Lumentum (NASDAQ:LITE) Raised to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Lumentum (NASDAQ:LITE) from a sell rating to a hold rating in a research note issued to investors on Wednesday morning, Zacks.com reports.

According to Zacks, “Lumentum Holdings Inc. is a manufacturer of innovative optical and photonic products. The Company’s operating segment consists of Optical Communications and Commercial Lasers. Optical Communications segment portfolio includes products used by Telecom and Datacom nanoelectromechanical systems and traditional as well as cloud/data center service providers. Commercial Lasers segment products serve its customers in markets and applications, such as manufacturing, biotechnology, graphics and imaging, remote sensing and precision machining. Lumentum Holdings Inc. is headquartered in Milpitas, California. “

LITE has been the topic of a number of other research reports. B. Riley boosted their target price on Lumentum from $70.00 to $74.00 and gave the stock a buy rating in a research note on Wednesday, May 8th. JPMorgan Chase & Co. set a $45.00 target price on Ciena and gave the stock a buy rating in a research note on Friday, March 22nd. MKM Partners cut their target price on Lumentum to $60.00 and set a buy rating on the stock in a research note on Tuesday, May 21st. Raymond James began coverage on Gritstone Oncology in a research note on Thursday, March 14th. They issued an outperform rating and a $20.00 target price on the stock. Finally, Barclays reaffirmed a hold rating and issued a $23.00 price target on shares of Cypress Semiconductor in a report on Thursday, June 6th. Three investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus price target of $66.57.

Shares of NASDAQ LITE opened at $53.85 on Wednesday. Lumentum has a twelve month low of $37.00 and a twelve month high of $69.95. The business has a 50 day simple moving average of $48.09. The stock has a market cap of $4.05 billion, a P/E ratio of 15.83, a PEG ratio of 1.06 and a beta of 1.36. The company has a debt-to-equity ratio of 0.55, a current ratio of 3.96 and a quick ratio of 3.20.

Lumentum (NASDAQ:LITE) last announced its earnings results on Tuesday, May 7th. The technology company reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.22. Lumentum had a return on equity of 19.94% and a net margin of 1.57%. The firm had revenue of $433.00 million for the quarter, compared to the consensus estimate of $428.33 million. During the same quarter in the previous year, the business earned $0.78 EPS. The company’s revenue was up 44.8% compared to the same quarter last year. Research analysts expect that Lumentum will post 3.13 earnings per share for the current fiscal year.

In related news, SVP Judy G. Hamel sold 1,429 shares of Lumentum stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $58.64, for a total value of $83,796.56. Following the sale, the senior vice president now owns 44,793 shares of the company’s stock, valued at approximately $2,626,661.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.55% of the company’s stock.

Hedge funds have recently modified their holdings of the business. SevenBridge Financial Group LLC bought a new stake in Lumentum during the 4th quarter valued at $39,000. Intellectus Partners LLC raised its holdings in Lumentum by 4,000.0% during the 4th quarter. Intellectus Partners LLC now owns 1,025 shares of the technology company’s stock valued at $43,000 after acquiring an additional 1,000 shares during the period. PNC Financial Services Group Inc. raised its holdings in Lumentum by 25.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,864 shares of the technology company’s stock valued at $119,000 after acquiring an additional 581 shares during the period. Nelson Van Denburg & Campbell Wealth Management Group LLC bought a new stake in Lumentum during the 4th quarter valued at $130,000. Finally, World Asset Management Inc bought a new stake in Lumentum during the 1st quarter valued at $202,000. 95.29% of the stock is currently owned by institutional investors and hedge funds.

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.

Read More: How does new data get added to a blockchain?

Get a free copy of the Zacks research report on Lumentum (LITE)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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.