Bank of America Upgrades Lumentum (NASDAQ:LITE) to Neutral

Lumentum (NASDAQ:LITE) was upgraded by analysts at Bank of America from an “underperform” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday, MarketBeat.com reports. The brokerage presently has a $135.00 price objective on the technology company’s stock, up from their prior price objective of $78.00. Bank of America‘s target price indicates a potential upside of 17.78% from the stock’s previous close.

LITE has been the topic of several other reports. Needham & Company LLC lifted their target price 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. Northland Securities set a $80.00 price objective on shares of Lumentum in a research report on Wednesday, May 7th. Morgan Stanley reaffirmed an “equal weight” rating on shares of Lumentum in a research report on Tuesday. Raymond James Financial boosted their price objective on shares of Lumentum from $80.00 to $90.00 and gave the company a “strong-buy” rating in a research report on Wednesday, June 4th. Finally, Stifel Nicolaus boosted their price objective on shares of Lumentum from $85.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, June 5th. Four investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $116.47.

Lumentum Price Performance

Shares of NASDAQ LITE opened at $114.62 on Wednesday. Lumentum has a twelve month low of $45.65 and a twelve month high of $129.98. The company has a current ratio of 4.37, a quick ratio of 3.53 and a debt-to-equity ratio of 2.26. The company has a market capitalization of $7.95 billion, a price-to-earnings ratio of 498.35 and a beta of 1.33. The firm has a 50-day moving average of $97.91 and a two-hundred day moving average of $78.58.

Lumentum (NASDAQ:LITE) last released its earnings results on Tuesday, August 12th. The technology company reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.09. The business had revenue of $480.70 million for the quarter, compared to the consensus estimate of $465.27 million. Lumentum had a net margin of 1.57% and a negative return on equity of 3.02%. The firm’s quarterly revenue was up 55.9% compared to the same quarter last year. During the same period last year, the firm posted $0.06 earnings per share. As a group, analysts expect that Lumentum will post 0.03 earnings per share for the current fiscal year.

Insider Buying and Selling at Lumentum

In other news, CFO Wajid Ali sold 2,222 shares of the business’s stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $83.58, for a total value of $185,714.76. Following the completion of the sale, the chief financial officer directly owned 47,460 shares in the company, valued at approximately $3,966,706.80. The trade was a 4.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Vincent Retort sold 22,719 shares of the business’s stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $110.00, for a total transaction of $2,499,090.00. Following the completion of the sale, the insider owned 121,747 shares of the company’s stock, valued at $13,392,170. The trade was a 15.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 76,000 shares of company stock valued at $7,260,909 over the last three months. 0.19% of the stock is owned by insiders.

Institutional Trading of Lumentum

Institutional investors and hedge funds have recently modified their holdings of the company. CoreCap Advisors LLC lifted its stake in shares of Lumentum by 2,235.3% in the fourth quarter. CoreCap Advisors LLC now owns 397 shares of the technology company’s stock worth $33,000 after buying an additional 380 shares during the last quarter. FNY Investment Advisers LLC acquired a new stake in shares of Lumentum in the second quarter worth $38,000. Skandinaviska Enskilda Banken AB publ acquired a new stake in shares of Lumentum in the first quarter worth $25,000. MAI Capital Management lifted its stake in shares of Lumentum by 27.0% in the second quarter. MAI Capital Management now owns 452 shares of the technology company’s stock worth $43,000 after buying an additional 96 shares during the last quarter. Finally, Rakuten Securities Inc. lifted its stake in shares of Lumentum by 164.4% in the first quarter. Rakuten Securities Inc. now owns 476 shares of the technology company’s stock worth $30,000 after buying an additional 296 shares during the last quarter. 94.05% of the stock is currently owned by institutional investors and hedge funds.

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.