Lumentum Holdings Inc (LITE) Receives Average Recommendation of “Buy” from Analysts

Shares of Lumentum Holdings Inc (NASDAQ:LITE) have been given an average rating of “Buy” by the eighteen research firms that are currently covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and eleven have assigned a buy recommendation to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $70.57.

LITE has been the topic of several recent research reports. Needham & Company LLC reaffirmed a “strong-buy” rating and issued a $80.00 target price on shares of Lumentum in a research note on Wednesday, September 6th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $73.00 target price on shares of Lumentum in a research note on Thursday, September 7th. B. Riley reaffirmed a “buy” rating and issued a $81.00 target price on shares of Lumentum in a research note on Thursday, September 14th. Piper Jaffray Companies reaffirmed an “overweight” rating and issued a $68.00 target price on shares of Lumentum in a research note on Thursday, September 14th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $70.00 target price on shares of Lumentum in a research note on Thursday, September 21st.

In other Lumentum news, Director Martin A. Kaplan sold 15,000 shares of Lumentum stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $57.07, for a total value of $856,050.00. Following the transaction, the director now owns 29,573 shares of the company’s stock, valued at $1,687,731.11. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Alan S. Lowe sold 5,548 shares of Lumentum stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $58.53, for a total transaction of $324,724.44. Following the completion of the transaction, the chief executive officer now directly owns 231,763 shares in the company, valued at approximately $13,565,088.39. The disclosure for this sale can be found here. Insiders have sold a total of 31,643 shares of company stock worth $1,806,554 in the last three months. 0.76% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Suntrust Banks Inc. lifted its stake in Lumentum by 0.4% in the second quarter. Suntrust Banks Inc. now owns 9,468 shares of the technology company’s stock valued at $539,000 after buying an additional 37 shares in the last quarter. Stifel Financial Corp lifted its stake in Lumentum by 6.6% in the second quarter. Stifel Financial Corp now owns 7,271 shares of the technology company’s stock valued at $415,000 after buying an additional 447 shares in the last quarter. Riverhead Capital Management LLC lifted its stake in Lumentum by 71.8% in the second quarter. Riverhead Capital Management LLC now owns 2,062 shares of the technology company’s stock valued at $118,000 after buying an additional 862 shares in the last quarter. Ameritas Investment Partners Inc. lifted its stake in Lumentum by 22.6% in the second quarter. Ameritas Investment Partners Inc. now owns 5,352 shares of the technology company’s stock valued at $305,000 after buying an additional 988 shares in the last quarter. Finally, Virginia Retirement Systems ET AL lifted its stake in Lumentum by 22.9% in the third quarter. Virginia Retirement Systems ET AL now owns 5,900 shares of the technology company’s stock valued at $321,000 after buying an additional 1,100 shares in the last quarter. 95.70% of the stock is currently owned by hedge funds and other institutional investors.

Lumentum (LITE) opened at $48.90 on Tuesday. The stock has a market cap of $3,031.80, a PE ratio of -32.17, a PEG ratio of 0.86 and a beta of 0.84. The company has a debt-to-equity ratio of 0.50, a current ratio of 5.21 and a quick ratio of 4.38. Lumentum has a one year low of $34.15 and a one year high of $68.63.

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About Lumentum

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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