Zacks Investment Research cut shares of Lumentum (NASDAQ:LITE) from a hold rating to a strong sell rating in a research report sent to investors on Saturday, Zacks.com reports.

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 topic of several other research reports. MKM Partners reaffirmed a buy rating and set a $76.00 target price (up previously from $60.00) on shares of Lumentum in a research report on Friday, August 9th. Northland Securities reissued a buy rating and issued a $71.25 price objective on shares of Lumentum in a research report on Monday, July 1st. UBS Group set a $70.00 price objective on Lumentum and gave the stock a buy rating in a research report on Wednesday, May 8th. Piper Jaffray Companies boosted their price objective on Lumentum from $68.00 to $72.00 and gave the stock an overweight rating in a research report on Friday, August 9th. Finally, TheStreet cut Lumentum from a b- rating to a c+ rating in a research report on Monday, May 13th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the stock. Lumentum has an average rating of Buy and an average price target of $69.13.

Shares of NASDAQ:LITE opened at $59.47 on Friday. The stock has a market capitalization of $4.54 billion, a PE ratio of 18.02, a price-to-earnings-growth ratio of 1.19 and a beta of 1.36. The company has a debt-to-equity ratio of 0.56, a quick ratio of 3.76 and a current ratio of 4.53. Lumentum has a 12-month low of $37.00 and a 12-month high of $69.95. The firm’s 50 day moving average is $55.04.

Lumentum (NASDAQ:LITE) last announced its earnings results on Thursday, August 8th. The technology company reported $0.74 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.21. The company had revenue of $404.60 million for the quarter, compared to analysts’ expectations of $383.54 million. Lumentum had a positive return on equity of 18.19% and a negative net margin of 2.33%. Lumentum’s quarterly revenue was up 34.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.95 earnings per share. As a group, analysts anticipate that Lumentum will post 3.58 earnings per share for the current year.

In related news, SVP Judy G. Hamel sold 803 shares of the business’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $60.00, for a total transaction of $48,180.00. Following the completion of the transaction, the senior vice president now directly owns 42,510 shares in the company, valued at $2,550,600. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.55% of the stock is owned by insiders.

Institutional investors have recently bought and sold shares of the stock. Two Sigma Advisers LP acquired a new position in shares of Lumentum during the 4th quarter worth about $248,000. Legal & General Group Plc grew its position in shares of Lumentum by 25.0% during the 4th quarter. Legal & General Group Plc now owns 77,367 shares of the technology company’s stock worth $3,251,000 after buying an additional 15,490 shares during the period. Norges Bank acquired a new position in shares of Lumentum during the 4th quarter worth about $34,669,000. Geode Capital Management LLC grew its position in shares of Lumentum by 25.0% during the 4th quarter. Geode Capital Management LLC now owns 841,361 shares of the technology company’s stock worth $35,345,000 after buying an additional 168,489 shares during the period. Finally, Huntington National Bank grew its position in shares of Lumentum by 2,639.0% during the 1st quarter. Huntington National Bank now owns 4,218 shares of the technology company’s stock worth $238,000 after buying an additional 4,064 shares during the period. Institutional investors and hedge funds own 94.49% of the company’s stock.

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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