Lumentum (NASDAQ:LITE) Upgraded by BidaskClub to “Buy”

BidaskClub upgraded shares of Lumentum (NASDAQ:LITE) from a hold rating to a buy rating in a report released on Friday, BidAskClub reports.

Several other equities analysts have also commented on the company. Needham & Company LLC lowered Acquity Group from a buy rating to a hold rating in a report on Monday, May 6th. TheStreet raised White Mountains Insurance Group from a c rating to a b rating in a report on Monday, May 13th. JPMorgan Chase & Co. set a $45.00 target price on Ciena and gave the company a buy rating in a report on Friday, March 22nd. Piper Jaffray Companies upped their target price on Array Biopharma from $28.00 to $35.00 and gave the company an overweight rating in a report on Tuesday, May 21st. Finally, Rosenblatt Securities reaffirmed a buy rating and set a $80.00 target price on shares of Lumentum in a report on Tuesday, May 7th. Two equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average target price of $66.37.

Shares of Lumentum stock opened at $54.54 on Friday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.20 and a current ratio of 3.96. The company has a market capitalization of $4.11 billion, a price-to-earnings ratio of 16.83, a P/E/G ratio of 1.07 and a beta of 1.35. Lumentum has a fifty-two week low of $37.00 and a fifty-two week high of $69.95. The company has a 50-day moving average price of $50.39.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Tuesday, May 7th. The technology company reported $0.91 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.22. The firm had revenue of $433.00 million during 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 quarterly revenue was up 44.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.78 earnings per share. On average, equities analysts anticipate that Lumentum will post 3.13 EPS for the current year.

In related news, SVP Judy G. Hamel sold 1,429 shares of the 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 completion of the transaction, the senior vice president now directly owns 44,793 shares of the company’s stock, valued at approximately $2,626,661.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.55% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Argent Capital Management LLC grew its holdings in Lumentum by 36.5% in the 1st quarter. Argent Capital Management LLC now owns 89,670 shares of the technology company’s stock worth $5,070,000 after buying an additional 23,955 shares in the last quarter. Smith Graham & Co. Investment Advisors LP grew its holdings in Lumentum by 10.2% in the 1st quarter. Smith Graham & Co. Investment Advisors LP now owns 135,920 shares of the technology company’s stock worth $7,685,000 after buying an additional 12,550 shares in the last quarter. Amalgamated Bank grew its holdings in Lumentum by 164.7% in the 4th quarter. Amalgamated Bank now owns 11,386 shares of the technology company’s stock worth $478,000 after buying an additional 7,085 shares in the last quarter. Kennedy Capital Management Inc. grew its holdings in Lumentum by 6.4% in the 1st quarter. Kennedy Capital Management Inc. now owns 705,363 shares of the technology company’s stock worth $39,881,000 after buying an additional 42,136 shares in the last quarter. Finally, Legal & General Group Plc grew its holdings in Lumentum by 25.0% in the 4th quarter. Legal & General Group Plc now owns 77,367 shares of the technology company’s stock worth $3,251,000 after buying an additional 15,490 shares in the last quarter. 95.25% of the stock is owned by institutional investors and hedge funds.

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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