Morgan Stanley downgraded shares of Lumentum (NASDAQ:LITE) from an overweight rating to an equal rating in a report published on Monday, Briefing.com Automated Import reports. They currently have $68.00 price objective on the technology company’s stock, up from their prior price objective of $65.00.

A number of other brokerages also recently weighed in on LITE. JPMorgan Chase & Co. set a $74.00 price objective on Lumentum and gave the company a buy rating in a research note on Friday, November 1st. Piper Jaffray Companies raised their price objective on Lumentum from $68.00 to $72.00 and gave the company an overweight rating in a research note on Friday, August 9th. UBS Group set a $71.00 price objective on Lumentum and gave the company a buy rating in a research note on Friday, November 1st. MKM Partners set a $75.00 price objective on Lumentum and gave the company a buy rating in a research note on Friday, November 1st. Finally, Stifel Nicolaus set a $70.00 price objective on Lumentum and gave the company a buy rating in a research note on Friday, October 18th. Two investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. Lumentum currently has an average rating of Buy and an average target price of $71.07.

Shares of Lumentum stock traded up $0.18 during trading on Monday, hitting $67.99. 1,092,100 shares of the stock traded hands, compared to its average volume of 1,507,312. The stock has a market cap of $5.15 billion, a P/E ratio of 20.60, a PEG ratio of 1.69 and a beta of 1.37. The company has a debt-to-equity ratio of 0.58, a quick ratio of 3.85 and a current ratio of 4.49. Lumentum has a twelve month low of $37.29 and a twelve month high of $68.49. The company has a fifty day moving average price of $57.23 and a two-hundred day moving average price of $54.75.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings results on Thursday, October 31st. The technology company reported $1.44 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.24. Lumentum had a positive return on equity of 17.81% and a negative net margin of 2.18%. The business had revenue of $449.90 million during the quarter, compared to analyst estimates of $448.16 million. During the same period in the previous year, the company earned $1.31 EPS. The firm’s revenue was up 27.1% on a year-over-year basis. On average, equities research analysts expect that Lumentum will post 3.95 EPS for the current fiscal year.

In other Lumentum news, COO Vincent Retort sold 993 shares of Lumentum stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $58.26, for a total value of $57,852.18. Following the transaction, the chief operating officer now directly owns 90,018 shares of the company’s stock, valued at approximately $5,244,448.68. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Alan S. Lowe sold 36,245 shares of Lumentum stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $53.54, for a total value of $1,940,557.30. Following the completion of the transaction, the chief executive officer now directly owns 256,423 shares in the company, valued at $13,728,887.42. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 193,094 shares of company stock worth $11,238,955. Company insiders own 0.48% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the business. Chicago Equity Partners LLC increased its position in Lumentum by 59.6% in the 3rd quarter. Chicago Equity Partners LLC now owns 21,610 shares of the technology company’s stock worth $1,157,000 after buying an additional 8,070 shares during the period. Creative Planning increased its position in shares of Lumentum by 31.8% during the second quarter. Creative Planning now owns 4,817 shares of the technology company’s stock valued at $257,000 after purchasing an additional 1,162 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Lumentum by 2.7% during the second quarter. Charles Schwab Investment Management Inc. now owns 544,805 shares of the technology company’s stock valued at $29,099,000 after purchasing an additional 14,273 shares during the period. Enlightenment Research LLC bought a new stake in shares of Lumentum during the second quarter valued at approximately $291,000. Finally, Tuttle Tactical Management bought a new stake in shares of Lumentum during the third quarter valued at approximately $900,000. 94.72% of the stock is currently owned by institutional investors.

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.

Further Reading: Lock-Up Period Expiration

Analyst Recommendations for Lumentum (NASDAQ:LITE)

Receive News & Ratings for Lumentum Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lumentum and related companies with MarketBeat.com's FREE daily email newsletter.