Lumentum (NASDAQ:LITE) Reaches New 1-Year High at $61.98

Lumentum Holdings Inc. (NASDAQ:LITE) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $61.98 and last traded at $61.84, with a volume of 1607740 shares. The stock had previously closed at $58.28.

Analyst Ratings Changes

A number of research firms recently issued reports on LITE. Needham & Company LLC raised their target price on shares of Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Bank of America lifted their price objective on Lumentum from $45.00 to $50.00 and gave the stock an “underperform” rating in a research note on Thursday, August 15th. Craig Hallum increased their target price on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Jefferies Financial Group lifted 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. Finally, JPMorgan Chase & Co. increased their price objective on Lumentum from $57.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $59.08.

Lumentum Trading Up 4.9 %

The business’s 50 day moving average price is $52.80 and its 200-day moving average price is $48.91. The company has a market cap of $4.13 billion, a price-to-earnings ratio of -11.37, a PEG ratio of 4.26 and a beta of 0.88. 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 (NASDAQ:LITE) last posted its quarterly earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.03. The firm had revenue of $308.30 million during the quarter, compared to analyst estimates of $301.36 million. Lumentum had a negative net margin of 40.21% and a negative return on equity of 4.79%. The company’s quarterly revenue was down 16.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.12 earnings per share. On average, research analysts forecast that Lumentum Holdings Inc. will post 0.22 EPS for the current year.

Hedge Funds Weigh In On Lumentum

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of Lumentum by 6.5% during the fourth quarter. Vanguard Group Inc. now owns 7,196,205 shares of the technology company’s stock worth $377,225,000 after purchasing an additional 442,177 shares during the last quarter. Duality Advisers LP acquired a new position in Lumentum during the 1st quarter worth about $1,307,000. Retirement Systems of Alabama raised its stake in shares of Lumentum by 13.9% in the first quarter. Retirement Systems of Alabama now owns 357,452 shares of the technology company’s stock worth $16,925,000 after acquiring an additional 43,687 shares during the last quarter. John G Ullman & Associates Inc. lifted its position in shares of Lumentum by 26.0% during the first quarter. John G Ullman & Associates Inc. now owns 73,973 shares of the technology company’s stock worth $3,503,000 after purchasing an additional 15,282 shares in the last quarter. Finally, Thompson Investment Management Inc. grew its stake in shares of Lumentum by 139.1% during the first quarter. Thompson Investment Management Inc. now owns 71,429 shares of the technology company’s stock valued at $3,382,000 after purchasing an additional 41,556 shares during the last quarter. 94.05% of the stock is owned by institutional investors.

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.