Lumentum (NASDAQ:LITE) Hits New 12-Month High at $65.77

Lumentum Holdings Inc. (NASDAQ:LITE) reached a new 52-week high on Thursday . The stock traded as high as $65.77 and last traded at $65.58, with a volume of 88938 shares. The stock had previously closed at $65.00.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Susquehanna lifted their price objective on shares of Lumentum from $60.00 to $70.00 and gave the stock a “positive” rating in a research report on Wednesday, July 17th. Needham & Company LLC boosted their price target on shares of Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, August 15th. B. Riley boosted their price target on shares of Lumentum from $40.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, August 15th. Jefferies Financial Group boosted their price target on shares of Lumentum from $53.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Finally, Northland Securities boosted their price target on shares of Lumentum from $40.00 to $45.00 and gave the company a “market perform” rating in a report on Friday, August 16th. Three investment 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. Based on data from MarketBeat, Lumentum currently has a consensus rating of “Hold” and an average target price of $59.08.

Lumentum Stock Performance

The stock has a market cap of $4.45 billion, a price-to-earnings ratio of -12.51, a price-to-earnings-growth ratio of 4.83 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. The stock’s 50-day simple moving average is $54.01 and its two-hundred day simple moving average is $49.92.

Lumentum (NASDAQ:LITE) last released its earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates 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 business’s revenue was down 16.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.12 EPS. Analysts forecast that Lumentum Holdings Inc. will post 0.22 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Central Pacific Bank Trust Division raised its position in shares of Lumentum by 6,232.5% during the third quarter. Central Pacific Bank Trust Division now owns 7,599 shares of the technology company’s stock valued at $482,000 after buying an additional 7,479 shares during the last quarter. Point72 DIFC Ltd acquired a new position in shares of Lumentum during the second quarter valued at about $36,000. Truist Financial Corp raised its position in Lumentum by 5.8% in the second quarter. Truist Financial Corp now owns 11,054 shares of the technology company’s stock worth $563,000 after purchasing an additional 607 shares in the last quarter. Kimelman & Baird LLC acquired a new position in Lumentum in the second quarter worth about $303,000. Finally, Algert Global LLC acquired a new position in Lumentum in the second quarter worth about $346,000. Institutional investors and hedge funds 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.