Todays Report: The Lumentum Holdings Inc. (LITE) Updates Q4 Earnings Guidance

The Lumentum Holdings Inc. (LITE) Updates Q4 Earnings Guidance

Lumentum Holdings Inc. (NASDAQ:LITE) issued an update on its fourth quarter earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $0.47-0.55 for the period, compared to the Thomson Reuters consensus estimate of $0.49. The company issued revenue guidance of $258-270 million, compared to the consensus revenue estimate of $265.61 million.

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

Lumentum Holdings (NASDAQ:LITE) last issued its quarterly earnings results on Thursday, October 27th. The company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates 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%. The business’s revenue for the quarter was up 21.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.26 EPS. On average, equities research analysts forecast that Lumentum Holdings Inc. will post $1.99 earnings per share for the current fiscal year.

A number of brokerages have recently weighed in on LITE. B. Riley reaffirmed a buy rating and issued a $41.50 price target on shares of Lumentum Holdings in a research note on Monday, August 15th. Zacks Investment Research raised shares of Lumentum Holdings from a strong sell rating to a hold rating in a research note on Wednesday, July 6th. Stifel Nicolaus upped their price target on shares of Lumentum Holdings from $42.00 to $45.00 and gave the stock a buy rating in a research note on Friday. JPMorgan Chase & Co. reaffirmed a buy rating on shares of Lumentum Holdings in a research note on Monday, August 8th. Finally, Jefferies Group boosted their target price on shares of Lumentum Holdings from $34.00 to $39.00 and gave the stock a buy rating in a report on Wednesday, August 10th. Three analysts have rated the stock with a sell rating, one has given a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the stock. Lumentum Holdings presently has a consensus rating of Buy and an average price target of $40.60.

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

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LITE. Pacad Investment Ltd. acquired a new stake in Lumentum Holdings during the second quarter valued at approximately $160,000. ProShare Advisors LLC acquired a new stake in Lumentum Holdings during the second quarter valued at approximately $214,000. Profund Advisors LLC increased its stake in Lumentum Holdings by 16.9% in the second quarter. Profund Advisors LLC now owns 11,954 shares of the company’s stock valued at $289,000 after buying an additional 1,727 shares in the last quarter. Zacks Investment Management acquired a new stake in Lumentum Holdings during the second quarter valued at approximately $304,000. Finally, Teachers Retirement System of The State of Kentucky increased its stake in Lumentum Holdings by 20.7% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 15,760 shares of the company’s stock valued at $381,000 after buying an additional 2,700 shares in the last quarter. Hedge funds and other institutional investors own 75.38% of the company’s stock.

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