Lumentum (NASDAQ:LITE) had its target price decreased by equities researchers at Piper Jaffray Companies from $75.00 to $68.00 in a research report issued on Tuesday, May 21st, The Fly reports. The brokerage currently has an “overweight” rating on the technology company’s stock. Piper Jaffray Companies’ target price would indicate a potential upside of 47.41% from the stock’s current price. Piper Jaffray Companies also issued estimates for Lumentum’s Q4 2019 earnings at $0.52 EPS and FY2019 earnings at $3.06 EPS.
A number of other equities research analysts also recently issued reports on LITE. Rosenblatt Securities set a $80.00 price objective on shares of Lumentum and gave the stock a “buy” rating in a research note on Tuesday, January 29th. ValuEngine upgraded shares of Lumentum from a “sell” rating to a “hold” rating in a research note on Monday, February 4th. MKM Partners raised their price target on shares of Lumentum to $66.00 and gave the company a “buy” rating in a research note on Wednesday, February 6th. BidaskClub downgraded shares of Lumentum from a “strong-buy” rating to a “buy” rating in a research note on Friday, February 8th. Finally, Zacks Investment Research downgraded shares of Lumentum from a “buy” rating to a “hold” rating in a research note on Saturday, February 9th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $67.05.
NASDAQ:LITE traded down $0.83 during mid-day trading on Tuesday, reaching $46.13. 758,000 shares of the company’s stock were exchanged, compared to its average volume of 1,643,629. Lumentum has a one year low of $37.00 and a one year high of $69.95. The firm has a market cap of $3.49 billion, a price-to-earnings ratio of 14.24, a P/E/G ratio of 1.04 and a beta of 1.13. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.20 and a current ratio of 3.96.
Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Tuesday, May 7th. The technology company reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.22. Lumentum had a net margin of 1.57% and a return on equity of 19.94%. The business had revenue of $433.00 million for the quarter, compared to analyst estimates of $428.33 million. During the same period last year, the firm earned $0.78 earnings per share. Lumentum’s revenue for the quarter was up 44.8% compared to the same quarter last year. Sell-side analysts anticipate that Lumentum will post 3.17 EPS for the current year.
In other Lumentum news, SVP Judy G. Hamel sold 1,429 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $58.64, for a total transaction of $83,796.56. Following the completion of the transaction, the senior vice president now owns 44,793 shares in the company, valued at approximately $2,626,661.52. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.55% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. Ellis Investment Partners LLC increased its stake in shares of Lumentum by 5,816.5% in the 1st quarter. Ellis Investment Partners LLC now owns 1,488,472 shares of the technology company’s stock valued at $1,488,000 after acquiring an additional 1,463,314 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Lumentum by 9.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,233,118 shares of the technology company’s stock valued at $69,718,000 after acquiring an additional 101,741 shares in the last quarter. Oregon Public Employees Retirement Fund increased its stake in shares of Lumentum by 4,834.3% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,231,145 shares of the technology company’s stock valued at $29,000 after acquiring an additional 1,206,194 shares in the last quarter. Northern Trust Corp increased its stake in shares of Lumentum by 5.1% in the 1st quarter. Northern Trust Corp now owns 1,218,391 shares of the technology company’s stock valued at $68,888,000 after acquiring an additional 59,395 shares in the last quarter. Finally, AQR Capital Management LLC increased its stake in shares of Lumentum by 52.2% in the 1st quarter. AQR Capital Management LLC now owns 990,701 shares of the technology company’s stock valued at $55,509,000 after acquiring an additional 339,683 shares in the last quarter. Hedge funds and other institutional investors own 95.36% of the company’s stock.
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 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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