TheStreet Lowers Lumentum (NASDAQ:LITE) to C

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

Several other brokerages have also recently issued reports on LITE. StockNews.com raised Lumentum from a hold rating to a buy rating in a research report on Tuesday. Raymond James cut their target price on shares of Lumentum from $107.00 to $85.00 and set an outperform rating for the company in a research report on Wednesday. Northland Securities reiterated a market perform rating and set a $55.00 price target (down previously from $120.00) on shares of Lumentum in a research note on Wednesday. Craig Hallum cut their price objective on shares of Lumentum from $115.00 to $80.00 in a research report on Wednesday. Finally, Susquehanna lowered their target price on Lumentum from $100.00 to $85.00 in a research report on Wednesday. Two equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Lumentum has a consensus rating of Moderate Buy and an average price target of $82.67.

Lumentum Stock Performance

Shares of LITE stock opened at $56.55 on Tuesday. The company has a quick ratio of 4.03, a current ratio of 4.38 and a debt-to-equity ratio of 0.78. The company has a 50 day moving average price of $72.43 and a 200-day moving average price of $80.77. Lumentum has a 52 week low of $55.18 and a 52 week high of $108.90. The firm has a market capitalization of $3.85 billion, a PE ratio of 35.79, a P/E/G ratio of 1.07 and a beta of 0.99.

Lumentum (NASDAQ:LITEGet Rating) last posted its earnings results on Tuesday, August 16th. The technology company reported $1.15 EPS for the quarter, topping analysts’ consensus estimates of $1.07 by $0.08. The business had revenue of $422.10 million during the quarter, compared to the consensus estimate of $417.99 million. Lumentum had a net margin of 11.61% and a return on equity of 18.66%. The firm’s revenue was up 7.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.84 EPS. As a group, equities research analysts expect that Lumentum will post 4.89 earnings per share for the current year.

Insider Transactions at Lumentum

In other Lumentum news, CEO Alan S. Lowe sold 8,809 shares of the stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $94.94, for a total transaction of $836,326.46. Following the completion of the transaction, the chief executive officer now owns 139,946 shares of the company’s stock, valued at approximately $13,286,473.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Wajid Ali sold 8,781 shares of the stock in a transaction dated Tuesday, August 23rd. The shares were sold at an average price of $92.47, for a total value of $811,979.07. Following the completion of the transaction, the chief financial officer now owns 31,194 shares of the company’s stock, valued at approximately $2,884,509.18. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Alan S. Lowe sold 8,809 shares of the firm’s stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $94.94, for a total transaction of $836,326.46. Following the completion of the sale, the chief executive officer now owns 139,946 shares of the company’s stock, valued at approximately $13,286,473.24. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,620 shares of company stock valued at $1,909,492. 0.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Lumentum

Several institutional investors have recently added to or reduced their stakes in the company. Private Trust Co. NA lifted its stake in shares of Lumentum by 187.7% during the 3rd quarter. Private Trust Co. NA now owns 397 shares of the technology company’s stock worth $27,000 after acquiring an additional 259 shares during the last quarter. Urban Wealth Management LLC bought a new position in Lumentum in the second quarter worth approximately $29,000. Assetmark Inc. purchased a new position in shares of Lumentum during the second quarter valued at $30,000. Twin Tree Management LP purchased a new position in Lumentum during the 1st quarter valued at about $36,000. Finally, Wipfli Financial Advisors LLC purchased a new stake in shares of Lumentum in the 3rd quarter worth approximately $44,000. Institutional investors own 95.49% of the company’s stock.

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.It offers tunable transponders, transceivers, and transmitter modules; tunable lasers, receivers, and modulators; transport products, such as reconfigurable optical add/drop multiplexers, amplifiers, and optical channel monitors, as well as components, including 980nm, multi-mode, and Raman pumps; and switches, attenuators, photodetectors, gain flattening filters, isolators, wavelength-division multiplexing filters, arrayed waveguide gratings, multiplex/de-multiplexers, and integrated passive modules.

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