Zacks Investment Research downgraded shares of Lumentum Holdings Inc. (NASDAQ:LITE) from a buy rating to a hold rating in a research report sent to investors on Tuesday.
According to Zacks, “Lumentum Holdings Inc. is a manufacturer of innovative optical and photonic products. The Company’s operating segment consists of Optical Communications and Commercial Lasers. Optical Communications segment portfolio includes products used by Telecom and Datacom nanoelectromechanical systems and traditional as well as cloud/data center service providers. Commercial Lasers segment products serve its customers in markets and applications, such as manufacturing, biotechnology, graphics and imaging, remote sensing and precision machining. Lumentum Holdings Inc. is headquartered in Milpitas, California. “
LITE has been the subject of several other research reports. Stifel Nicolaus boosted their price target on shares of Lumentum Holdings from $52.00 to $53.00 and gave the stock a buy rating in a report on Friday, May 5th. Barclays PLC reiterated a hold rating on shares of Lumentum Holdings in a report on Friday, July 14th. BidaskClub cut shares of Lumentum Holdings from a buy rating to a hold rating in a report on Monday, July 31st. B. Riley reiterated a buy rating and set a $58.00 price target on shares of Lumentum Holdings in a report on Wednesday, May 10th. Finally, Needham & Company LLC reiterated a strong-buy rating and set a $80.00 price target on shares of Lumentum Holdings in a report on Thursday, August 10th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. Lumentum Holdings currently has a consensus rating of Buy and an average target price of $64.75.
Shares of Lumentum Holdings (LITE) opened at 52.00 on Tuesday. Lumentum Holdings has a 52 week low of $32.90 and a 52 week high of $68.63. The firm’s market capitalization is $3.20 billion. The firm has a 50-day moving average of $59.67 and a 200 day moving average of $53.22.
Lumentum Holdings (NASDAQ:LITE) last posted its quarterly earnings results on Wednesday, August 9th. The technology company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.21 by $0.18. Lumentum Holdings had a negative net margin of 10.25% and a positive return on equity of 18.12%. The company had revenue of $222.70 million during the quarter, compared to analysts’ expectations of $229.45 million. During the same quarter in the previous year, the business posted $0.41 EPS. The firm’s revenue was down 7.9% on a year-over-year basis. On average, equities research analysts expect that Lumentum Holdings will post $3.02 EPS for the current fiscal year.
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In other news, CEO Alan S. Lowe sold 1,085 shares of the company’s stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $58.15, for a total value of $63,092.75. Following the completion of the transaction, the chief executive officer now owns 143,447 shares in the company, valued at approximately $8,341,443.05. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Penny Herscher sold 1,313 shares of the company’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $53.04, for a total transaction of $69,641.52. Following the completion of the transaction, the director now owns 26,464 shares of the company’s stock, valued at approximately $1,403,650.56. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,203 shares of company stock valued at $179,545. Company insiders own 0.76% of the company’s stock.
A number of hedge funds have recently modified their holdings of the company. Creative Planning boosted its stake in shares of Lumentum Holdings by 15.1% in the first quarter. Creative Planning now owns 1,971 shares of the technology company’s stock worth $105,000 after buying an additional 258 shares in the last quarter. Louisiana State Employees Retirement System boosted its stake in shares of Lumentum Holdings by 2.7% in the first quarter. Louisiana State Employees Retirement System now owns 22,620 shares of the technology company’s stock worth $1,207,000 after buying an additional 600 shares in the last quarter. DnB Asset Management AS acquired a new stake in shares of Lumentum Holdings during the first quarter worth $1,446,000. State of Alaska Department of Revenue boosted its stake in shares of Lumentum Holdings by 3.9% in the first quarter. State of Alaska Department of Revenue now owns 6,150 shares of the technology company’s stock worth $328,000 after buying an additional 230 shares in the last quarter. Finally, Nationwide Fund Advisors boosted its stake in shares of Lumentum Holdings by 9.7% in the first quarter. Nationwide Fund Advisors now owns 86,654 shares of the technology company’s stock worth $4,623,000 after buying an additional 7,657 shares in the last quarter. Hedge funds and other institutional investors own 97.36% of the company’s stock.
About Lumentum Holdings
Lumentum Holdings Inc is a provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers).
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