Lumentum (LITE) Upgraded to “B-” by TheStreet

Lumentum (NASDAQ:LITE) was upgraded by stock analysts at TheStreet from a “c” rating to a “b-” rating in a report issued on Wednesday.

A number of other equities research analysts have also commented on LITE. Zacks Investment Research raised shares of Lumentum from a “hold” rating to a “buy” rating and set a $66.00 price objective on the stock in a report on Wednesday, October 11th. Needham & Company LLC restated a “buy” rating and set a $80.00 target price on shares of Lumentum in a research report on Thursday, October 12th. Rosenblatt Securities set a $75.00 target price on shares of Lumentum and gave the company a “buy” rating in a research report on Tuesday, October 24th. Jefferies Group restated a “buy” rating and set a $75.00 target price on shares of Lumentum in a research report on Wednesday, November 1st. Finally, Craig Hallum restated a “buy” rating and set a $85.00 target price (up from $75.00) on shares of Lumentum in a research report on Wednesday, November 1st. One research 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. Lumentum presently has a consensus rating of “Buy” and an average price target of $70.41.

Shares of Lumentum (NASDAQ:LITE) traded up $1.65 during trading hours on Wednesday, reaching $57.05. 818,323 shares of the company’s stock were exchanged, compared to its average volume of 2,792,501. Lumentum has a 12-month low of $40.35 and a 12-month high of $68.63. The company has a current ratio of 4.84, a quick ratio of 4.38 and a debt-to-equity ratio of 0.38. The company has a market cap of $3,344.64, a price-to-earnings ratio of 38.73, a P/E/G ratio of 1.02 and a beta of 0.56.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings data on Tuesday, February 6th. The technology company reported $1.67 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.67. Lumentum had a net margin of 8.97% and a return on equity of 24.06%. The firm had revenue of $404.60 million for the quarter, compared to analyst estimates of $357.03 million. During the same quarter in the prior year, the firm earned $0.57 EPS. The company’s revenue was up 52.7% on a year-over-year basis. analysts expect that Lumentum will post 2.69 EPS for the current year.

In related news, Director Martin A. Kaplan sold 15,000 shares of the 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 sale, the director now directly owns 29,573 shares in the company, valued at approximately $1,687,731.11. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Aaron Tachibana sold 1,248 shares of the stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $60.00, for a total transaction of $74,880.00. Following the completion of the sale, the chief financial officer now owns 69,830 shares in the company, valued at $4,189,800. The disclosure for this sale can be found here. Insiders sold a total of 31,643 shares of company stock worth $1,806,554 over the last quarter. 0.76% of the stock is currently owned by corporate insiders.

Several large investors have recently made changes to their positions in LITE. New York State Common Retirement Fund raised its position in shares of Lumentum by 5.6% in the 2nd quarter. New York State Common Retirement Fund now owns 94,820 shares of the technology company’s stock valued at $5,409,000 after acquiring an additional 5,031 shares during the period. FMR LLC raised its position in shares of Lumentum by 38.8% in the 2nd quarter. FMR LLC now owns 1,249,049 shares of the technology company’s stock valued at $71,259,000 after acquiring an additional 348,980 shares during the period. California Public Employees Retirement System raised its position in shares of Lumentum by 2.9% in the 2nd quarter. California Public Employees Retirement System now owns 122,800 shares of the technology company’s stock valued at $7,006,000 after acquiring an additional 3,500 shares during the period. Virtu KCG Holdings LLC acquired a new stake in shares of Lumentum in the 2nd quarter valued at approximately $226,000. Finally, Dimensional Fund Advisors LP raised its position in shares of Lumentum by 35.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 851,937 shares of the technology company’s stock valued at $48,604,000 after acquiring an additional 223,643 shares during the period.

TRADEMARK VIOLATION WARNING: This piece of content was first posted by Community Financial News and is owned by of Community Financial News. If you are accessing this piece of content on another website, it was illegally stolen and reposted in violation of United States & international copyright law. The correct version of this piece of content can be read at https://www.com-unik.info/2018/02/09/lumentum-lite-upgraded-to-b-by-thestreet.html.

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).

Analyst Recommendations for Lumentum (NASDAQ:LITE)

Receive News & Ratings for Lumentum Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lumentum and related companies with MarketBeat.com's FREE daily email newsletter.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit