Lumentum (LITE) Raised to Strong-Buy at BidaskClub

BidaskClub upgraded shares of Lumentum (NASDAQ:LITE) from a buy rating to a strong-buy rating in a research report released on Tuesday, BidAskClub reports.

A number of other brokerages have also recently commented on LITE. JPMorgan Chase & Co. upgraded Lumentum from a neutral rating to an overweight rating and increased their target price for the company from $50.00 to $65.00 in a report on Friday, March 22nd. Northland Securities reiterated a buy rating and set a $64.00 target price on shares of Lumentum in a report on Wednesday, March 6th. Rosenblatt Securities set a $80.00 target price on Lumentum and gave the company a buy rating in a report on Tuesday, February 5th. Barclays reiterated a buy rating and set a $52.00 target price on shares of Lumentum in a report on Friday, January 18th. Finally, Raymond James increased their target price on Lumentum from $75.00 to $78.00 and gave the company a strong-buy rating in a report on Thursday, March 14th. Two research analysts have rated the stock with a hold rating, sixteen have given a buy rating and three have assigned a strong buy rating to the company. Lumentum has an average rating of Buy and an average price target of $69.32.

NASDAQ LITE opened at $60.26 on Tuesday. Lumentum has a 1-year low of $37.00 and a 1-year high of $69.95. The company has a market capitalization of $4.85 billion, a P/E ratio of 18.60, a PEG ratio of 1.20 and a beta of 0.68. The company has a quick ratio of 3.24, a current ratio of 4.17 and a debt-to-equity ratio of 0.53.

Lumentum (NASDAQ:LITE) last released its quarterly earnings data on Tuesday, May 7th. The technology company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.22. Lumentum had a return on equity of 20.24% and a net margin of 7.50%. The firm had revenue of $433.00 million during the quarter, compared to the consensus estimate of $428.33 million. During the same period last year, the business posted $0.78 EPS. Lumentum’s quarterly revenue was up 44.8% on a year-over-year basis. On average, equities research analysts expect that Lumentum will post 3.31 EPS for the current fiscal year.

In other news, EVP Jason Reinhardt sold 9,575 shares of the firm’s stock in a transaction on Friday, February 22nd. The stock was sold at an average price of $50.38, for a total transaction of $482,388.50. Following the sale, the executive vice president now owns 63,877 shares in the company, valued at $3,218,123.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Harold L. Covert sold 3,017 shares of the firm’s stock in a transaction on Thursday, February 14th. The stock was sold at an average price of $46.01, for a total value of $138,812.17. Following the sale, the director now owns 20,000 shares in the company, valued at approximately $920,200. The disclosure for this sale can be found here. Insiders have sold 15,617 shares of company stock worth $768,579 in the last 90 days. Insiders own 0.55% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. Mason Street Advisors LLC boosted its holdings in shares of Lumentum by 4.9% during the first quarter. Mason Street Advisors LLC now owns 40,468 shares of the technology company’s stock worth $2,288,000 after purchasing an additional 1,892 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in shares of Lumentum by 3.7% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 13,407 shares of the technology company’s stock worth $758,000 after purchasing an additional 484 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of Lumentum by 16.3% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 104,408 shares of the technology company’s stock worth $5,903,000 after purchasing an additional 14,630 shares during the last quarter. State Treasurer State of Michigan boosted its holdings in shares of Lumentum by 3.0% during the first quarter. State Treasurer State of Michigan now owns 27,100 shares of the technology company’s stock worth $1,532,000 after purchasing an additional 800 shares during the last quarter. Finally, Systematic Financial Management LP acquired a new stake in shares of Lumentum during the first quarter worth $242,000. Institutional investors and hedge funds own 88.11% 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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Analyst Recommendations for Lumentum (NASDAQ:LITE)

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