Lumentum (NASDAQ:LITE) Stock Rating Lowered by BidaskClub

BidaskClub cut shares of Lumentum (NASDAQ:LITE) from a buy rating to a hold rating in a research note released on Saturday morning, BidAskClub reports.

LITE has been the topic of several other reports. TheStreet lowered shares of Lumentum from a b- rating to a c+ rating in a report on Monday, May 13th. B. Riley upped their price target on shares of Lumentum from $70.00 to $74.00 and gave the company a buy rating in a report on Wednesday, May 8th. Jefferies Financial Group lowered their price target on shares of Lumentum from $75.00 to $60.00 and set a buy rating on the stock in a report on Tuesday, May 21st. Barclays lowered their price target on shares of Lumentum from $60.00 to $50.00 and set an overweight rating on the stock in a report on Thursday, June 6th. Finally, Needham & Company LLC reaffirmed a strong-buy rating and issued a $70.00 price target on shares of Lumentum in a report on Monday, May 6th. Three equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the stock. The stock currently has a consensus rating of Buy and an average price target of $66.37.

Shares of LITE stock opened at $53.56 on Friday. The business’s fifty day simple moving average is $53.73. The firm has a market capitalization of $4.05 billion, a P/E ratio of 16.53, a PEG ratio of 1.08 and a beta of 1.36. 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 has a 12-month low of $37.00 and a 12-month high of $69.95.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings results on Tuesday, May 7th. The technology company reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.22. Lumentum had a return on equity of 19.94% and a net margin of 1.57%. The business had revenue of $433.00 million for the quarter, compared to the consensus estimate of $428.33 million. During the same period in the prior year, the firm posted $0.78 earnings per share. The business’s quarterly revenue was up 44.8% on a year-over-year basis. As a group, sell-side analysts forecast that Lumentum will post 3.11 earnings per share for the current year.

In other news, SVP Judy G. Hamel sold 1,429 shares of the stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $58.64, for a total transaction of $83,796.56. Following the sale, the senior vice president now directly owns 44,793 shares of the company’s stock, valued at approximately $2,626,661.52. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.55% of the company’s stock.

A number of institutional investors have recently modified their holdings of the stock. Bridge City Capital LLC lifted its stake in Lumentum by 0.5% in the 2nd quarter. Bridge City Capital LLC now owns 50,443 shares of the technology company’s stock valued at $2,694,000 after buying an additional 243 shares in the last quarter. Magnus Financial Group LLC lifted its stake in Lumentum by 4.5% in the 1st quarter. Magnus Financial Group LLC now owns 6,356 shares of the technology company’s stock valued at $359,000 after buying an additional 274 shares in the last quarter. Hayden Royal LLC lifted its stake in Lumentum by 8.0% in the 2nd quarter. Hayden Royal LLC now owns 4,050 shares of the technology company’s stock valued at $215,000 after buying an additional 300 shares in the last quarter. Penserra Capital Management LLC lifted its stake in Lumentum by 3.0% in the 1st quarter. Penserra Capital Management LLC now owns 11,374 shares of the technology company’s stock valued at $703,000 after buying an additional 330 shares in the last quarter. Finally, Securian Asset Management Inc lifted its stake in Lumentum by 3.8% in the 1st quarter. Securian Asset Management Inc now owns 9,271 shares of the technology company’s stock valued at $524,000 after buying an additional 343 shares in the last quarter. 94.32% 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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