Lumentum (LITE) Upgraded to Strong-Buy at BidaskClub

Lumentum (NASDAQ:LITE) was upgraded by investment analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a report released on Friday, March 29th, BidAskClub reports.

A number of other research firms have also commented on LITE. ValuEngine raised shares of Lumentum from a “sell” rating to a “hold” rating in a research note on Wednesday, March 27th. Needham & Company LLC reiterated a “strong-buy” rating on shares of Lumentum in a research report on Monday, March 18th. Morgan Stanley upgraded shares of Lumentum from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $55.00 to $65.00 in a research report on Wednesday, March 27th. JPMorgan Chase & Co. upgraded shares of Lumentum from a “neutral” rating to an “overweight” rating and raised their price target for the company from $50.00 to $65.00 in a report on Friday, March 22nd. Finally, Raymond James raised their price target on shares of Lumentum from $75.00 to $78.00 and gave the company a “strong-buy” rating in a report on Thursday, March 14th. Two equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have issued a strong buy rating to the stock. Lumentum has an average rating of “Buy” and a consensus price target of $70.00.

Shares of NASDAQ:LITE opened at $60.73 on Friday. The company has a current ratio of 4.17, a quick ratio of 3.24 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $4.61 billion, a price-to-earnings ratio of 18.74, a PEG ratio of 1.11 and a beta of 0.65. Lumentum has a 52 week low of $37.00 and a 52 week high of $69.95.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Tuesday, February 5th. The technology company reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.15. The business had revenue of $373.70 million during the quarter, compared to analysts’ expectations of $365.08 million. Lumentum had a net margin of 7.50% and a return on equity of 20.24%. The business’s revenue was down 7.6% on a year-over-year basis. During the same period last year, the firm posted $1.67 earnings per share. Sell-side analysts predict that Lumentum will post 3.31 EPS for the current year.

In other news, EVP Jason Reinhardt sold 9,575 shares of the company’s stock in a transaction that occurred on Friday, February 22nd. The shares were sold at an average price of $50.38, for a total value of $482,388.50. Following the completion of the transaction, the executive vice president now owns 63,877 shares in the company, valued at $3,218,123.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Harold L. Covert sold 3,017 shares of the business’s stock in a transaction on Thursday, February 14th. The stock was sold at an average price of $46.01, for a total transaction of $138,812.17. Following the completion of the sale, the director now directly owns 20,000 shares in the company, valued at approximately $920,200. The disclosure for this sale can be found here. Insiders sold 15,617 shares of company stock valued at $768,579 in the last quarter. Corporate insiders own 0.55% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Meeder Asset Management Inc. bought a new stake in Lumentum during the fourth quarter worth $25,000. Sapphire Star Partners LP bought a new position in shares of Lumentum in the fourth quarter valued at about $28,000. SevenBridge Financial Group LLC bought a new position in shares of Lumentum in the fourth quarter valued at about $39,000. IFP Advisors Inc raised its position in shares of Lumentum by 121.7% in the fourth quarter. IFP Advisors Inc now owns 949 shares of the technology company’s stock valued at $39,000 after purchasing an additional 521 shares during the period. Finally, Intellectus Partners LLC raised its position in shares of Lumentum by 4,000.0% in the fourth quarter. Intellectus Partners LLC now owns 1,025 shares of the technology company’s stock valued at $43,000 after purchasing an additional 1,000 shares during the period. 86.44% of the stock is currently owned by hedge funds and other institutional investors.

Lumentum Company Profile

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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