StockNews.com Upgrades Lumentum (NASDAQ:LITE) to “Sell”

Lumentum (NASDAQ:LITE) was upgraded by stock analysts at StockNews.com to a “sell” rating in a research note issued to investors on Monday.

Other equities research analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. cut their price target on shares of Lumentum from $62.00 to $57.00 and set an “overweight” rating on the stock in a report on Thursday, April 11th. Needham & Company LLC reissued a “buy” rating and issued a $50.00 target price on shares of Lumentum in a research report on Friday, February 9th. B. Riley dropped their price target on shares of Lumentum from $42.00 to $41.00 and set a “neutral” rating on the stock in a report on Friday, February 9th. Rosenblatt Securities boosted their price objective on shares of Lumentum from $60.00 to $65.00 and gave the company a “buy” rating in a report on Friday, February 9th. Finally, Raymond James lifted their target price on shares of Lumentum from $51.50 to $58.00 and gave the stock an “outperform” rating in a research report on Monday, April 1st. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $52.08.

Lumentum Stock Down 6.1 %

Shares of NASDAQ LITE opened at $41.40 on Monday. Lumentum has a 12 month low of $35.35 and a 12 month high of $65.16. The firm has a market capitalization of $2.79 billion, a PE ratio of -10.51 and a beta of 1.09. The firm has a fifty day simple moving average of $46.08 and a two-hundred day simple moving average of $47.23. The company has a current ratio of 3.13, a quick ratio of 2.42 and a debt-to-equity ratio of 1.96.

Lumentum (NASDAQ:LITE) last announced its earnings results 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 firm had revenue of $366.80 million during the quarter, compared to the consensus estimate of $363.44 million. Lumentum had a positive return on equity of 1.04% and a negative net margin of 18.52%. Equities analysts expect that Lumentum will post -0.64 earnings per share for the current year.

Insider Activity

In other news, CAO Matthew Joseph Sepe sold 9,903 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $49.23, for a total value of $487,524.69. Following the transaction, the chief accounting officer now directly owns 33,188 shares in the company, valued at $1,633,845.24. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Lumentum

A number of institutional investors have recently added to or reduced their stakes in the stock. Arnhold LLC boosted its holdings in Lumentum by 25.7% in the first quarter. Arnhold LLC now owns 187,828 shares of the technology company’s stock worth $8,894,000 after acquiring an additional 38,399 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Lumentum during the first quarter worth $687,000. Mesirow Institutional Investment Management Inc. acquired a new position in shares of Lumentum in the 1st quarter valued at $2,352,000. Envestnet Portfolio Solutions Inc. raised its stake in Lumentum by 11.0% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 9,062 shares of the technology company’s stock worth $429,000 after acquiring an additional 901 shares during the last quarter. Finally, Duality Advisers LP purchased a new stake in Lumentum during the 1st quarter valued at about $1,307,000. Institutional investors own 94.05% of the company’s stock.

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.