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.
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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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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