Lumentum (NASDAQ:LITE – Free Report) had its price target increased by Raymond James from $49.50 to $54.00 in a research report sent to investors on Thursday, Benzinga reports. Raymond James currently has an outperform rating on the technology company’s stock.
LITE has been the subject of a number of other research reports. Stifel Nicolaus reduced their target price on Lumentum from $62.00 to $55.00 and set a buy rating for the company in a research note on Friday, August 18th. UBS Group increased their price objective on shares of Lumentum from $48.00 to $49.00 and gave the stock a neutral rating in a research note on Friday, August 18th. B. Riley lowered their target price on Lumentum from $46.00 to $45.00 and set a neutral rating on the stock in a research note on Friday, August 18th. Morgan Stanley reduced their price target on Lumentum from $55.00 to $45.00 and set an equal weight rating for the company in a research report on Friday, October 27th. Finally, Rosenblatt Securities cut their target price on shares of Lumentum from $62.00 to $55.00 and set a buy rating for the company in a report on Tuesday, October 31st. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Lumentum presently has a consensus rating of Hold and a consensus price target of $50.64.
Lumentum Stock Up 2.6 %
Lumentum (NASDAQ:LITE – Get Free Report) last issued its quarterly earnings results on Wednesday, November 8th. The technology company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.04. Lumentum had a positive return on equity of 6.70% and a negative net margin of 12.62%. The business had revenue of $317.60 million during the quarter, compared to the consensus estimate of $313.98 million. Equities research analysts forecast that Lumentum will post 0.27 EPS for the current fiscal year.
Institutional Investors Weigh In On Lumentum
A number of hedge funds have recently modified their holdings of LITE. Mitsubishi UFJ Trust & Banking Corp raised its holdings in Lumentum by 5.5% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 5,063 shares of the technology company’s stock valued at $273,000 after acquiring an additional 265 shares during the last quarter. IMA Wealth Inc. increased its holdings in shares of Lumentum by 1.0% in the second quarter. IMA Wealth Inc. now owns 25,682 shares of the technology company’s stock valued at $1,457,000 after purchasing an additional 266 shares during the last quarter. First Manhattan CO. LLC. lifted its position in Lumentum by 3.4% during the first quarter. First Manhattan CO. LLC. now owns 9,020 shares of the technology company’s stock worth $487,000 after buying an additional 300 shares in the last quarter. Prudential Financial Inc. boosted its stake in Lumentum by 3.3% during the first quarter. Prudential Financial Inc. now owns 9,561 shares of the technology company’s stock worth $516,000 after buying an additional 306 shares during the last quarter. Finally, Arizona State Retirement System grew its holdings in Lumentum by 1.7% in the 3rd quarter. Arizona State Retirement System now owns 19,561 shares of the technology company’s stock valued at $884,000 after buying an additional 321 shares in the last quarter. 94.05% of the stock is currently owned by institutional investors and hedge funds.
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.
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