Shares of Lumentum Holdings Inc (NASDAQ:LITE) have received a consensus recommendation of “Buy” from the twenty-two analysts that are currently covering the firm, MarketBeat reports. Four investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $67.65.
A number of equities research analysts have recently issued reports on the stock. Morgan Stanley dropped their target price on shares of Lumentum from $66.00 to $55.00 and set a “hold” rating on the stock in a report on Tuesday, November 13th. Craig Hallum set a $65.00 target price on shares of Lumentum and gave the company a “buy” rating in a report on Monday, December 17th. ValuEngine cut shares of Lumentum from a “hold” rating to a “sell” rating in a report on Wednesday, October 24th. Loop Capital dropped their target price on shares of Lumentum to $47.00 and set a “buy” rating on the stock in a report on Tuesday, November 13th. Finally, Zacks Investment Research cut shares of Lumentum from a “buy” rating to a “hold” rating in a report on Friday, November 16th.
Institutional investors have recently added to or reduced their stakes in the business. BB&T Corp bought a new position in Lumentum in the 4th quarter valued at about $781,000. Eagle Asset Management Inc. increased its holdings in shares of Lumentum by 6.5% during the third quarter. Eagle Asset Management Inc. now owns 850,508 shares of the technology company’s stock worth $50,987,000 after purchasing an additional 51,728 shares during the period. Fisher Asset Management LLC increased its holdings in shares of Lumentum by 15.9% during the third quarter. Fisher Asset Management LLC now owns 120,562 shares of the technology company’s stock worth $7,228,000 after purchasing an additional 16,545 shares during the period. Nordea Investment Management AB increased its holdings in shares of Lumentum by 34.7% during the third quarter. Nordea Investment Management AB now owns 66,651 shares of the technology company’s stock worth $3,996,000 after purchasing an additional 17,177 shares during the period. Finally, James Investment Research Inc. bought a new position in shares of Lumentum during the third quarter worth approximately $2,231,000.
Lumentum (NASDAQ:LITE) last issued its earnings results on Tuesday, February 5th. The technology company reported $1.15 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.00 by $0.15. The company had revenue of $373.70 million for the quarter, compared to analysts’ expectations of $365.08 million. Lumentum had a net margin of 7.50% and a return on equity of 20.24%. Lumentum’s quarterly revenue was down 7.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.67 EPS. As a group, sell-side analysts expect that Lumentum will post 3.37 earnings per share for the current year.
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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