Lumentum Holdings Inc. (NASDAQ:LITE) Receives Average Recommendation of "Moderate Buy" from Brokerages

Lumentum Holdings Inc. (NASDAQ:LITE - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the seventeen brokerages that are covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, three have issued a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $87.07.

A number of brokerages have commented on LITE. Raymond James Financial increased their price objective on shares of Lumentum from $80.00 to $90.00 and gave the company a "strong-buy" rating in a research report on Wednesday, June 4th. Stifel Nicolaus increased their price objective on shares of Lumentum from $85.00 to $100.00 and gave the company a "buy" rating in a research report on Thursday, June 5th. Rosenblatt Securities reissued a "buy" rating and issued a $105.00 price objective on shares of Lumentum in a research report on Thursday, June 12th. B. Riley increased their price objective on shares of Lumentum from $65.00 to $73.00 and gave the company a "neutral" rating in a research report on Wednesday, June 4th. Finally, Barclays set a $75.00 price objective on shares of Lumentum and gave the company an "overweight" rating in a research report on Wednesday, May 7th.

Insider Buying and Selling at Lumentum

In related news, SVP Jae Kim sold 4,577 shares of the stock in a transaction on Friday, May 16th. The shares were sold at an average price of $77.98, for a total transaction of $356,914.46. Following the completion of the sale, the senior vice president owned 31,534 shares in the company, valued at $2,459,021.32. This represents a 12.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Wajid Ali sold 2,222 shares of the stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $83.58, for a total transaction of $185,714.76. Following the sale, the chief financial officer owned 47,460 shares of the company's stock, valued at approximately $3,966,706.80. This represents a 4.47% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,520 shares of company stock worth $5,742,078 in the last quarter. 0.19% of the stock is currently owned by company insiders.

Institutional Trading of Lumentum

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Lumentum by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 7,430,185 shares of the technology company's stock worth $463,198,000 after purchasing an additional 47,811 shares during the period. Capital World Investors lifted its stake in shares of Lumentum by 108.3% in the 4th quarter. Capital World Investors now owns 3,600,132 shares of the technology company's stock worth $302,231,000 after acquiring an additional 1,871,572 shares during the period. PointState Capital LP acquired a new stake in shares of Lumentum in the 1st quarter worth $213,503,000. Atreides Management LP lifted its stake in shares of Lumentum by 6.8% in the 1st quarter. Atreides Management LP now owns 1,875,257 shares of the technology company's stock worth $116,904,000 after acquiring an additional 119,938 shares during the period. Finally, Alliancebernstein L.P. lifted its stake in shares of Lumentum by 1.1% in the 1st quarter. Alliancebernstein L.P. now owns 1,731,041 shares of the technology company's stock worth $107,913,000 after acquiring an additional 19,085 shares during the period. Institutional investors and hedge funds own 94.05% of the company's stock.

Lumentum Stock Up 3.0%

LITE traded up $3.01 during trading hours on Monday, hitting $102.64. 2,921,849 shares of the company's stock were exchanged, compared to its average volume of 2,166,393. Lumentum has a 12-month low of $38.29 and a 12-month high of $104.00. The firm has a 50 day moving average of $84.67 and a 200 day moving average of $75.77. The firm has a market cap of $7.12 billion, a P/E ratio of -15.91 and a beta of 1.34. The company has a current ratio of 4.72, a quick ratio of 3.53 and a debt-to-equity ratio of 2.91.

Lumentum (NASDAQ:LITE - Get Free Report) last announced its earnings results on Tuesday, May 6th. The technology company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.07. Lumentum had a negative net margin of 29.87% and a negative return on equity of 8.69%. The firm had revenue of $425.20 million for the quarter, compared to the consensus estimate of $418.18 million. During the same period in the prior year, the firm earned $0.09 EPS. The firm's revenue for the quarter was up 16.0% on a year-over-year basis. Analysts predict that Lumentum will post 0.03 EPS for the current fiscal year.

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 (OpComms) and Commercial Lasers (Lasers). The OpComms segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and data over high-capacity fiber optic cables.