Lumentum (NASDAQ:LITE) Lifted to “Buy” at Zacks Investment Research

Lumentum (NASDAQ:LITEGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, Zacks.com reports. The brokerage currently has a $100.00 price objective on the technology company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 14.92% from the stock’s current price.

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. “

LITE has been the subject of a number of other reports. StockNews.com upgraded Lumentum from a “hold” rating to a “buy” rating in a research note on Friday. B. Riley decreased their price objective on Lumentum from $120.00 to $119.00 in a report on Thursday, May 5th. JPMorgan Chase & Co. upgraded Lumentum from a “neutral” rating to an “overweight” rating and set a $110.00 price objective for the company in a report on Wednesday, January 26th. Susquehanna decreased their price objective on Lumentum from $120.00 to $110.00 in a report on Thursday, May 5th. Finally, Barclays decreased their price objective on Lumentum from $105.00 to $100.00 and set an “overweight” rating for the company in a report on Monday, April 25th. Two analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $106.13.

Shares of LITE opened at $87.02 on Tuesday. Lumentum has a 52 week low of $65.67 and a 52 week high of $108.90. The company has a market cap of $6.28 billion, a PE ratio of 35.37 and a beta of 0.91. The company has a quick ratio of 3.55, a current ratio of 4.69 and a debt-to-equity ratio of 0.76. The firm has a fifty day moving average price of $90.52.

Lumentum (NASDAQ:LITEGet Rating) last announced its quarterly earnings results on Wednesday, May 4th. The technology company reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $1.12 by $0.07. Lumentum had a return on equity of 17.57% and a net margin of 11.04%. The company had revenue of $395.40 million during the quarter, compared to analysts’ expectations of $390.16 million. During the same period in the prior year, the company earned $1.08 EPS. Lumentum’s revenue was down 5.7% compared to the same quarter last year. On average, research analysts anticipate that Lumentum will post 4.45 earnings per share for the current fiscal year.

In other news, CEO Alan S. Lowe sold 8,809 shares of the company’s stock in a transaction that occurred on Thursday, February 17th. The stock was sold at an average price of $100.80, for a total transaction of $887,947.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Wajid Ali sold 7,854 shares of the company’s stock in a transaction that occurred on Thursday, February 17th. The stock was sold at an average price of $100.82, for a total value of $791,840.28. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 18,965 shares of company stock worth $1,912,911. 0.30% of the stock is owned by company insiders.

Several large investors have recently modified their holdings of LITE. Richelieu Gestion PLC purchased a new stake in Lumentum in the 1st quarter valued at $32,000. Private Capital Group LLC raised its position in Lumentum by 4,000.0% in the 1st quarter. Private Capital Group LLC now owns 451 shares of the technology company’s stock valued at $44,000 after buying an additional 440 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its position 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 valued at $49,000 after buying an additional 141 shares during the last quarter. Mascoma Wealth Management LLC purchased a new stake in Lumentum in the 1st quarter valued at $51,000. Finally, Rockefeller Capital Management L.P. raised its position in Lumentum by 122.8% in the 4th quarter. Rockefeller Capital Management L.P. now owns 557 shares of the technology company’s stock valued at $58,000 after buying an additional 307 shares during the last quarter. 92.49% of the stock is currently owned by institutional investors.

About Lumentum (Get Rating)

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 in 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.

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