Lumentum (NASDAQ:LITE - Get Free Report) updated its fourth quarter 2024 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of -0.050-0.100 for the period, compared to the consensus estimate of 0.140. The company issued revenue guidance of $290.0 million-$315.0 million, compared to the consensus revenue estimate of $331.4 million. Lumentum also updated its Q4 guidance to ($0.05)-$0.10 EPS.
Wall Street Analysts Forecast Growth
Several research firms have weighed in on LITE. Needham & Company LLC reissued a buy rating and set a $50.00 price target on shares of Lumentum in a research report on Friday, February 9th. JPMorgan Chase & Co. lowered their price objective on Lumentum from $62.00 to $57.00 and set an overweight rating for the company in a research report on Thursday, April 11th. Raymond James lifted their price objective on Lumentum from $51.50 to $58.00 and gave the company an outperform rating in a research report on Monday, April 1st. StockNews.com raised Lumentum to a sell rating in a research report on Monday. Finally, Barclays lifted their price objective on Lumentum from $40.00 to $45.00 and gave the company an underweight rating in a research report on Tuesday, January 16th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of Hold and an average target price of $52.69.
Get Our Latest Research Report on LITE
Lumentum Stock Down 1.4 %
Shares of LITE traded down $0.63 during midday trading on Monday, reaching $44.11. 3,288,656 shares of the company were exchanged, compared to its average volume of 1,411,133. The stock has a 50-day moving average price of $46.22 and a 200-day moving average price of $47.22. The company has a market cap of $2.97 billion, a price-to-earnings ratio of -11.20 and a beta of 1.09. Lumentum has a 1-year low of $35.35 and a 1-year high of $65.16. The company has a current ratio of 3.13, a quick ratio of 2.42 and a debt-to-equity ratio of 1.96.
Lumentum (NASDAQ:LITE - Get Free Report) last issued its quarterly earnings data on Thursday, February 8th. The technology company reported ($0.17) EPS for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.07). The company had revenue of $366.80 million for the quarter, compared to analyst estimates of $363.44 million. Lumentum had a positive return on equity of 1.04% and a negative net margin of 18.52%. Research analysts expect that Lumentum will post -0.64 earnings per share for the current year.
Insider Buying and Selling
In related news, CAO Matthew Joseph Sepe sold 9,903 shares of the business's stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $49.23, for a total value of $487,524.69. Following the transaction, the chief accounting officer now owns 33,188 shares in the company, valued at $1,633,845.24. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.60% of the company's stock.
About Lumentum
(
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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.
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