Lumentum Holdings Inc. (NASDAQ:LITE) Given Consensus Rating of “Hold” by Brokerages

Shares of Lumentum Holdings Inc. (NASDAQ:LITE) have earned a consensus recommendation of “Hold” from the twelve research firms that are presently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $52.69.

A number of equities research analysts have recently weighed in on the company. Craig Hallum raised Lumentum from a “hold” rating to a “buy” rating in a research note on Friday, December 22nd. Stifel Nicolaus reissued a “buy” rating and set a $62.00 price objective on shares of Lumentum in a report on Monday, April 1st. Raymond James lifted their price objective on Lumentum from $51.50 to $58.00 and gave the stock an “outperform” rating in a report on Monday, April 1st. JPMorgan Chase & Co. cut their price objective on Lumentum from $62.00 to $57.00 and set an “overweight” rating for the company in a research report on Thursday, April 11th. Finally, Barclays lifted their price objective on Lumentum from $40.00 to $45.00 and gave the company an “underweight” rating in a research report on Tuesday, January 16th.

Lumentum Trading Down 1.6 %

NASDAQ:LITE opened at $41.74 on Friday. The company has a quick ratio of 2.42, a current ratio of 3.13 and a debt-to-equity ratio of 1.96. Lumentum has a 1-year low of $35.35 and a 1-year high of $65.16. The firm has a market capitalization of $2.81 billion, a price-to-earnings ratio of -10.59 and a beta of 1.09. The stock has a fifty day simple moving average of $47.57 and a 200 day simple moving average of $47.03.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Thursday, February 8th. The technology company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.07). Lumentum had a positive return on equity of 1.04% and a negative net margin of 18.52%. The business had revenue of $366.80 million for the quarter, compared to analyst estimates of $363.44 million. Sell-side analysts forecast that Lumentum will post -0.61 earnings per share for the current year.

Insider Transactions at Lumentum

In related news, CAO Matthew Joseph Sepe sold 9,903 shares of the company’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $49.23, for a total transaction 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.60% of the stock is owned by insiders.

Institutional Trading of Lumentum

Several institutional investors and hedge funds have recently bought and sold shares of LITE. Norges Bank bought a new stake in Lumentum in the fourth quarter valued at approximately $53,785,000. Earnest Partners LLC raised its stake in Lumentum by 576.4% in the first quarter. Earnest Partners LLC now owns 680,435 shares of the technology company’s stock valued at $66,410,000 after buying an additional 579,835 shares during the period. Westfield Capital Management Co. LP bought a new stake in Lumentum in the fourth quarter valued at approximately $29,675,000. Vanguard Group Inc. increased its stake in shares of Lumentum by 6.5% during the fourth quarter. Vanguard Group Inc. now owns 7,196,205 shares of the technology company’s stock worth $377,225,000 after purchasing an additional 442,177 shares during the period. Finally, Van Lanschot Kempen Investment Management N.V. increased its stake in shares of Lumentum by 88.1% during the fourth quarter. Van Lanschot Kempen Investment Management N.V. now owns 939,269 shares of the technology company’s stock worth $49,236,000 after purchasing an additional 439,907 shares during the period. Institutional investors own 94.05% of the company’s stock.

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.