Lumentum Holdings Inc. (NASDAQ:LITE) Receives $59.08 Consensus PT from Brokerages

Shares of Lumentum Holdings Inc. (NASDAQ:LITE) have been given an average rating of “Hold” by the thirteen ratings firms that are presently covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and eight have given a buy recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $59.08.

LITE has been the subject of several recent analyst reports. Barclays upped their target price on Lumentum from $38.00 to $40.00 and gave the company an “underweight” rating in a report on Thursday, August 15th. Needham & Company LLC upped their price objective on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Bank of America lifted their target price on Lumentum from $45.00 to $50.00 and gave the stock an “underperform” rating in a research note on Thursday, August 15th. Morgan Stanley increased their price target on shares of Lumentum from $50.00 to $54.00 and gave the company an “equal weight” rating in a research report on Thursday, August 15th. Finally, Northland Securities lifted their price objective on shares of Lumentum from $40.00 to $45.00 and gave the stock a “market perform” rating in a research report on Friday, August 16th.

Lumentum Trading Up 0.3 %

Shares of Lumentum stock opened at $61.35 on Tuesday. The company has a market capitalization of $4.15 billion, a P/E ratio of -11.69, a price-to-earnings-growth ratio of 4.26 and a beta of 0.88. The stock has a fifty day simple moving average of $52.92 and a 200 day simple moving average of $49.06. Lumentum has a 12-month low of $35.35 and a 12-month high of $62.21. The company has a current ratio of 5.90, a quick ratio of 4.43 and a debt-to-equity ratio of 2.61.

Lumentum (NASDAQ:LITE) last posted its earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.03. Lumentum had a negative net margin of 40.21% and a negative return on equity of 4.79%. The firm had revenue of $308.30 million during the quarter, compared to analyst estimates of $301.36 million. During the same quarter in the prior year, the business posted $0.12 EPS. The business’s revenue was down 16.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Lumentum will post 0.22 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lumentum

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Point72 DIFC Ltd purchased a new position in shares of Lumentum in the second quarter valued at $36,000. CENTRAL TRUST Co grew its holdings in Lumentum by 714.3% during the 1st quarter. CENTRAL TRUST Co now owns 1,140 shares of the technology company’s stock valued at $54,000 after buying an additional 1,000 shares in the last quarter. Principal Securities Inc. bought a new stake in shares of Lumentum during the fourth quarter valued at about $55,000. Signaturefd LLC lifted its holdings in shares of Lumentum by 93.9% in the second quarter. Signaturefd LLC now owns 1,144 shares of the technology company’s stock worth $58,000 after buying an additional 554 shares in the last quarter. Finally, EntryPoint Capital LLC bought a new position in shares of Lumentum in the first quarter valued at approximately $112,000. 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.