Lumentum (LITE) Trading 2.6% Higher Following Better-Than-Expected Earnings

Lumentum Holdings Inc (NASDAQ:LITE) shares traded up 2.6% on Wednesday following a stronger than expected earnings report. The company traded as high as $52.40 and last traded at $53.00. 4,303,329 shares were traded during mid-day trading, an increase of 55% from the average session volume of 2,776,367 shares. The stock had previously closed at $51.65.

The technology company reported $1.67 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.67. The firm had revenue of $404.60 million during the quarter, compared to the consensus estimate of $357.03 million. Lumentum had a net margin of 8.97% and a return on equity of 24.06%. The firm’s revenue was up 52.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.57 earnings per share.

A number of equities research analysts have issued reports on LITE shares. Zacks Investment Research cut Lumentum from a “buy” rating to a “hold” rating in a research note on Wednesday, December 6th. Barclays raised their target price on Lumentum from $59.00 to $65.00 and gave the company an “equal weight” rating in a research note on Thursday, November 2nd. BidaskClub cut Lumentum from a “hold” rating to a “sell” rating in a research note on Saturday, December 2nd. Craig Hallum reiterated a “buy” rating and issued a $85.00 target price (up from $75.00) on shares of Lumentum in a research note on Wednesday, November 1st. Finally, B. Riley reiterated a “buy” rating and issued a $89.00 target price on shares of Lumentum in a research note on Friday, January 5th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $70.41.

In related news, Director Penny Herscher sold 822 shares of Lumentum stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $50.61, for a total transaction of $41,601.42. Following the sale, the director now directly owns 34,793 shares in the company, valued at $1,760,873.73. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Martin A. Kaplan sold 15,000 shares of Lumentum stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $57.07, for a total transaction of $856,050.00. Following the sale, the director now owns 29,573 shares in the company, valued at $1,687,731.11. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 31,643 shares of company stock worth $1,806,554. Company insiders own 0.76% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of LITE. Whale Rock Capital Management LLC raised its stake in shares of Lumentum by 86.0% during the third quarter. Whale Rock Capital Management LLC now owns 1,590,359 shares of the technology company’s stock valued at $86,436,000 after purchasing an additional 735,239 shares in the last quarter. Artemis Investment Management LLP raised its stake in shares of Lumentum by 676.1% during the third quarter. Artemis Investment Management LLP now owns 672,022 shares of the technology company’s stock valued at $36,541,000 after purchasing an additional 585,432 shares in the last quarter. Cramer Rosenthal Mcglynn LLC raised its stake in shares of Lumentum by 51.5% during the third quarter. Cramer Rosenthal Mcglynn LLC now owns 1,139,914 shares of the technology company’s stock valued at $61,954,000 after purchasing an additional 387,290 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in Lumentum by 98.4% during the third quarter. Ameriprise Financial Inc. now owns 762,469 shares of the technology company’s stock worth $41,441,000 after acquiring an additional 378,255 shares during the period. Finally, Lord Abbett & CO. LLC grew its holdings in Lumentum by 169.4% during the second quarter. Lord Abbett & CO. LLC now owns 584,992 shares of the technology company’s stock worth $33,374,000 after acquiring an additional 367,860 shares during the period.

The company has a market capitalization of $3,430.00 and a price-to-earnings ratio of 38.21. The company has a debt-to-equity ratio of 0.38, a current ratio of 4.84 and a quick ratio of 4.38.

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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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