Lumentum Holdings Inc. (NASDAQ:LITE) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Lumentum Holdings Inc. (NASDAQ:LITE) have received an average recommendation of “Moderate Buy” from the sixteen ratings firms that are presently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, three have given a hold recommendation, ten have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $84.93.

Several research analysts have recently weighed in on LITE shares. BNP Paribas raised Lumentum from a “neutral” rating to an “outperform” rating and set a $92.00 target price for the company in a research note on Tuesday, March 11th. Barclays set a $75.00 price objective on shares of Lumentum and gave the stock an “overweight” rating in a research report on Wednesday, May 7th. Morgan Stanley upped their price objective on shares of Lumentum from $70.00 to $76.00 and gave the stock an “equal weight” rating in a research report on Wednesday, June 4th. B. Riley upped their price target on shares of Lumentum from $65.00 to $73.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 4th. Finally, Needham & Company LLC upped their price target on shares of Lumentum from $100.00 to $105.00 and gave the stock a “buy” rating in a research report on Wednesday, June 11th.

Insider Buying and Selling at Lumentum

In related news, CFO Wajid Ali sold 2,222 shares of the business’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 transaction, the chief financial officer now directly owns 47,460 shares of the company’s stock, valued at $3,966,706.80. The trade was a 4.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Alan S. Lowe sold 10,000 shares of the business’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 transaction, the director now directly owns 270,471 shares of the company’s stock, valued at $22,605,966.18. The trade was a 3.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 26,520 shares of company stock valued at $2,103,278 in the last three months. 0.19% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in LITE. PointState Capital LP acquired a new position in shares of Lumentum during the 1st quarter worth about $213,503,000. Capital World Investors boosted its holdings in Lumentum by 108.3% in the fourth quarter. Capital World Investors now owns 3,600,132 shares of the technology company’s stock valued at $302,231,000 after purchasing an additional 1,871,572 shares in the last quarter. Analog Century Management LP acquired a new position in Lumentum in the first quarter valued at approximately $60,348,000. Norges Bank acquired a new position in shares of Lumentum in the 4th quarter valued at $68,962,000. Finally, Nuveen Asset Management LLC boosted its holdings in shares of Lumentum by 98.9% in the 4th quarter. Nuveen Asset Management LLC now owns 1,228,371 shares of the technology company’s stock valued at $103,122,000 after buying an additional 610,938 shares in the last quarter. 94.05% of the stock is owned by institutional investors and hedge funds.

Lumentum Trading Up 2.4%

Shares of Lumentum stock opened at $88.46 on Thursday. The firm has a 50-day simple moving average of $69.70 and a two-hundred day simple moving average of $75.01. The company has a market cap of $6.14 billion, a P/E ratio of -13.71 and a beta of 1.28. Lumentum has a fifty-two week low of $38.29 and a fifty-two week high of $104.00. The company has a debt-to-equity ratio of 2.91, a quick ratio of 3.53 and a current ratio of 4.72.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.07. The business had revenue of $425.20 million during the quarter, compared to the consensus estimate of $418.18 million. Lumentum had a negative net margin of 29.87% and a negative return on equity of 8.69%. The company’s revenue was up 16.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.09 earnings per share. As a group, equities analysts predict that Lumentum will post 0.03 earnings per share for the current fiscal year.

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.