Lumentum Holdings Inc. (NASDAQ:LITE) had its price target upped by investment analysts at MKM Partners from $37.00 to $50.00 in a research note issued on Monday. The firm presently has a “buy” rating on the stock. MKM Partners’ target price would indicate a potential upside of 19.50% from the stock’s previous close.
A number of other equities analysts also recently weighed in on the stock. Needham & Company LLC raised their target price on shares of Lumentum Holdings from $40.00 to $50.00 and gave the company a “strong-buy” rating in a research note on Monday, September 19th. Piper Jaffray Cos. reissued an “overweight” rating and set a $38.00 price target on shares of Lumentum Holdings in a research report on Wednesday, September 7th. Zacks Investment Research raised shares of Lumentum Holdings from a “hold” rating to a “strong-buy” rating and set a $38.00 price target for the company in a research report on Tuesday, August 16th. B. Riley reissued a “buy” rating and set a $41.50 price target on shares of Lumentum Holdings in a research report on Monday, August 15th. Finally, Morgan Stanley downgraded shares of Lumentum Holdings from an “equal weight” rating to an “underweight” rating and raised their price target for the company from $20.00 to $27.00 in a research report on Thursday, August 11th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $36.79.
Lumentum Holdings (NASDAQ:LITE) opened at 41.84 on Monday. Lumentum Holdings has a 52 week low of $13.97 and a 52 week high of $41.92. The stock’s market cap is $2.51 billion. The stock has a 50 day moving average price of $36.10 and a 200-day moving average price of $28.32.
Lumentum Holdings (NASDAQ:LITE) last announced its earnings results on Tuesday, August 9th. The company reported $0.41 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.05. Lumentum Holdings had a net margin of 1.01% and a return on equity of 11.91%. The business earned $241.70 million during the quarter, compared to the consensus estimate of $238.52 million. During the same quarter last year, the firm earned $0.15 earnings per share. The business’s revenue for the quarter was up 15.7% on a year-over-year basis. On average, equities analysts anticipate that Lumentum Holdings will post $1.86 EPS for the current fiscal year.
In other news, CFO Aaron Tachibana sold 6,086 shares of Lumentum Holdings stock in a transaction on Friday, August 19th. The shares were sold at an average price of $34.64, for a total transaction of $210,819.04. Following the transaction, the chief financial officer now owns 13,239 shares in the company, valued at approximately $458,598.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Vincent Retort sold 39,473 shares of Lumentum Holdings stock in a transaction on Monday, July 25th. The stock was sold at an average price of $30.00, for a total transaction of $1,184,190.00. Following the transaction, the chief operating officer now owns 40,060 shares in the company, valued at approximately $1,201,800. The disclosure for this sale can be found here. Insiders own 0.76% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Ladenburg Thalmann Financial Services Inc. boosted its position in shares of Lumentum Holdings by 27.4% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,812 shares of the company’s stock valued at $102,000 after buying an additional 821 shares in the last quarter. Legal & General Group Plc boosted its position in shares of Lumentum Holdings by 133.1% in the first quarter. Legal & General Group Plc now owns 4,109 shares of the company’s stock valued at $111,000 after buying an additional 2,346 shares in the last quarter. PineBridge Investments L.P. boosted its position in shares of Lumentum Holdings by 4.1% in the second quarter. PineBridge Investments L.P. now owns 6,015 shares of the company’s stock valued at $146,000 after buying an additional 239 shares in the last quarter. Teacher Retirement System of Texas boosted its position in shares of Lumentum Holdings by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 6,581 shares of the company’s stock valued at $159,000 after buying an additional 799 shares in the last quarter. Finally, Pacad Investment Ltd. acquired a new position in shares of Lumentum Holdings during the second quarter valued at $160,000. Institutional investors and hedge funds own 74.98% of the company’s stock.
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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