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

Lumentum Holdings Inc. (NASDAQ:LITE) has been given a consensus rating of “Hold” by the thirteen analysts that are presently covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating on the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $60.00.

Several research firms have issued reports on LITE. Northland Securities raised their price target on shares of Lumentum from $40.00 to $45.00 and gave the stock a “market perform” rating in a research report on Friday, August 16th. B. Riley lifted their target price on Lumentum from $40.00 to $50.00 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. Raymond James boosted their price target on Lumentum from $55.00 to $70.00 and gave the company an “outperform” rating in a research note on Friday, October 4th. Bank of America raised their price objective on Lumentum from $45.00 to $50.00 and gave the stock an “underperform” rating in a research report on Thursday, August 15th. Finally, Morgan Stanley boosted their price objective on Lumentum from $50.00 to $54.00 and gave the company an “equal weight” rating in a research report on Thursday, August 15th.

Institutional Investors Weigh In On Lumentum

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in 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 buying an additional 442,177 shares during the last quarter. Duality Advisers LP acquired a new stake in Lumentum during the 1st quarter valued at $1,307,000. Retirement Systems of Alabama raised its position in Lumentum by 13.9% in the 1st quarter. Retirement Systems of Alabama now owns 357,452 shares of the technology company’s stock valued at $16,925,000 after purchasing an additional 43,687 shares during the last quarter. John G Ullman & Associates Inc. boosted its stake in Lumentum by 26.0% in 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 holdings 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 worth $3,382,000 after purchasing an additional 41,556 shares during the last quarter. Institutional investors and hedge funds own 94.05% of the company’s stock.

Lumentum Trading Up 1.7 %

Lumentum stock opened at $68.24 on Friday. Lumentum has a 52 week low of $35.35 and a 52 week high of $68.81. 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 firm has a market capitalization of $4.68 billion, a PE ratio of -8.44, a PEG ratio of 5.78 and a beta of 0.89. The business’s 50-day simple moving average is $56.52 and its 200-day simple moving average is $50.81.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings results on Wednesday, August 14th. The technology company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.03. The company had revenue of $308.30 million during the quarter, compared to analyst estimates of $301.36 million. Lumentum had a negative return on equity of 4.79% and a negative net margin of 40.21%. The company’s quarterly revenue was down 16.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.12 earnings per share. Equities research analysts forecast that Lumentum will post 0.2 earnings per share for the current year.

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.