Lumentum (NASDAQ:LITE) Upgraded to Outperform at Northland Securities

Lumentum (NASDAQ:LITE) was upgraded by analysts at Northland Securities from a “market perform” rating to an “outperform” rating in a report issued on Monday,Finviz reports.

LITE has been the topic of a number of other research reports. Needham & Company LLC reaffirmed a “buy” rating and set a $110.00 price target on shares of Lumentum in a research note on Friday, February 7th. B. Riley increased their price target on shares of Lumentum from $62.00 to $75.00 and gave the company a “neutral” rating in a report on Friday, February 7th. Rosenblatt Securities reissued a “buy” rating and set a $110.00 price objective on shares of Lumentum in a research note on Friday, February 7th. Barclays raised Lumentum from an “underweight” rating to an “overweight” rating and raised their price objective for the company from $80.00 to $125.00 in a research note on Friday, January 17th. Finally, Jefferies Financial Group started coverage on Lumentum in a research report on Friday, February 21st. They set a “buy” rating on the stock. Two analysts have rated the stock with a sell rating, three have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $87.40.

Lumentum Trading Down 7.3 %

Shares of Lumentum stock opened at $49.56 on Monday. Lumentum has a twelve month low of $38.29 and a twelve month high of $104.00. The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94. The business has a 50-day moving average price of $71.46 and a 200-day moving average price of $76.38. The firm has a market cap of $3.43 billion, a price-to-earnings ratio of -6.44 and a beta of 1.14.

Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. Equities research analysts anticipate that Lumentum will post 0.03 EPS for the current fiscal year.

Insider Transactions at Lumentum

In related news, CFO Wajid Ali sold 2,172 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total value of $170,154.48. Following the sale, the chief financial officer now owns 51,976 shares in the company, valued at $4,071,799.84. This represents a 4.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Lumentum

Several institutional investors and hedge funds have recently modified their holdings of the stock. California State Teachers Retirement System raised its position in Lumentum by 0.4% during the fourth quarter. California State Teachers Retirement System now owns 64,170 shares of the technology company’s stock valued at $5,387,000 after acquiring an additional 251 shares in the last quarter. CWC Advisors LLC. acquired a new stake in shares of Lumentum during the 4th quarter worth approximately $201,000. Virtue Capital Management LLC purchased a new position in shares of Lumentum during the 4th quarter valued at approximately $899,000. Woodline Partners LP lifted its stake in shares of Lumentum by 377.7% in the 4th quarter. Woodline Partners LP now owns 282,055 shares of the technology company’s stock valued at $23,679,000 after purchasing an additional 223,011 shares during the period. Finally, Two Sigma Advisers LP increased its position in shares of Lumentum by 30.5% in the fourth quarter. Two Sigma Advisers LP now owns 243,600 shares of the technology company’s stock valued at $20,450,000 after buying an additional 57,000 shares in the last quarter. Institutional investors and hedge funds 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.