Lumentum (LITE) PT Raised to $66.00 at MKM Partners

Lumentum (NASDAQ:LITE) had its target price boosted by MKM Partners to $66.00 in a research note issued to investors on Wednesday, The Fly reports. MKM Partners currently has a buy rating on the technology company’s stock.

Other analysts have also recently issued reports about the company. Morgan Stanley lowered their target price on Lumentum from $66.00 to $55.00 and set a hold rating on the stock in a research report on Tuesday, November 13th. Craig Hallum set a $65.00 target price on Lumentum and gave the company a buy rating in a research report on Monday, December 17th. ValuEngine cut Lumentum from a hold rating to a sell rating in a research report on Wednesday, October 24th. Loop Capital lowered their price target on Lumentum to $47.00 and set a buy rating on the stock in a research report on Tuesday, November 13th. Finally, Zacks Investment Research cut Lumentum from a buy rating to a hold rating in a research report on Friday, November 16th. Three analysts have rated the stock with a hold rating, fifteen have given a buy rating and three have issued a strong buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus price target of $67.95.

LITE traded down $4.31 during trading hours on Wednesday, hitting $42.44. The company’s stock had a trading volume of 75,696 shares, compared to its average volume of 1,410,394. Lumentum has a fifty-two week low of $37.00 and a fifty-two week high of $74.40. The company has a debt-to-equity ratio of 0.34, a current ratio of 5.52 and a quick ratio of 4.88. The stock has a market cap of $2.86 billion, a P/E ratio of 13.14, a P/E/G ratio of 0.77 and a beta of 0.65.

Lumentum (NASDAQ:LITE) last posted its earnings results on Tuesday, February 5th. The technology company reported $1.15 EPS for the quarter, beating the consensus estimate of $1.00 by $0.15. Lumentum had a return on equity of 23.68% and a net margin of 7.50%. The firm had revenue of $373.70 million for the quarter, compared to analysts’ expectations of $365.08 million. During the same period last year, the firm earned $1.67 EPS. The firm’s revenue was down 7.6% compared to the same quarter last year. Equities analysts anticipate that Lumentum will post 3.61 EPS for the current year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Lumentum by 2.8% during the 3rd quarter. Vanguard Group Inc. now owns 5,608,582 shares of the technology company’s stock worth $336,234,000 after acquiring an additional 154,751 shares in the last quarter. Vanguard Group Inc boosted its stake in shares of Lumentum by 2.8% during the 3rd quarter. Vanguard Group Inc now owns 5,608,582 shares of the technology company’s stock worth $336,234,000 after acquiring an additional 154,751 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Lumentum by 29.9% during the 3rd quarter. Victory Capital Management Inc. now owns 1,239,431 shares of the technology company’s stock worth $74,304,000 after acquiring an additional 285,089 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its stake in shares of Lumentum by 4,834.3% during the 4th 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 in the last quarter. Finally, Northern Trust Corp boosted its position in shares of Lumentum by 24.4% in the second quarter. Northern Trust Corp now owns 976,037 shares of the technology company’s stock worth $56,514,000 after buying an additional 191,336 shares during the period.

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.

Featured Article: What is a bull market?

The Fly

Analyst Recommendations for Lumentum (NASDAQ:LITE)

Receive News & Ratings for Lumentum Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lumentum and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply