Lumentum (LITE) Posts Earnings Results, Beats Estimates By $0.22 EPS

Lumentum (NASDAQ:LITE) announced its earnings results on Tuesday, May 7th. The technology company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.22, MarketWatch Earnings reports. Lumentum had a net margin of 1.57% and a return on equity of 19.94%. The firm had revenue of $433.00 million for the quarter, compared to the consensus estimate of $428.33 million. During the same period in the prior year, the firm earned $0.78 EPS. The firm’s revenue for the quarter was up 44.8% on a year-over-year basis. Lumentum updated its Q4 2019 guidance to $0.85-1.00 EPS and its Q4 guidance to $0.85-1.00 EPS.

NASDAQ:LITE traded up $0.08 during mid-day trading on Thursday, hitting $42.13. 1,219,566 shares of the company’s stock traded hands, compared to its average volume of 1,676,339. The company has a current ratio of 3.96, a quick ratio of 3.20 and a debt-to-equity ratio of 0.55. Lumentum has a 1 year low of $37.00 and a 1 year high of $69.95. The company has a market capitalization of $3.28 billion, a P/E ratio of 13.00, a price-to-earnings-growth ratio of 0.97 and a beta of 0.68.

In other Lumentum news, SVP Judy G. Hamel sold 1,429 shares of the firm’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $58.64, for a total transaction of $83,796.56. Following the completion of the transaction, the senior vice president now directly owns 44,793 shares in the company, valued at approximately $2,626,661.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.55% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Meeder Asset Management Inc. purchased a new stake in shares of Lumentum during the fourth quarter worth about $25,000. Sapphire Star Partners LP acquired a new stake in shares of Lumentum in the fourth quarter worth approximately $28,000. Rockefeller Capital Management L.P. boosted its position in shares of Lumentum by 159.1% in the first quarter. Rockefeller Capital Management L.P. now owns 482 shares of the technology company’s stock worth $28,000 after acquiring an additional 296 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its position in shares of Lumentum by 4,834.3% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,231,145 shares of the technology company’s stock worth $29,000 after acquiring an additional 1,206,194 shares during the last quarter. Finally, IFP Advisors Inc boosted its position in shares of Lumentum by 121.7% in the fourth quarter. IFP Advisors Inc now owns 949 shares of the technology company’s stock worth $39,000 after acquiring an additional 521 shares during the last quarter. Institutional investors and hedge funds own 86.44% of the company’s stock.

A number of research analysts recently commented on the stock. Zacks Investment Research downgraded shares of Lumentum from a “hold” rating to a “sell” rating in a research report on Friday, May 10th. TheStreet downgraded shares of Lumentum from a “b-” rating to a “c+” rating in a research report on Monday, May 13th. ValuEngine cut shares of Lumentum from a “hold” rating to a “sell” rating in a research note on Saturday, May 18th. Piper Jaffray Companies decreased their price target on shares of Lumentum from $75.00 to $68.00 and set an “overweight” rating for the company in a research note on Tuesday, May 21st. Finally, Jefferies Financial Group decreased their price target on shares of Lumentum from $75.00 to $60.00 and set a “buy” rating for the company in a research note on Tuesday, May 21st. Two analysts have rated the stock with a sell rating, one has assigned a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Lumentum currently has a consensus rating of “Buy” and a consensus price target of $67.16.

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About Lumentum

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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Earnings History for Lumentum (NASDAQ:LITE)

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