Lumentum (NASDAQ:LITE) had its price target dropped by stock analysts at B. Riley from $109.00 to $99.00 in a report released on Thursday, Briefing.com reports. The brokerage currently has a "buy" rating on the technology company's stock. B. Riley's price target would suggest a potential upside of 36.46% from the company's current price.
A number of other brokerages have also weighed in on LITE. Barclays dropped their price objective on Lumentum from $105.00 to $90.00 and set an "overweight" rating on the stock in a report on Wednesday, September 16th. Morgan Stanley increased their price target on shares of Lumentum from $75.00 to $84.00 and gave the company an "equal weight" rating in a report on Wednesday, August 12th. Susquehanna Bancshares reiterated a "buy" rating and issued a $115.00 price objective on shares of Lumentum in a research note on Tuesday, August 11th. MKM Partners boosted their price objective on shares of Lumentum from $107.00 to $114.00 and gave the stock a "buy" rating in a report on Wednesday, August 12th. Finally, BidaskClub raised Lumentum from a "strong sell" rating to a "sell" rating in a research note on Tuesday. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and fifteen have issued a buy rating to the company's stock. The stock presently has a consensus rating of "Buy" and a consensus target price of $100.63.
Shares of NASDAQ LITE opened at $72.55 on Thursday. The stock has a fifty day moving average price of $82.40 and a 200 day moving average price of $78.52. Lumentum has a 1-year low of $48.44 and a 1-year high of $96.74. The company has a debt-to-equity ratio of 0.64, a current ratio of 7.24 and a quick ratio of 6.58. The company has a market cap of $5.46 billion, a PE ratio of 41.70 and a beta of 0.93.
Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Tuesday, August 11th. The technology company reported $1.18 EPS for the quarter, topping the Zacks' consensus estimate of $0.83 by $0.35. Lumentum had a net margin of 8.07% and a return on equity of 20.77%. The company had revenue of $368.10 million during the quarter, compared to the consensus estimate of $349.73 million. During the same quarter in the prior year, the firm earned $0.92 EPS. Lumentum's quarterly revenue was down 9.0% on a year-over-year basis. Analysts anticipate that Lumentum will post 4.91 earnings per share for the current fiscal year.
In other news, CEO Alan S. Lowe sold 15,573 shares of the business's stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $83.32, for a total transaction of $1,297,542.36. Following the completion of the sale, the chief executive officer now directly owns 138,802 shares of the company's stock, valued at approximately $11,564,982.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Alan S. Lowe sold 18,597 shares of the company's stock in a transaction on Monday, August 24th. The stock was sold at an average price of $86.28, for a total value of $1,604,549.16. Following the sale, the chief executive officer now owns 184,525 shares of the company's stock, valued at $15,920,817. The disclosure for this sale can be found here. Insiders have sold 92,610 shares of company stock worth $8,164,282 in the last 90 days. Insiders own 0.48% of the company's stock.
A number of hedge funds have recently bought and sold shares of LITE. Kistler Tiffany Companies LLC bought a new stake in shares of Lumentum in the 2nd quarter valued at approximately $25,000. Signaturefd LLC lifted its position in shares of Lumentum by 167.8% in the 2nd quarter. Signaturefd LLC now owns 308 shares of the technology company's stock worth $25,000 after buying an additional 193 shares during the last quarter. Jacobi Capital Management LLC boosted its holdings in shares of Lumentum by 23,776.9% in the 2nd quarter. Jacobi Capital Management LLC now owns 34,144 shares of the technology company's stock valued at $29,000 after buying an additional 34,001 shares during the period. Flagship Harbor Advisors LLC grew its position in shares of Lumentum by 188.7% during the 2nd quarter. Flagship Harbor Advisors LLC now owns 638 shares of the technology company's stock valued at $51,000 after buying an additional 417 shares during the last quarter. Finally, Global Retirement Partners LLC raised its stake in Lumentum by 35.9% during the second quarter. Global Retirement Partners LLC now owns 643 shares of the technology company's stock worth $52,000 after acquiring an additional 170 shares during the period. 99.76% of the stock is owned by hedge funds and other institutional investors.
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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