Today, Lumentum Holdings Inc. (LITE) Receives $42.52 Average Target Price from Brokerages

Today, Lumentum Holdings Inc. (LITE) Receives $42.52 Average Target Price from Brokerages
Shares of Lumentum Holdings Inc. (NASDAQ:LITE) have been assigned an average rating of “Buy” from the fourteen ratings firms that are covering the stock. Three investment analysts have rated the stock with a sell recommendation, one has issued a hold recommendation, seven have assigned a buy recommendation and three have given a strong buy recommendation to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $42.52.

A number of equities research analysts have recently issued reports on the stock. B. Riley reissued a “buy” rating and issued a $51.75 price target on shares of Lumentum Holdings in a report on Wednesday, November 2nd. Needham & Company LLC upped their price objective on shares of Lumentum Holdings from $50.00 to $56.00 and gave the stock a “strong-buy” rating in a research report on Monday, October 31st. Stifel Nicolaus upped their price objective on shares of Lumentum Holdings from $31.00 to $42.00 and gave the stock a “buy” rating in a research report on Wednesday, August 10th. JPMorgan Chase & Co. restated a “buy” rating on shares of Lumentum Holdings in a research report on Monday, August 8th. Finally, Barclays PLC upped their price objective on shares of Lumentum Holdings from $23.00 to $30.00 and gave the stock an “underweight” rating in a research report on Wednesday, August 10th.

In other news, COO Vincent Retort sold 4,643 shares of the firm’s stock in a transaction that occurred on Wednesday, September 28th. The shares were sold at an average price of $41.84, for a total value of $194,263.12. Following the transaction, the chief operating officer now owns 69,170 shares in the company, valued at $2,894,072.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Alan S. Lowe sold 23,610 shares of the firm’s stock in a transaction that occurred on Tuesday, September 6th. The stock was sold at an average price of $35.45, for a total transaction of $836,974.50. Following the completion of the transaction, the chief executive officer now owns 140,302 shares in the company, valued at approximately $4,973,705.90. The disclosure for this sale can be found here. Company insiders own 0.76% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Louisiana State Employees Retirement System boosted its position in shares of Lumentum Holdings by 0.5% in the second quarter. Louisiana State Employees Retirement System now owns 21,020 shares of the company’s stock valued at $509,000 after buying an additional 100 shares in the last quarter. Municipal Employees Retirement System of Michigan boosted its position in shares of Lumentum Holdings by 1.7% in the third quarter. Municipal Employees Retirement System of Michigan now owns 10,530 shares of the company’s stock valued at $440,000 after buying an additional 180 shares in the last quarter. PineBridge Investments L.P. boosted its position in shares of Lumentum Holdings by 4.1% in the second quarter. PineBridge Investments L.P. now owns 6,015 shares of the company’s stock valued at $146,000 after buying an additional 239 shares in the last quarter. LaSalle Street Capital Management LLC boosted its position in shares of Lumentum Holdings by 3.2% in the second quarter. LaSalle Street Capital Management LLC now owns 9,441 shares of the company’s stock valued at $228,000 after buying an additional 292 shares in the last quarter. Finally, Columbus Circle Investors boosted its position in shares of Lumentum Holdings by 0.5% in the second quarter. Columbus Circle Investors now owns 72,894 shares of the company’s stock valued at $1,764,000 after buying an additional 353 shares in the last quarter. Hedge funds and other institutional investors own 79.33% of the company’s stock.

Lumentum Holdings (NASDAQ:LITE) opened at 41.20 on Wednesday. The firm has a market cap of $2.48 billion, a P/E ratio of 762.96 and a beta of 0.63. The stock has a 50 day moving average of $39.24 and a 200-day moving average of $32.43. Lumentum Holdings has a 12 month low of $18.10 and a 12 month high of $45.25.

Lumentum Holdings (NASDAQ:LITE) last announced its quarterly earnings results on Thursday, October 27th. The company reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.05. Lumentum Holdings had a net margin of 0.62% and a return on equity of 15.22%. The firm had revenue of $258.10 million for the quarter, compared to the consensus estimate of $251.95 million. During the same period in the prior year, the firm posted $0.26 earnings per share. The company’s revenue for the quarter was up 21.4% on a year-over-year basis. Equities research analysts predict that Lumentum Holdings will post $2.01 earnings per share for the current fiscal year.

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