BidaskClub Upgrades Lumentum (LITE) to “Strong-Buy”

BidaskClub upgraded shares of Lumentum (NASDAQ:LITE) from a buy rating to a strong-buy rating in a report released on Friday.

Other analysts also recently issued reports about the stock. Morgan Stanley lowered their price target on shares of Lumentum from $66.00 to $55.00 and set a hold rating for the company in a research note on Tuesday, November 13th. Craig Hallum set a $65.00 target price on shares of Lumentum and gave the stock a buy rating in a research note on Monday, December 17th. ValuEngine downgraded shares of Lumentum from a hold rating to a sell rating in a research report on Wednesday, October 24th. Loop Capital reduced their target price on shares of Lumentum to $47.00 and set a buy rating for the company in a report on Tuesday, November 13th. Finally, Zacks Investment Research cut shares of Lumentum from a buy rating to a hold rating in a research note on Friday, November 16th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, fourteen have given a buy rating and three have given a strong buy rating to the company’s stock. Lumentum currently has a consensus rating of Buy and a consensus price target of $68.26.

LITE stock opened at $45.73 on Friday. Lumentum has a 1 year low of $37.00 and a 1 year high of $74.40. The stock has a market cap of $2.84 billion, a PE ratio of 14.11, a P/E/G ratio of 0.72 and a beta of 0.51. The company has a current ratio of 5.52, a quick ratio of 4.88 and a debt-to-equity ratio of 0.34.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings results on Thursday, November 1st. The technology company reported $1.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.02 by $0.29. Lumentum had a net margin of 21.21% and a return on equity of 28.74%. The company had revenue of $354.00 million during the quarter, compared to analyst estimates of $351.21 million. During the same quarter last year, the business posted $0.43 EPS. Lumentum’s quarterly revenue was up 45.7% compared to the same quarter last year. As a group, sell-side analysts expect that Lumentum will post 3.67 EPS for the current fiscal year.

In other news, Director Penny Herscher sold 1,197 shares of the company’s stock in a transaction on Friday, November 2nd. The stock was sold at an average price of $52.93, for a total transaction of $63,357.21. Following the completion of the sale, the director now directly owns 34,743 shares of the company’s stock, valued at $1,838,946.99. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.55% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in LITE. DekaBank Deutsche Girozentrale raised its position in Lumentum by 149.5% during the third quarter. DekaBank Deutsche Girozentrale now owns 1,497 shares of the technology company’s stock valued at $102,000 after buying an additional 897 shares during the period. CIBC World Markets Inc. acquired a new position in Lumentum during the third quarter valued at $237,000. Worth Venture Partners LLC acquired a new position in Lumentum during the third quarter valued at $300,000. Janus Henderson Group PLC acquired a new position in Lumentum in the 3rd quarter worth about $311,000. Finally, Renaissance Technologies LLC acquired a new position in Lumentum in the 2nd quarter worth about $318,000.

About Lumentum

Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. The company operates through two segments, Optical Communications and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.

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Analyst Recommendations for Lumentum (NASDAQ:LITE)

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