StockNews.com Upgrades Lumentum (NASDAQ:LITE) to "Sell"

Lumentum (NASDAQ:LITE - Get Free Report) was upgraded by equities researchers at StockNews.com to a "sell" rating in a report released on Monday.

Several other research firms also recently issued reports on LITE. JPMorgan Chase & Co. cut their target price on Lumentum from $62.00 to $57.00 and set an "overweight" rating on the stock in a research report on Thursday, April 11th. Barclays increased their price target on Lumentum from $40.00 to $45.00 and gave the stock an "underweight" rating in a research report on Tuesday, January 16th. Needham & Company LLC reaffirmed a "buy" rating and set a $50.00 price target on shares of Lumentum in a research report on Friday, February 9th. Rosenblatt Securities increased their price target on Lumentum from $60.00 to $65.00 and gave the stock a "buy" rating in a research report on Friday, February 9th. Finally, Stifel Nicolaus reaffirmed a "buy" rating and set a $62.00 price target on shares of Lumentum in a research report on Monday, April 1st. Three research analysts have rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, Lumentum presently has a consensus rating of "Hold" and a consensus price target of $52.69.

Lumentum Stock Performance

Shares of NASDAQ LITE traded down $0.63 during mid-day trading on Monday, hitting $44.11. The stock had a trading volume of 3,288,656 shares, compared to its average volume of 1,411,133. The company has a debt-to-equity ratio of 1.96, a quick ratio of 2.42 and a current ratio of 3.13. The company has a 50 day moving average of $46.22 and a two-hundred day moving average of $47.22. Lumentum has a twelve month low of $35.35 and a twelve month high of $65.16. The firm has a market cap of $2.97 billion, a PE ratio of -11.20 and a beta of 1.09.

Lumentum (NASDAQ:LITE - Get Free Report) last released its earnings results on Thursday, February 8th. The technology company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.07). Lumentum had a negative net margin of 18.52% and a positive return on equity of 1.04%. The firm had revenue of $366.80 million during the quarter, compared to analyst estimates of $363.44 million. Research analysts predict that Lumentum will post -0.64 EPS for the current fiscal year.

Insider Activity at Lumentum

In related news, CAO Matthew Joseph Sepe sold 9,903 shares of the firm's stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $49.23, for a total value of $487,524.69. Following the transaction, the chief accounting officer now directly owns 33,188 shares of the company's stock, valued at approximately $1,633,845.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. FengHe Fund Management Pte. Ltd. acquired a new stake in Lumentum in the 4th quarter valued at about $19,547,000. International Assets Investment Management LLC acquired a new stake in Lumentum in the 4th quarter valued at about $1,379,000. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in Lumentum in the 4th quarter valued at about $1,389,000. Pathstone Family Office LLC raised its holdings in Lumentum by 46.3% in the 3rd quarter. Pathstone Family Office LLC now owns 13,296 shares of the technology company's stock valued at $606,000 after acquiring an additional 4,207 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its holdings in Lumentum by 52.7% in the 3rd quarter. Envestnet Asset Management Inc. now owns 211,684 shares of the technology company's stock valued at $9,564,000 after acquiring an additional 73,047 shares during the last quarter. 94.05% of the stock is 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 (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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