TheStreet Downgrades Lumentum (NASDAQ:LITE) to C+

TheStreet cut shares of Lumentum (NASDAQ:LITEGet Rating) from a b rating to a c+ rating in a research note issued to investors on Monday, TheStreetRatingsTable reports.

A number of other brokerages have also weighed in on LITE. Morgan Stanley upped their price target on shares of Lumentum from $91.00 to $97.00 and gave the stock an equal weight rating in a research note on Friday, February 4th. Zacks Investment Research raised shares of Lumentum from a hold rating to a buy rating and set a $100.00 price target for the company in a research note on Tuesday, May 10th. Rosenblatt Securities upped their price target on shares of Lumentum from $115.00 to $125.00 and gave the stock a buy rating in a research note on Wednesday, March 23rd. B. Riley reduced their price target on shares of Lumentum from $120.00 to $119.00 in a research note on Thursday, May 5th. Finally, Barclays cut their target price on shares of Lumentum from $105.00 to $100.00 and set an overweight rating for the company in a research note on Monday, April 25th. Two investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of Buy and an average target price of $106.87.

NASDAQ LITE opened at $90.53 on Monday. Lumentum has a 52 week low of $72.78 and a 52 week high of $108.90. The company has a current ratio of 4.69, a quick ratio of 4.35 and a debt-to-equity ratio of 0.76. The stock has a market cap of $6.25 billion, a price-to-earnings ratio of 36.80 and a beta of 0.91. The company has a 50-day moving average price of $89.84 and a two-hundred day moving average price of $94.53.

Lumentum (NASDAQ:LITEGet Rating) last posted its earnings results on Wednesday, May 4th. The technology company reported $1.19 EPS for the quarter, topping the consensus estimate of $1.12 by $0.07. The firm had revenue of $395.40 million during the quarter, compared to analysts’ expectations of $390.16 million. Lumentum had a net margin of 11.04% and a return on equity of 17.57%. Lumentum’s quarterly revenue was down 5.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.08 EPS. As a group, equities research analysts expect that Lumentum will post 4.72 earnings per share for the current fiscal year.

In other Lumentum news, CFO Wajid Ali sold 7,854 shares of the company’s stock in a transaction that occurred on Thursday, February 17th. The shares were sold at an average price of $100.82, for a total value of $791,840.28. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Alan S. Lowe sold 8,809 shares of the company’s stock in a transaction that occurred on Thursday, February 17th. The shares were sold at an average price of $100.80, for a total transaction of $887,947.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 22,252 shares of company stock valued at $2,205,848. 0.30% of the stock is owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in LITE. Alyeska Investment Group L.P. increased its stake in Lumentum by 465.6% in the 1st quarter. Alyeska Investment Group L.P. now owns 930,738 shares of the technology company’s stock valued at $90,840,000 after buying an additional 766,170 shares during the period. Norges Bank acquired a new position in Lumentum in the 4th quarter valued at approximately $70,857,000. Point72 Asset Management L.P. acquired a new position in shares of Lumentum during the 3rd quarter worth $54,000,000. Earnest Partners LLC increased its stake in shares of Lumentum by 576.4% during the 1st quarter. Earnest Partners LLC now owns 680,435 shares of the technology company’s stock worth $66,410,000 after purchasing an additional 579,835 shares during the last quarter. Finally, Fuller & Thaler Asset Management Inc. acquired a new position in shares of Lumentum during the 4th quarter worth $57,430,000. Hedge funds and other institutional investors own 92.49% of the company’s stock.

Lumentum Company Profile (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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