Lumentum (NASDAQ:LITE) Upgraded by BidaskClub to Strong-Buy

BidaskClub upgraded shares of Lumentum (NASDAQ:LITE) from a buy rating to a strong-buy rating in a research report released on Tuesday, May 7th, BidAskClub reports.

Other research analysts have also issued research reports about the stock. TheStreet raised shares of Lumentum from a c+ rating to a b- rating in a research note on Wednesday, April 17th. Rosenblatt Securities set a $80.00 price target on shares of Lumentum and gave the company a buy rating in a research note on Thursday, March 7th. Northland Securities reaffirmed a buy rating and issued a $64.00 price target on shares of Lumentum in a research note on Wednesday, March 6th. Barclays reissued a buy rating and issued a $52.00 price objective on shares of Lumentum in a research report on Friday, January 18th. Finally, Zacks Investment Research raised shares of Lumentum from a hold rating to a buy rating and set a $51.00 price objective on the stock in a research report on Wednesday, January 16th. Three research analysts have rated the stock with a sell rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the stock. The stock has an average rating of Buy and a consensus target price of $67.16.

Lumentum stock opened at $40.47 on Tuesday. Lumentum has a fifty-two week low of $37.00 and a fifty-two week high of $69.95. The company has a market cap of $3.21 billion, a P/E ratio of 12.49, a PEG ratio of 0.95 and a beta of 0.68. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.20 and a current ratio of 3.96.

Lumentum (NASDAQ:LITE) last released its quarterly earnings data 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. Lumentum had a net margin of 1.57% and a return on equity of 19.94%. The business had revenue of $433.00 million for the quarter, compared to analyst estimates of $428.33 million. During the same quarter last year, the firm earned $0.78 EPS. Lumentum’s quarterly revenue was up 44.8% compared to the same quarter last year. Analysts expect that Lumentum will post 3.17 EPS for the current fiscal year.

In related news, SVP Judy G. Hamel sold 1,429 shares of the business’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $58.64, for a total transaction of $83,796.56. Following the transaction, the senior vice president now directly owns 44,793 shares in the company, valued at $2,626,661.52. The sale was disclosed in a filing with the SEC, which is available through this link. 0.55% of the stock is currently owned by insiders.

Several large investors have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. increased its holdings in shares of Lumentum by 9.4% in the first quarter. PNC Financial Services Group Inc. now owns 3,133 shares of the technology company’s stock valued at $177,000 after purchasing an additional 269 shares during the last quarter. Magnus Financial Group LLC increased its holdings in shares of Lumentum by 4.5% in the first quarter. Magnus Financial Group LLC now owns 6,356 shares of the technology company’s stock valued at $359,000 after purchasing an additional 274 shares during the last quarter. Rockefeller Capital Management L.P. increased its holdings 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 valued at $28,000 after purchasing an additional 296 shares during the last quarter. New Mexico Educational Retirement Board increased its holdings in shares of Lumentum by 2.0% in the fourth quarter. New Mexico Educational Retirement Board now owns 15,000 shares of the technology company’s stock valued at $630,000 after purchasing an additional 300 shares during the last quarter. Finally, Riverhead Capital Management LLC increased its holdings in shares of Lumentum by 6.9% in the first quarter. Riverhead Capital Management LLC now owns 4,653 shares of the technology company’s stock valued at $263,000 after purchasing an additional 300 shares during the last quarter. Hedge funds and other institutional investors own 86.44% of the company’s stock.

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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Analyst Recommendations for Lumentum (NASDAQ:LITE)

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