lumentum Holdings by 24.2% in the second quarter. Kennedy Capital Management Inc. now owns 383,304 shares of the technology company’s stock valued at $21,867,000 after purchasing an additional 74,769 shares during the period. Shelton Capital Management purchased a new stake in shares of Lumentum Holdings in the second quarter worth about $314,000. Alliancebernstein L.P. boosted its stake in shares of Lumentum Holdings by 14.5% in the second quarter. Alliancebernstein L.P. now owns 2,102,853 shares of the technology company’s stock worth $119,968,000 after buying an additional 265,723 shares during the last quarter. Lebenthal Lisanti Capital Growth LLC boosted its stake in shares of Lumentum Holdings by 195.4% in the second quarter. Lebenthal Lisanti Capital Growth LLC now owns 36,345 shares of the technology company’s stock worth $2,073,000 after buying an additional 24,040 shares during the last quarter. Finally, Chicago Equity Partners LLC boosted its stake in shares of Lumentum Holdings by 20.1% in the second quarter. Chicago Equity Partners LLC now owns 14,655 shares of the technology company’s stock worth $836,000 after buying an additional 2,455 shares during the last quarter. 95.74% of the stock is currently owned by institutional investors and hedge funds.
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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