Lumentum Holdings Inc. (NASDAQ:LITE) Receives $60.00 Consensus Target Price from Brokerages

Shares of Lumentum Holdings Inc. (NASDAQ:LITE) have received a consensus recommendation of “Hold” from the thirteen brokerages that are currently covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating on the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $60.00.

A number of brokerages have recently issued reports on LITE. JPMorgan Chase & Co. boosted their target price on Lumentum from $57.00 to $65.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. Raymond James upped their price objective on shares of Lumentum from $55.00 to $70.00 and gave the company an “outperform” rating in a research note on Friday, October 4th. Bank of America raised their target price on shares of Lumentum from $45.00 to $50.00 and gave the stock an “underperform” rating in a report on Thursday, August 15th. Northland Securities boosted their price target on shares of Lumentum from $40.00 to $45.00 and gave the company a “market perform” rating in a report on Friday, August 16th. Finally, Jefferies Financial Group raised their price objective on shares of Lumentum from $53.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th.

Institutional Trading of Lumentum

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of Lumentum by 6.5% in the 4th quarter. Vanguard Group Inc. now owns 7,196,205 shares of the technology company’s stock valued at $377,225,000 after purchasing an additional 442,177 shares during the last quarter. Duality Advisers LP acquired a new stake in shares of Lumentum in the first quarter worth about $1,307,000. Retirement Systems of Alabama lifted its position in shares of Lumentum by 13.9% in the first quarter. Retirement Systems of Alabama now owns 357,452 shares of the technology company’s stock worth $16,925,000 after buying an additional 43,687 shares during the last quarter. John G Ullman & Associates Inc. boosted its stake in shares of Lumentum by 26.0% during the 1st quarter. John G Ullman & Associates Inc. now owns 73,973 shares of the technology company’s stock worth $3,503,000 after acquiring an additional 15,282 shares in the last quarter. Finally, Thompson Investment Management Inc. increased its holdings in shares of Lumentum by 139.1% during the 1st quarter. Thompson Investment Management Inc. now owns 71,429 shares of the technology company’s stock valued at $3,382,000 after acquiring an additional 41,556 shares during the last quarter. 94.05% of the stock is owned by institutional investors.

Lumentum Stock Performance

NASDAQ:LITE opened at $66.23 on Friday. The company has a 50-day moving average of $59.13 and a 200-day moving average of $51.51. The firm has a market cap of $4.48 billion, a price-to-earnings ratio of -12.62, a price-to-earnings-growth ratio of 5.78 and a beta of 0.89. 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 has a twelve month low of $35.35 and a twelve month high of $71.07.

Lumentum (NASDAQ:LITE) last issued its earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.03. The firm had revenue of $308.30 million during the quarter, compared to analysts’ expectations of $301.36 million. Lumentum had a negative net margin of 40.21% and a negative return on equity of 4.79%. The firm’s revenue for the quarter was down 16.9% compared to the same quarter last year. During the same period last year, the firm posted $0.12 earnings per share. Analysts forecast that Lumentum will post 0.2 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.