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

Lumentum Holdings Inc. (NASDAQ:LITE) has received an average rating of “Hold” from the thirteen analysts that are currently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and eight have assigned a buy recommendation to the company. The average 1 year target price among analysts that have covered the stock in the last year is $60.77.

A number of equities research analysts have issued reports on LITE shares. Northland Securities increased their target price 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. Raymond James lifted their price objective on Lumentum from $55.00 to $70.00 and gave the company an “outperform” rating in a research report on Friday, October 4th. Barclays upped their target price on Lumentum from $38.00 to $40.00 and gave the stock an “underweight” rating in a research report on Thursday, August 15th. JPMorgan Chase & Co. raised their price target on Lumentum from $57.00 to $65.00 and gave the stock an “overweight” rating in a research note on Monday, August 12th. Finally, Bank of America boosted their price target on Lumentum from $45.00 to $50.00 and gave the company an “underperform” rating in a research note on Thursday, August 15th.

Hedge Funds Weigh In On Lumentum

Institutional investors have recently modified their holdings of the company. Swedbank AB acquired a new position in Lumentum in the 1st quarter valued at $71,025,000. Van Lanschot Kempen Investment Management N.V. grew its position in shares of Lumentum by 17.8% in the second quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,154,805 shares of the technology company’s stock valued at $58,803,000 after purchasing an additional 174,828 shares during the last quarter. Pinnacle Associates Ltd. increased its stake in shares of Lumentum by 50.4% in the third quarter. Pinnacle Associates Ltd. now owns 407,789 shares of the technology company’s stock worth $25,846,000 after purchasing an additional 136,659 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Lumentum by 8.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company’s stock worth $86,760,000 after purchasing an additional 130,838 shares during the last quarter. Finally, Hodges Capital Management Inc. acquired a new position in shares of Lumentum during the 2nd quarter worth about $5,642,000. Institutional investors own 94.05% of the company’s stock.

Lumentum Stock Up 3.1 %

NASDAQ:LITE opened at $66.18 on Wednesday. The business’s fifty day moving average price is $61.90 and its 200 day moving average price is $53.16. The firm has a market capitalization of $4.54 billion, a price-to-earnings ratio of -8.18, a PEG ratio of 5.58 and a beta of 0.88. The company has a current ratio of 5.90, a quick ratio of 4.43 and a debt-to-equity ratio of 2.61. Lumentum has a 1-year low of $38.28 and a 1-year high of $71.07.

Lumentum (NASDAQ:LITE) last issued its earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.03. The company had revenue of $308.30 million for the quarter, compared to the consensus estimate of $301.36 million. Lumentum had a negative return on equity of 4.79% and a negative net margin of 40.21%. The firm’s quarterly revenue was down 16.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.12 EPS. On average, sell-side analysts forecast that Lumentum will post 0.2 earnings per share for the current fiscal year.

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.