Lumentum (NASDAQ:LITE) Downgraded to “Equal” at Morgan Stanley

Lumentum (NASDAQ:LITE) was downgraded by investment analysts at Morgan Stanley from an “overweight” rating to an “equal” rating in a note issued to investors on Monday, MarketBeat reports. They currently have a $68.00 price objective on the technology company’s stock, up from their previous price objective of $65.00. Morgan Stanley’s price target points to a potential upside of 0.01% from the stock’s previous close.

LITE has been the topic of a number of other reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $70.00 price objective on shares of Lumentum in a research note on Monday, October 28th. JPMorgan Chase & Co. set a $74.00 price objective on shares of Lumentum and gave the company a “buy” rating in a research note on Friday, November 1st. Craig Hallum raised their price objective on shares of Lumentum from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. They noted that the move was a valuation call. Rosenblatt Securities reaffirmed a “buy” rating and issued a $80.00 price objective on shares of Lumentum in a research note on Tuesday, September 24th. Finally, MKM Partners set a $75.00 target price on shares of Lumentum and gave the stock a “buy” rating in a report on Friday, November 1st. Two analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. Lumentum has an average rating of “Buy” and a consensus price target of $71.07.

Shares of LITE stock opened at $67.99 on Monday. Lumentum has a 52-week low of $37.29 and a 52-week high of $68.49. The stock has a market cap of $5.15 billion, a PE ratio of 20.60, a PEG ratio of 1.69 and a beta of 1.37. The company has a debt-to-equity ratio of 0.58, a quick ratio of 3.85 and a current ratio of 4.49. The firm’s 50 day moving average price is $57.23 and its two-hundred day moving average price is $54.75.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Thursday, October 31st. The technology company reported $1.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.24. Lumentum had a negative net margin of 2.18% and a positive return on equity of 17.81%. The firm had revenue of $449.90 million for the quarter, compared to analysts’ expectations of $448.16 million. During the same period last year, the firm earned $1.31 earnings per share. The business’s revenue for the quarter was up 27.1% on a year-over-year basis. As a group, sell-side analysts predict that Lumentum will post 3.95 earnings per share for the current fiscal year.

In related news, SVP Judy G. Hamel sold 637 shares of the firm’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $59.89, for a total transaction of $38,149.93. Following the sale, the senior vice president now directly owns 42,386 shares in the company, valued at $2,538,497.54. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Brian Lillie sold 3,983 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $64.50, for a total transaction of $256,903.50. Following the sale, the director now owns 26,006 shares in the company, valued at $1,677,387. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 189,519 shares of company stock worth $11,030,676. 0.48% of the stock is currently owned by company insiders.

A number of hedge funds have recently modified their holdings of LITE. Supplemental Annuity Collective Trust of NJ increased its stake in Lumentum by 7.1% in the 2nd quarter. Supplemental Annuity Collective Trust of NJ now owns 15,000 shares of the technology company’s stock valued at $801,000 after buying an additional 1,000 shares during the last quarter. Copper Rock Capital Partners LLC increased its stake in Lumentum by 9.1% in the 2nd quarter. Copper Rock Capital Partners LLC now owns 372,386 shares of the technology company’s stock valued at $19,889,000 after buying an additional 30,935 shares during the last quarter. Oregon Public Employees Retirement Fund increased its stake in Lumentum by 5.0% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 30,784 shares of the technology company’s stock valued at $1,644,000 after buying an additional 1,478 shares during the last quarter. Oakbrook Investments LLC acquired a new stake in Lumentum in the 2nd quarter valued at $288,000. Finally, Commonwealth Equity Services LLC increased its stake in Lumentum by 13.0% in the 2nd quarter. Commonwealth Equity Services LLC now owns 13,730 shares of the technology company’s stock valued at $733,000 after buying an additional 1,583 shares during the last quarter. Hedge funds and other institutional investors own 94.72% of the company’s stock.

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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