Lumentum (NASDAQ:LITE) Price Target Cut to $40.00

Lumentum (NASDAQ:LITE) had its price target decreased by B. Riley from $41.00 to $40.00 in a report released on Tuesday morning, Benzinga reports. B. Riley currently has a neutral rating on the technology company’s stock.

A number of other equities research analysts have also issued reports on the company. Needham & Company LLC reiterated a buy rating and issued a $50.00 target price on shares of Lumentum in a research note on Friday, February 9th. Stifel Nicolaus reiterated a buy rating and set a $62.00 price objective on shares of Lumentum in a research note on Monday, April 1st. StockNews.com upgraded shares of Lumentum to a sell rating in a research note on Monday. JPMorgan Chase & Co. dropped their price target on shares of Lumentum from $62.00 to $57.00 and set an overweight rating on the stock in a research note on Thursday, April 11th. Finally, Raymond James upped their price objective on shares of Lumentum from $51.50 to $58.00 and gave the company an outperform rating in a research report on Monday, April 1st. Three research analysts have rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Lumentum currently has an average rating of Hold and an average price target of $52.08.

Lumentum Stock Down 6.1 %

LITE opened at $41.40 on Tuesday. Lumentum has a 1 year low of $35.35 and a 1 year high of $65.16. The firm has a 50 day moving average price of $46.08 and a 200 day moving average price of $47.23. The company has a debt-to-equity ratio of 1.96, a quick ratio of 2.42 and a current ratio of 3.13. The company has a market cap of $2.79 billion, a PE ratio of -10.51 and a beta of 1.09.

Lumentum (NASDAQ:LITE) last released its quarterly earnings data on Thursday, February 8th. The technology company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.07). The business had revenue of $366.80 million during the quarter, compared to analyst estimates of $363.44 million. Lumentum had a positive return on equity of 1.04% and a negative net margin of 18.52%. Sell-side analysts expect that Lumentum will post -0.64 earnings per share for the current year.

Insider Buying and Selling at Lumentum

In other Lumentum news, CAO Matthew Joseph Sepe sold 9,903 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $49.23, for a total value of $487,524.69. Following the sale, the chief accounting officer now owns 33,188 shares in the company, valued at $1,633,845.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Vanguard Group Inc. grew its position in Lumentum by 6.5% in the 4th quarter. Vanguard Group Inc. now owns 7,196,205 shares of the technology company’s stock valued at $377,225,000 after buying an additional 442,177 shares in the last quarter. Earnest Partners LLC boosted its holdings in shares of Lumentum by 26.2% in the third quarter. Earnest Partners LLC now owns 1,624,514 shares of the technology company’s stock valued at $73,396,000 after acquiring an additional 337,096 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Lumentum by 3.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,491,502 shares of the technology company’s stock valued at $78,187,000 after acquiring an additional 44,291 shares during the period. Norges Bank bought a new stake in Lumentum during the fourth quarter worth approximately $53,785,000. Finally, Robeco Schweiz AG lifted its position in Lumentum by 28.1% in the first quarter. Robeco Schweiz AG now owns 843,000 shares of the technology company’s stock worth $39,916,000 after purchasing an additional 185,000 shares during the period. 94.05% of the stock is owned by institutional investors and hedge funds.

About Lumentum

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.