Lumentum Holdings Inc. (NASDAQ:LITE) Receives Average Rating of “Hold” from Analysts

Lumentum Holdings Inc. (NASDAQ:LITE) has been given an average recommendation of “Hold” by the twelve research firms that are covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating on the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $52.25.

A number of equities research analysts have weighed in on LITE shares. Raymond James upped their price target on shares of Lumentum from $51.50 to $58.00 and gave the company an “outperform” rating in a report on Monday, April 1st. StockNews.com upgraded Lumentum to a “sell” rating in a report on Monday, May 6th. Barclays cut their price objective on Lumentum from $40.00 to $38.00 and set an “underweight” rating on the stock in a report on Tuesday, May 7th. B. Riley cut their price objective on Lumentum from $41.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday, May 7th. Finally, Needham & Company LLC cut their price objective on Lumentum from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Monday, May 20th.

Lumentum Price Performance

Shares of NASDAQ LITE opened at $54.24 on Thursday. Lumentum has a twelve month low of $35.35 and a twelve month high of $60.99. The company has a current ratio of 5.20, a quick ratio of 3.87 and a debt-to-equity ratio of 2.13. The company has a market capitalization of $3.67 billion, a price-to-earnings ratio of -10.33 and a beta of 0.88. The firm has a 50-day moving average of $46.19 and a two-hundred day moving average of $48.47.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings results on Monday, May 6th. The technology company reported ($0.18) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.18). Lumentum had a negative net margin of 24.91% and a negative return on equity of 1.72%. The company had revenue of $366.50 million during the quarter, compared to the consensus estimate of $366.53 million. As a group, analysts expect that Lumentum will post -0.64 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lumentum

Several large investors have recently made changes to their positions in LITE. Neo Ivy Capital Management bought a new stake in shares of Lumentum in the 3rd quarter valued at approximately $32,000. Ramirez Asset Management Inc. bought a new stake in shares of Lumentum in the 3rd quarter valued at approximately $32,000. CENTRAL TRUST Co grew its stake in shares of Lumentum by 714.3% in the 1st quarter. CENTRAL TRUST Co now owns 1,140 shares of the technology company’s stock valued at $54,000 after buying an additional 1,000 shares in the last quarter. Principal Securities Inc. bought a new stake in shares of Lumentum in the 4th quarter valued at approximately $55,000. Finally, Whittier Trust Co. boosted its position in Lumentum by 697.7% during the fourth quarter. Whittier Trust Co. now owns 1,715 shares of the technology company’s stock worth $90,000 after purchasing an additional 1,500 shares during the period. Institutional investors own 94.05% 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 (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.