Wolfe Research Begins Coverage on Lumentum (NASDAQ:LITE)

Analysts at Wolfe Research started coverage on shares of Lumentum (NASDAQ:LITE - Get Free Report) in a report issued on Tuesday,Briefing.com Automated Import reports. The firm set an "outperform" rating on the technology company's stock.

Several other equities research analysts have also recently commented on LITE. Northland Securities set a $80.00 target price on Lumentum in a research note on Wednesday, May 7th. UBS Group lowered their target price on Lumentum from $96.00 to $78.00 and set a "neutral" rating for the company in a research note on Wednesday, May 7th. Morgan Stanley lifted their target price on Lumentum from $70.00 to $76.00 and gave the company an "equal weight" rating in a research note on Wednesday, June 4th. Barclays set a $75.00 target price on Lumentum and gave the company an "overweight" rating in a research note on Wednesday, May 7th. Finally, BNP Paribas upgraded Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 price target on the stock in a research report on Tuesday, March 11th. 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's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $84.93.

Lumentum Trading Up 2.8%

Shares of LITE opened at $93.65 on Tuesday. Lumentum has a 1 year low of $38.29 and a 1 year high of $104.00. The company has a current ratio of 4.72, a quick ratio of 3.53 and a debt-to-equity ratio of 2.91. The stock has a 50 day simple moving average of $79.53 and a 200-day simple moving average of $75.05. The stock has a market cap of $6.50 billion, a PE ratio of -14.57 and a beta of 1.34.

Lumentum (NASDAQ:LITE - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.57 earnings per share for the quarter, beating analysts' consensus estimates of $0.50 by $0.07. Lumentum had a negative return on equity of 8.69% and a negative net margin of 29.87%. The firm had revenue of $425.20 million during the quarter, compared to analysts' expectations of $418.18 million. During the same period last year, the firm posted $0.09 EPS. The business's revenue was up 16.0% on a year-over-year basis. On average, sell-side analysts predict that Lumentum will post 0.03 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Alan S. Lowe sold 20,000 shares of the company's stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $93.47, for a total transaction of $1,869,400.00. Following the sale, the director owned 230,471 shares in the company, valued at approximately $21,542,124.37. This represents a 7.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Yuen Wupen sold 4,716 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $76.87, for a total value of $362,518.92. Following the transaction, the insider directly owned 82,957 shares in the company, valued at approximately $6,376,904.59. This trade represents a 5.38% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 66,520 shares of company stock worth $5,742,078. Insiders own 0.19% of the company's stock.

Hedge Funds Weigh In On Lumentum

Several institutional investors and hedge funds have recently made changes to their positions in the company. Jones Financial Companies Lllp grew its position in shares of Lumentum by 54.2% in the fourth quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company's stock valued at $31,000 after purchasing an additional 130 shares during the last quarter. Quadrant Capital Group LLC grew its position in Lumentum by 27.2% during the fourth quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company's stock worth $64,000 after buying an additional 164 shares in the last quarter. Oregon Public Employees Retirement Fund grew its position in Lumentum by 1.3% during the first quarter. Oregon Public Employees Retirement Fund now owns 14,130 shares of the technology company's stock worth $881,000 after buying an additional 176 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in Lumentum by 1.4% during the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 15,173 shares of the technology company's stock worth $1,274,000 after buying an additional 206 shares in the last quarter. Finally, Thrivent Financial for Lutherans grew its position in Lumentum by 1.3% during the fourth quarter. Thrivent Financial for Lutherans now owns 16,165 shares of the technology company's stock worth $1,357,000 after buying an additional 213 shares in the last quarter. Institutional investors and hedge funds own 94.05% of the company's stock.

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.

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