Lumentum’s (LITE) “Buy” Rating Reaffirmed at Rosenblatt Securities

Rosenblatt Securities reissued their buy rating on shares of Lumentum (NASDAQ:LITE) in a research report report published on Thursday morning,Benzinga reports. They currently have a $105.00 target price on the technology company’s stock.

LITE has been the topic of several other research reports. JPMorgan Chase & Co. cut their price objective on Lumentum from $105.00 to $73.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. Stifel Nicolaus upped their price objective on Lumentum from $85.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, June 5th. BNP Paribas raised Lumentum from a “neutral” rating to an “outperform” rating and set a $92.00 price objective on the stock in a research report on Tuesday, March 11th. UBS Group cut their price objective on Lumentum from $96.00 to $78.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 7th. Finally, Raymond James upped their price objective on Lumentum from $80.00 to $90.00 and gave the company a “strong-buy” rating in a research report on Wednesday, June 4th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $84.93.

Lumentum Stock Performance

NASDAQ LITE opened at $85.50 on Thursday. The company has a market cap of $5.93 billion, a P/E ratio of -11.12 and a beta of 1.28. The company has a debt-to-equity ratio of 2.94, a quick ratio of 3.60 and a current ratio of 4.76. The business’s 50 day moving average price is $67.24 and its 200-day moving average price is $75.00. Lumentum has a fifty-two week low of $38.29 and a fifty-two week high of $104.00.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.50 by $0.07. The company had revenue of $425.20 million for the quarter, compared to the consensus estimate of $418.18 million. Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. Lumentum’s quarterly revenue was up 16.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.09 EPS. Sell-side analysts predict that Lumentum will post 0.03 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Wajid Ali sold 2,222 shares of the company’s stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $83.58, for a total transaction of $185,714.76. Following the completion of the sale, the chief financial officer now directly owns 47,460 shares in the company, valued at $3,966,706.80. This represents a 4.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Alan S. Lowe sold 10,000 shares of the company’s stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $83.58, for a total value of $835,800.00. Following the sale, the director now owns 270,471 shares of the company’s stock, valued at $22,605,966.18. This trade represents a 3.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 26,520 shares of company stock worth $2,103,278 in the last three months. 0.19% of the stock is owned by insiders.

Institutional Investors Weigh In On Lumentum

A number of hedge funds have recently made changes to their positions in the stock. Empowered Funds LLC purchased a new stake in Lumentum in the fourth quarter valued at about $626,000. Louisiana State Employees Retirement System raised its stake in Lumentum by 1.6% in the fourth quarter. Louisiana State Employees Retirement System now owns 19,100 shares of the technology company’s stock valued at $1,603,000 after buying an additional 300 shares during the last quarter. Legato Capital Management LLC purchased a new stake in Lumentum in the fourth quarter valued at about $1,188,000. Manchester Capital Management LLC raised its stake in Lumentum by 22.6% in the fourth quarter. Manchester Capital Management LLC now owns 1,029 shares of the technology company’s stock valued at $86,000 after buying an additional 190 shares during the last quarter. Finally, Peregrine Investment Management Inc. purchased a new stake in Lumentum in the fourth quarter valued at about $7,252,000. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

Lumentum Company Profile

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.