Lumentum Holdings Inc. (NASDAQ:LITE) issued an update on its third quarter earnings guidance on Wednesday morning. The company provided earnings per share guidance of $0.50-0.60 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.55. The company issued revenue guidance of $245-265 million, compared to the consensus revenue estimate of $271.55 million.
Shares of Lumentum Holdings Inc. (NASDAQ LITE) opened at 52.00 on Friday. The stock’s 50 day moving average is $59.67 and its 200 day moving average is $53.22. The firm’s market cap is $3.20 billion. Lumentum Holdings Inc. has a 12 month low of $32.90 and a 12 month high of $68.63.
Lumentum Holdings (NASDAQ:LITE) last issued its quarterly earnings results on Wednesday, August 9th. The technology company reported $0.39 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.18. The company had revenue of $222.70 million for the quarter, compared to analysts’ expectations of $229.45 million. Lumentum Holdings had a positive return on equity of 18.12% and a negative net margin of 10.25%. The firm’s revenue for the quarter was down 7.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.41 earnings per share. Equities research analysts expect that Lumentum Holdings Inc. will post $3.02 EPS for the current year.
Several equities research analysts recently weighed in on the company. B. Riley reaffirmed a buy rating and issued a $77.00 price target (up from $58.00) on shares of Lumentum Holdings in a research note on Tuesday, June 27th. Piper Jaffray Companies reaffirmed an overweight rating and issued a $68.00 price target on shares of Lumentum Holdings in a research note on Thursday, August 10th. Barclays PLC upped their price target on Lumentum Holdings from $50.00 to $59.00 and gave the stock an equal weight rating in a research note on Thursday, August 10th. Needham & Company LLC reaffirmed a strong-buy rating and issued a $80.00 price target on shares of Lumentum Holdings in a research note on Thursday, August 10th. Finally, Jefferies Group LLC reaffirmed a buy rating and issued a $72.00 price target (up from $63.00) on shares of Lumentum Holdings in a research note on Thursday, August 10th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. The stock has an average rating of Buy and a consensus price target of $64.75.
In other Lumentum Holdings news, CEO Alan S. Lowe sold 1,085 shares of the firm’s stock in a transaction that occurred on Tuesday, May 23rd. The stock was sold at an average price of $58.15, for a total transaction 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Penny Herscher sold 1,313 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $53.04, for a total value of $69,641.52. Following 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. Insiders have sold 3,203 shares of company stock valued at $179,545 in the last quarter. 0.76% of the stock is currently owned by company insiders.
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Lumentum Holdings Company Profile
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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