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

Lumentum Holdings Inc. (NASDAQ:LITE) has been assigned a consensus rating of “Hold” from the thirteen research firms that are covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating on the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $59.08.

Several analysts recently commented on the stock. Craig Hallum raised their price target on shares of Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Needham & Company LLC raised their target price on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Jefferies Financial Group increased their price target on Lumentum from $53.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Rosenblatt Securities upped their target price on Lumentum from $65.00 to $69.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Finally, B. Riley lifted their price target on shares of Lumentum from $40.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, August 15th.

Lumentum Price Performance

Shares of LITE opened at $56.59 on Tuesday. The company has a market capitalization of $3.85 billion, a P/E ratio of -10.78, a P/E/G ratio of 4.26 and a beta of 0.88. The business’s 50-day moving average is $52.70 and its two-hundred day moving average is $48.74. The company has a debt-to-equity ratio of 2.61, a quick ratio of 4.43 and a current ratio of 5.90. Lumentum has a fifty-two week low of $35.35 and a fifty-two week high of $60.99.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.03. Lumentum had a negative return on equity of 4.79% and a negative net margin of 40.21%. The company had revenue of $308.30 million during the quarter, compared to analysts’ expectations of $301.36 million. During the same period last year, the business earned $0.12 earnings per share. Lumentum’s quarterly revenue was down 16.9% on a year-over-year basis. Research analysts predict that Lumentum will post 0.22 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Swedbank AB acquired a new stake in shares of Lumentum during the 1st quarter worth about $71,025,000. Norges Bank purchased a new position in shares of Lumentum during the fourth quarter worth $53,785,000. Westfield Capital Management Co. LP purchased a new stake in shares of Lumentum in the 4th quarter valued at $29,675,000. Vanguard Group Inc. lifted its stake in Lumentum by 6.5% during the 4th quarter. Vanguard Group Inc. now owns 7,196,205 shares of the technology company’s stock worth $377,225,000 after acquiring an additional 442,177 shares in the last quarter. Finally, Robeco Schweiz AG boosted its holdings in Lumentum by 28.1% during the 1st quarter. Robeco Schweiz AG now owns 843,000 shares of the technology company’s stock valued at $39,916,000 after acquiring an additional 185,000 shares during the period. 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.