UBS Group assumed coverage on shares of Lumentum (NASDAQ:LITE) in a report issued on Wednesday morning, www.benzinga.com reports. The firm issued a buy rating and a $57.00 price objective on the technology company’s stock.
Several other research analysts also recently commented on LITE. Loop Capital began coverage on Lumentum in a report on Monday, January 29th. They issued a buy rating and a $65.00 price objective on the stock. B. Riley reiterated a buy rating and issued a $81.00 price objective (down previously from $89.00) on shares of Lumentum in a report on Wednesday, January 24th. Barclays upgraded Lumentum from an equal weight rating to an overweight rating and lifted their price objective for the stock from $65.00 to $67.00 in a report on Wednesday, January 10th. Zacks Investment Research downgraded Lumentum from a hold rating to a sell rating in a report on Saturday, January 27th. Finally, Stifel Nicolaus reiterated a buy rating and issued a $66.00 price objective (down previously from $75.00) on shares of Lumentum in a report on Wednesday, January 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and fifteen have issued a buy rating to the company. The stock presently has an average rating of Buy and an average price target of $67.35.
Shares of Lumentum (NASDAQ:LITE) opened at $44.85 on Wednesday. Lumentum has a 12-month low of $36.90 and a 12-month high of $68.63. The company has a debt-to-equity ratio of 0.50, a quick ratio of 4.38 and a current ratio of 5.21. The firm has a market capitalization of $2,969.80, a PE ratio of -29.51, a price-to-earnings-growth ratio of 0.92 and a beta of 0.56.
In related news, CFO Aaron Tachibana sold 1,248 shares of the firm’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $60.00, for a total value of $74,880.00. Following the sale, the chief financial officer now directly owns 69,830 shares of the company’s stock, valued at $4,189,800. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Penny Herscher sold 822 shares of the firm’s stock in a transaction dated Friday, December 8th. The stock was sold at an average price of $50.61, for a total value of $41,601.42. Following the completion of the sale, the director now directly owns 34,793 shares in the company, valued at $1,760,873.73. The disclosure for this sale can be found here. Insiders sold 31,643 shares of company stock worth $1,806,554 over the last three months. 0.76% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Riverhead Capital Management LLC grew its stake in shares of Lumentum by 71.8% in the second quarter. Riverhead Capital Management LLC now owns 2,062 shares of the technology company’s stock worth $118,000 after purchasing an additional 862 shares during the last quarter. SeaCrest Wealth Management LLC bought a new stake in shares of Lumentum in the fourth quarter worth about $128,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Lumentum by 42.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,797 shares of the technology company’s stock worth $186,000 after purchasing an additional 1,135 shares during the last quarter. Virtu KCG Holdings LLC bought a new stake in shares of Lumentum in the second quarter worth about $226,000. Finally, Los Angeles Capital Management & Equity Research Inc. bought a new stake in shares of Lumentum in the third quarter worth about $234,000.
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Lumentum Company Profile
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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