BidaskClub upgraded shares of Lumentum (NASDAQ:LITE) from a buy rating to a strong-buy rating in a research report report published on Friday.

Several other equities analysts also recently commented on LITE. Northland Securities upped their target price on Lumentum from $86.00 to $90.00 and gave the company an outperform rating in a research report on Monday, October 1st. Stifel Nicolaus assumed coverage on Lumentum in a report on Monday, October 22nd. They set a buy rating and a $75.00 price target for the company. ValuEngine raised shares of Lumentum from a sell rating to a hold rating in a research report on Thursday, November 8th. Loop Capital dropped their price target on shares of Lumentum to $70.00 and set an average rating on the stock in a research report on Thursday, November 1st. Finally, JPMorgan Chase & Co. raised shares of Lumentum from a neutral rating to an overweight rating and set a $80.00 target price on the stock in a research report on Thursday, October 11th. One analyst has rated the stock with a sell rating, three have issued a hold rating, fourteen have issued a buy rating and three have issued a strong buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of $68.26.

Lumentum stock opened at $45.73 on Friday. Lumentum has a one year low of $37.00 and a one year high of $74.40. The company has a market cap of $2.84 billion, a P/E ratio of 14.11, a P/E/G ratio of 0.72 and a beta of 0.51. The company has a quick ratio of 4.88, a current ratio of 5.52 and a debt-to-equity ratio of 0.34.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings results on Thursday, November 1st. The technology company reported $1.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.02 by $0.29. The business had revenue of $354.00 million for the quarter, compared to analyst estimates of $351.21 million. Lumentum had a return on equity of 28.74% and a net margin of 21.21%. The firm’s revenue was up 45.7% on a year-over-year basis. During the same period last year, the company earned $0.43 EPS. On average, equities research analysts forecast that Lumentum will post 3.67 EPS for the current fiscal year.

In related news, Director Penny Herscher sold 1,197 shares of the firm’s stock in a transaction on Friday, November 2nd. The stock was sold at an average price of $52.93, for a total transaction of $63,357.21. Following the completion of the sale, the director now directly owns 34,743 shares of the company’s stock, valued at approximately $1,838,946.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.55% of the stock is owned by company insiders.

Institutional investors have recently modified their holdings of the company. Retirement Systems of Alabama grew its position in shares of Lumentum by 20.1% in the fourth quarter. Retirement Systems of Alabama now owns 205,483 shares of the technology company’s stock valued at $8,632,000 after purchasing an additional 34,340 shares during the last quarter. Vanguard Group Inc lifted its stake in Lumentum by 2.8% during the third quarter. Vanguard Group Inc now owns 5,608,582 shares of the technology company’s stock worth $336,234,000 after purchasing an additional 154,751 shares during the last quarter. Marshall Wace North America L.P. acquired a new position in shares of Lumentum during the third quarter worth $3,635,000. Marshall Wace LLP acquired a new stake in Lumentum in the third quarter valued at $637,000. Finally, Vanguard Group Inc. increased its holdings in Lumentum by 2.8% in the third quarter. Vanguard Group Inc. now owns 5,608,582 shares of the technology company’s stock valued at $336,234,000 after purchasing an additional 154,751 shares during the period.

Lumentum Company Profile

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 and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.

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Analyst Recommendations for Lumentum (NASDAQ:LITE)

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