Lumentum Holdings Inc. (LITE) Releases Q2 Earnings Guidance
Lumentum Holdings Inc. (NASDAQ:LITE) issued an update on its second quarter earnings guidance on Wednesday morning. The company provided EPS guidance of $1.05-1.25 for the period, compared to the Thomson Reuters consensus EPS estimate of $1.00. The company issued revenue guidance of $345-375 million, compared to the consensus revenue estimate of $344.24 million.
A number of brokerages have recently commented on LITE. Rosenblatt Securities set a $75.00 price objective on shares of Lumentum Holdings and gave the company a buy rating in a research report on Tuesday, October 24th. Barclays PLC reiterated a hold rating on shares of Lumentum Holdings in a research note on Friday, July 14th. Piper Jaffray Companies reiterated an overweight rating and issued a $68.00 price objective on shares of Lumentum Holdings in a research note on Thursday, September 14th. BidaskClub cut shares of Lumentum Holdings from a hold rating to a sell rating in a research note on Saturday, August 19th. Finally, MKM Partners upgraded shares of Lumentum Holdings from a neutral rating to a buy rating and set a $66.00 target price for the company in a research report on Wednesday, September 27th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of Buy and a consensus price target of $66.31.
Shares of Lumentum Holdings Inc. (NASDAQ:LITE) traded down 2.85% during midday trading on Wednesday, reaching $61.35. 4,524,912 shares of the company were exchanged. The company has a 50 day moving average price of $57.52 and a 200-day moving average price of $57.54. The stock’s market capitalization is $3.77 billion. Lumentum Holdings Inc. has a 12-month low of $34.15 and a 12-month high of $66.70.
Lumentum Holdings (NASDAQ:LITE) last released its earnings results on Wednesday, November 1st. The technology company reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.02. Lumentum Holdings had a positive return on equity of 18.12% and a negative net margin of 10.25%. On average, analysts forecast that Lumentum Holdings Inc. will post $3.06 earnings per share for the current fiscal year.
In other Lumentum Holdings news, Director Penny Herscher sold 1,313 shares of the stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $53.04, for a total value of $69,641.52. Following the completion of the sale, the director now directly owns 26,464 shares in the company, valued at $1,403,650.56. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, COO Vincent Retort sold 14,875 shares of the stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $51.59, for a total value of $767,401.25. Following the completion of the sale, the chief operating officer now owns 92,694 shares of the company’s stock, valued at $4,782,083.46. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 87,269 shares of company stock worth $4,602,526. 0.76% of the stock is owned by corporate insiders.
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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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