Lumentum (NASDAQ:LITE) Lowered to “Hold” at Zacks Investment Research

Lumentum (NASDAQ:LITEGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “Lumentum Holdings Inc. is a manufacturer of innovative optical and photonic products. The Company’s operating segment consists of Optical Communications and Commercial Lasers. Optical Communications segment portfolio includes products used by Telecom and Datacom nanoelectromechanical systems and traditional as well as cloud/data center service providers. Commercial Lasers segment products serve its customers in markets and applications, such as manufacturing, biotechnology, graphics and imaging, remote sensing and precision machining. Lumentum Holdings Inc. is headquartered in Milpitas, California. “

Other equities research analysts have also recently issued reports about the company. Northland Securities increased their price objective on Lumentum from $110.00 to $120.00 and gave the company an “outperform” rating in a research report on Wednesday, March 9th. StockNews.com downgraded Lumentum from a “buy” rating to a “hold” rating in a research note on Thursday, April 7th. Craig Hallum decreased their target price on Lumentum from $130.00 to $115.00 and set a “buy” rating on the stock in a research note on Thursday, April 14th. B. Riley reaffirmed a “buy” rating on shares of Lumentum in a research note on Tuesday, February 1st. Finally, JPMorgan Chase & Co. upgraded Lumentum from a “neutral” rating to an “overweight” rating and set a $110.00 target price for the company in a report on Wednesday, January 26th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $106.88.

LITE opened at $86.95 on Wednesday. Lumentum has a one year low of $65.67 and a one year high of $108.90. The firm’s fifty day moving average price is $94.34. The stock has a market cap of $6.28 billion, a price-to-earnings ratio of 17.53 and a beta of 0.83. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.87 and a quick ratio of 3.55.

Lumentum (NASDAQ:LITEGet Rating) last issued its quarterly earnings data on Thursday, February 3rd. The technology company reported $1.28 EPS for the quarter, meeting the consensus estimate of $1.28. Lumentum had a net margin of 22.57% and a return on equity of 17.82%. The firm had revenue of $446.70 million during the quarter, compared to the consensus estimate of $444.72 million. During the same period in the prior year, the firm posted $1.68 earnings per share. The company’s quarterly revenue was down 6.7% compared to the same quarter last year. Research analysts forecast that Lumentum will post 4.42 earnings per share for the current year.

In related news, CEO Alan S. Lowe sold 8,809 shares of the stock in a transaction on Thursday, February 17th. The stock was sold at an average price of $100.80, for a total value of $887,947.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Wajid Ali sold 7,854 shares of the company’s stock in a transaction dated Thursday, February 17th. The shares were sold at an average price of $100.82, for a total transaction of $791,840.28. The disclosure for this sale can be found here. Insiders have sold a total of 18,965 shares of company stock worth $1,912,911 in the last three months. Corporate insiders own 0.30% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of LITE. Harel Insurance Investments & Financial Services Ltd. boosted its stake in Lumentum by 43.9% in the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 462 shares of the technology company’s stock worth $49,000 after purchasing an additional 141 shares during the period. David J Yvars Group bought a new position in shares of Lumentum during the 4th quarter valued at $50,000. Rockefeller Capital Management L.P. raised its holdings in shares of Lumentum by 122.8% during the 4th quarter. Rockefeller Capital Management L.P. now owns 557 shares of the technology company’s stock valued at $58,000 after purchasing an additional 307 shares in the last quarter. Quent Capital LLC bought a new position in shares of Lumentum during the 4th quarter valued at $72,000. Finally, Herold Advisors Inc. bought a new position in Lumentum in the 3rd quarter worth $91,000. Institutional investors and hedge funds own 89.71% of the company’s stock.

Lumentum Company Profile (Get Rating)

Lumentum Holdings, Inc engages in the provision of optical and photonic products. It operates through the Optical Communications (OpComms) and Commercial Lasers segments. The OpComms segment includes a range of components, modules, and subsystems to support customers including carrier networks of access (local), metro (intracity), long-haul (city-to-city and worldwide), and submarine (undersea) applications.

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