Lumentum (NASDAQ:LITE) had its target price upped by B. Riley from $75.00 to $93.00 in a report published on Thursday morning, BenzingaRatingsTable reports. They currently have a buy rating on the technology company’s stock. B. Riley also issued estimates for Lumentum’s FY2020 earnings at $4.20 EPS, Q1 2021 earnings at $1.25 EPS and Q4 2021 earnings at $1.15 EPS.

Several other research firms also recently weighed in on LITE. UBS Group downgraded shares of Lumentum from a buy rating to a neutral rating and lifted their price target for the company from $71.00 to $85.00 in a research note on Thursday, January 9th. JPMorgan Chase & Co. set a $74.00 price target on shares of Lumentum and gave the company a buy rating in a research note on Friday, November 1st. MKM Partners lifted their price target on shares of Lumentum from $75.00 to $91.00 and gave the company a buy rating in a research note on Thursday, January 2nd. Craig Hallum lifted their price target on shares of Lumentum from $75.00 to $85.00 and gave the company a buy rating in a research note on Thursday, October 31st. They noted that the move was a valuation call. Finally, Raymond James downgraded shares of Lumentum from a strong-buy rating to an outperform rating and set a $88.00 price target for the company. in a research note on Friday, January 10th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and sixteen have issued a buy rating to the stock. Lumentum presently has a consensus rating of Buy and a consensus price target of $79.71.

LITE traded down $0.79 during midday trading on Thursday, hitting $76.96. The company had a trading volume of 1,364,222 shares, compared to its average volume of 1,567,935. Lumentum has a 52 week low of $40.28 and a 52 week high of $84.49. The company has a quick ratio of 3.85, a current ratio of 4.49 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $5.97 billion, a price-to-earnings ratio of 23.32, a PEG ratio of 1.41 and a beta of 1.42. The stock’s 50 day moving average price is $77.07 and its 200 day moving average price is $62.74.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings results on Thursday, October 31st. The technology company reported $1.44 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.24. Lumentum had a negative net margin of 2.18% and a positive return on equity of 17.81%. The firm had revenue of $449.90 million during the quarter, compared to the consensus estimate of $448.16 million. During the same period in the previous year, the firm posted $1.31 earnings per share. The business’s revenue was up 27.1% compared to the same quarter last year. Research analysts predict that Lumentum will post 4.05 EPS for the current year.

In other news, CEO Alan S. Lowe sold 41,643 shares of Lumentum stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $61.04, for a total transaction of $2,541,888.72. Following the completion of the transaction, the chief executive officer now directly owns 191,893 shares in the company, valued at $11,713,148.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Wajid Ali sold 8,862 shares of Lumentum stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $76.30, for a total transaction of $676,170.60. Following the transaction, the chief financial officer now owns 151,197 shares of the company’s stock, valued at $11,536,331.10. The disclosure for this sale can be found here. Insiders have sold 157,970 shares of company stock valued at $10,399,043 over the last quarter. Corporate insiders own 0.48% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Private Capital Group LLC grew its holdings in shares of Lumentum by 5,481.8% during the second quarter. Private Capital Group LLC now owns 614 shares of the technology company’s stock valued at $36,000 after buying an additional 603 shares during the last quarter. Carroll Financial Associates Inc. boosted its holdings in Lumentum by 466.1% during the fourth quarter. Carroll Financial Associates Inc. now owns 719 shares of the technology company’s stock worth $57,000 after purchasing an additional 592 shares during the last quarter. Nisa Investment Advisors LLC boosted its holdings in Lumentum by 29.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,188 shares of the technology company’s stock worth $94,000 after purchasing an additional 270 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in Lumentum by 31.0% during the second quarter. Tower Research Capital LLC TRC now owns 1,633 shares of the technology company’s stock worth $87,000 after purchasing an additional 386 shares during the last quarter. Finally, First Manhattan Co. boosted its holdings in Lumentum by 150.0% during the second quarter. First Manhattan Co. now owns 2,500 shares of the technology company’s stock worth $133,000 after purchasing an additional 1,500 shares during the last quarter. Hedge funds and other institutional investors own 90.66% 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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Analyst Recommendations for Lumentum (NASDAQ:LITE)

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