Lumentum (NASDAQ:LITE) Downgraded by BidaskClub to “Hold”

BidaskClub lowered shares of Lumentum (NASDAQ:LITE) from a buy rating to a hold rating in a research note issued to investors on Tuesday, BidAskClub reports.

Several other research firms have also commented on LITE. Rosenblatt Securities reaffirmed a buy rating and set a $80.00 target price on shares of Lumentum in a report on Tuesday, May 7th. B. Riley raised their target price on Lumentum from $70.00 to $74.00 and gave the stock a buy rating in a report on Wednesday, May 8th. Northland Securities reaffirmed a buy rating and set a $35.00 target price on shares of Carbonite in a report on Monday, July 1st. Piper Jaffray Companies raised their target price on Array Biopharma from $28.00 to $35.00 and gave the stock an overweight rating in a report on Tuesday, May 21st. Finally, Barclays reaffirmed a hold rating and set a $23.00 target price on shares of Cypress Semiconductor in a report on Thursday, June 6th. Three research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the stock. The company currently has an average rating of Buy and an average target price of $66.57.

Lumentum stock opened at $53.85 on Tuesday. The firm has a market capitalization of $4.05 billion, a price-to-earnings ratio of 16.62, a price-to-earnings-growth ratio of 1.06 and a beta of 1.36. Lumentum has a 52 week low of $37.00 and a 52 week high of $69.95. The business’s 50-day moving average is $48.09. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.20 and a current ratio of 3.96.

Lumentum (NASDAQ:LITE) last posted its earnings results on Tuesday, May 7th. The technology company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.69 by $0.22. The firm had revenue of $433.00 million for the quarter, compared to analyst estimates of $428.33 million. Lumentum had a return on equity of 19.94% and a net margin of 1.57%. Lumentum’s revenue for the quarter was up 44.8% compared to the same quarter last year. During the same period last year, the company earned $0.78 earnings per share. On average, sell-side analysts anticipate that Lumentum will post 3.13 earnings per share for the current fiscal year.

In other Lumentum news, SVP Judy G. Hamel sold 1,429 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $58.64, for a total value of $83,796.56. Following the sale, the senior vice president now directly owns 44,793 shares of the company’s stock, valued at $2,626,661.52. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.55% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Magnus Financial Group LLC grew its holdings in Lumentum by 4.5% in the first quarter. Magnus Financial Group LLC now owns 6,356 shares of the technology company’s stock valued at $359,000 after purchasing an additional 274 shares during the period. Brown Advisory Inc. lifted its position in shares of Lumentum by 6.4% in the fourth quarter. Brown Advisory Inc. now owns 5,033 shares of the technology company’s stock valued at $212,000 after acquiring an additional 301 shares in the last quarter. Penserra Capital Management LLC lifted its position in shares of Lumentum by 3.0% in the first quarter. Penserra Capital Management LLC now owns 11,374 shares of the technology company’s stock valued at $703,000 after acquiring an additional 330 shares in the last quarter. Securian Asset Management Inc lifted its position in shares of Lumentum by 3.8% in the first quarter. Securian Asset Management Inc now owns 9,271 shares of the technology company’s stock valued at $524,000 after acquiring an additional 343 shares in the last quarter. Finally, California State Teachers Retirement System lifted its position in shares of Lumentum by 0.3% in the first quarter. California State Teachers Retirement System now owns 116,499 shares of the technology company’s stock valued at $6,587,000 after acquiring an additional 343 shares in the last quarter. 95.29% of the stock is currently owned by institutional investors.

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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