Lumentum Holdings Inc. (NASDAQ:LITE) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Lumentum Holdings Inc. (NASDAQ:LITE) have earned an average rating of “Moderate Buy” from the thirteen analysts that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $81.92.

LITE has been the topic of a number of research reports. Raymond James raised their price target on shares of Lumentum from $70.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Needham & Company LLC reissued a “buy” rating and issued a $110.00 price target on shares of Lumentum in a research note on Thursday, January 9th. Barclays upgraded Lumentum from an “underweight” rating to an “overweight” rating and upped their price target for the company from $80.00 to $125.00 in a research report on Friday, January 17th. Rosenblatt Securities boosted their price objective on Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Finally, Morgan Stanley raised their target price on Lumentum from $76.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th.

Lumentum Stock Down 3.7 %

Shares of LITE opened at $95.65 on Monday. The firm has a market cap of $6.57 billion, a P/E ratio of -11.55 and a beta of 0.94. Lumentum has a 12 month low of $38.28 and a 12 month high of $104.00. The stock’s 50 day moving average is $87.91 and its two-hundred day moving average is $69.81. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings results on Thursday, November 7th. The technology company reported ($0.35) EPS for the quarter, missing the consensus estimate of $0.13 by ($0.48). The company had revenue of $336.90 million during the quarter, compared to analysts’ expectations of $326.94 million. Lumentum had a negative return on equity of 6.79% and a negative net margin of 40.70%. During the same period in the previous year, the firm posted ($0.10) EPS. Analysts predict that Lumentum will post -0.02 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Vincent Retort sold 41,710 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $89.52, for a total transaction of $3,733,879.20. Following the sale, the insider now directly owns 147,515 shares in the company, valued at approximately $13,205,542.80. This represents a 22.04 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Penny Herscher sold 1,625 shares of Lumentum stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $81.09, for a total transaction of $131,771.25. Following the completion of the transaction, the director now owns 6,852 shares of the company’s stock, valued at $555,628.68. This represents a 19.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 101,797 shares of company stock valued at $8,881,428 in the last three months. 0.19% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Lumentum

Large investors have recently bought and sold shares of the business. Atom Investors LP acquired a new position in shares of Lumentum during the 3rd quarter worth about $4,127,000. Two Sigma Advisers LP boosted its holdings in Lumentum by 24.7% in the third quarter. Two Sigma Advisers LP now owns 186,600 shares of the technology company’s stock valued at $11,827,000 after purchasing an additional 37,000 shares in the last quarter. West Tower Group LLC purchased a new position in Lumentum in the third quarter valued at approximately $444,000. Zweig DiMenna Associates LLC purchased a new position in Lumentum in the fourth quarter valued at approximately $7,052,000. Finally, Quest Partners LLC raised its holdings in Lumentum by 776,400.0% during the third quarter. Quest Partners LLC now owns 7,765 shares of the technology company’s stock worth $492,000 after purchasing an additional 7,764 shares in the last quarter. Hedge funds and other institutional investors 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.