The Lumentum Holdings Inc. (LITE) Announces Quarterly Earnings Results

The Lumentum Holdings Inc. (LITE) Announces Quarterly  Earnings Results

Lumentum Holdings Inc. (NASDAQ:LITE) issued its quarterly earnings results on Thursday. The company reported $0.49 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.05. The company earned $258.10 million during the quarter, compared to analyst estimates of $251.95 million. Lumentum Holdings had a net margin of 0.62% and a return on equity of 15.22%. Lumentum Holdings’s quarterly revenue was up 21.4% compared to the same quarter last year. During the same period last year, the business earned $0.26 EPS. Lumentum Holdings updated its Q4 guidance to $0.47-0.55 EPS.

Lumentum Holdings (NASDAQ:LITE) opened at 37.45 on Monday. The company has a 50 day moving average of $40.67 and a 200-day moving average of $30.70. Lumentum Holdings has a 12-month low of $14.25 and a 12-month high of $45.25. The stock’s market cap is $2.25 billion.

LITE has been the subject of several research reports. Piper Jaffray Cos. reiterated an “overweight” rating and issued a $47.00 price target (up from $38.00) on shares of Lumentum Holdings in a research note on Friday, October 7th. Goldman Sachs Group Inc. lowered shares of Lumentum Holdings from a “neutral” rating to a “sell” rating and set a $36.00 price target for the company. in a research note on Tuesday, October 11th. MKM Partners increased their price target on shares of Lumentum Holdings from $37.00 to $50.00 and gave the stock a “buy” rating in a research note on Monday, September 26th. Jefferies Group increased their price target on shares of Lumentum Holdings from $39.00 to $51.50 and gave the stock a “buy” rating in a research note on Monday, October 3rd. Finally, Zacks Investment Research upgraded shares of Lumentum Holdings from a “hold” rating to a “strong-buy” rating and set a $38.00 price objective for the company in a research note on Tuesday, August 16th. Three investment analysts have rated the stock with a sell rating, one has given a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $40.60.

In related news, CEO Alan S. Lowe sold 174,222 shares of the company’s stock in a transaction dated Monday, August 22nd. The shares were sold at an average price of $34.03, for a total value of $5,928,774.66. Following the completion of the sale, the chief executive officer now directly owns 38,880 shares of the company’s stock, valued at $1,323,086.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Vincent Retort sold 8,114 shares of the company’s stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $32.59, for a total transaction of $264,435.26. Following the completion of the sale, the chief operating officer now directly owns 587 shares of the company’s stock, valued at $19,130.33. The disclosure for this sale can be found here. 0.76% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in the company. ProShare Advisors LLC acquired a new stake in Lumentum Holdings during the second quarter worth $214,000. Profund Advisors LLC increased its position in shares of Lumentum Holdings by 16.9% in the second quarter. Profund Advisors LLC now owns 11,954 shares of the company’s stock worth $289,000 after buying an additional 1,727 shares in the last quarter. Rhumbline Advisers increased its position in shares of Lumentum Holdings by 41.4% in the second quarter. Rhumbline Advisers now owns 67,757 shares of the company’s stock worth $1,640,000 after buying an additional 19,845 shares in the last quarter. Teachers Advisors Inc. increased its position in shares of Lumentum Holdings by 50.7% in the second quarter. Teachers Advisors Inc. now owns 2,734,615 shares of the company’s stock worth $66,178,000 after buying an additional 919,821 shares in the last quarter. Finally, TIAA CREF Investment Management LLC increased its position in shares of Lumentum Holdings by 18.7% in the second quarter. TIAA CREF Investment Management LLC now owns 1,466,784 shares of the company’s stock worth $35,496,000 after buying an additional 231,422 shares in the last quarter. 75.38% of the stock is owned by institutional investors.

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