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

Zacks Investment Research cut shares of Lumentum (NASDAQ:LITE) from a buy rating to a hold rating in a research note issued to investors on Tuesday, 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. “

Several other equities analysts also recently commented on the company. Craig Hallum increased their target price on Lumentum from $110.00 to $130.00 in a research report on Tuesday, January 4th. JPMorgan Chase & Co. raised their price objective on Lumentum from $95.00 to $100.00 and gave the stock a neutral rating in a research report on Monday, December 13th. Susquehanna raised their price objective on Lumentum from $100.00 to $120.00 and gave the stock a positive rating in a research report on Wednesday, December 15th. Susquehanna Bancshares raised their price objective on Lumentum from $100.00 to $120.00 and gave the stock a positive rating in a research report on Wednesday, December 15th. Finally, Morgan Stanley raised their target price on Lumentum from $81.00 to $91.00 and gave the stock an equal weight rating in a research note on Friday, November 5th. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of Buy and an average target price of $103.24.

LITE opened at $106.36 on Tuesday. The business’s fifty day moving average is $97.68 and its 200-day moving average is $88.83. The firm has a market cap of $7.69 billion, a P/E ratio of 20.18 and a beta of 0.85. The company has a debt-to-equity ratio of 0.41, a quick ratio of 3.62 and a current ratio of 3.96. Lumentum has a 52-week low of $65.67 and a 52-week high of $108.90.

Lumentum (NASDAQ:LITE) last released its quarterly earnings data on Thursday, November 4th. The technology company reported $1.79 earnings per share for the quarter, beating the consensus estimate of $1.55 by $0.24. The business had revenue of $448.40 million for the quarter, compared to analyst estimates of $439.95 million. Lumentum had a return on equity of 19.82% and a net margin of 23.68%. Lumentum’s revenue was down .9% compared to the same quarter last year. During the same period last year, the firm posted $1.53 earnings per share. On average, research analysts predict that Lumentum will post 4.83 earnings per share for the current fiscal year.

In other news, SVP Judy G. Hamel sold 5,011 shares of the firm’s stock in a transaction dated Thursday, December 9th. The stock was sold at an average price of $95.00, for a total transaction of $476,045.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Penny Herscher sold 6,000 shares of the firm’s stock in a transaction dated Friday, November 5th. The shares were sold at an average price of $90.00, for a total value of $540,000.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 50,421 shares of company stock worth $4,643,499. Insiders own 0.32% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Kovitz Investment Group Partners LLC purchased a new position in Lumentum in the third quarter worth about $3,602,000. Alyeska Investment Group L.P. boosted its position in shares of Lumentum by 7,429.8% during the second quarter. Alyeska Investment Group L.P. now owns 618,500 shares of the technology company’s stock valued at $50,736,000 after buying an additional 610,286 shares during the period. Twin Tree Management LP purchased a new position in shares of Lumentum during the second quarter valued at approximately $123,000. ProShare Advisors LLC boosted its position in shares of Lumentum by 1.6% during the second quarter. ProShare Advisors LLC now owns 10,183 shares of the technology company’s stock valued at $835,000 after buying an additional 158 shares during the period. Finally, TrinityPoint Wealth LLC boosted its position in shares of Lumentum by 19.9% during the second quarter. TrinityPoint Wealth LLC now owns 12,169 shares of the technology company’s stock valued at $998,000 after buying an additional 2,018 shares during the period. Institutional investors own 89.58% of the company’s stock.

Lumentum Company Profile

Lumentum Holdings, Inc engages in the provision of optical and photonic products. It operates through the Optical Communications (OpComms) and Commercial Lasers segments. The OpComms segment includes a range of components, modules, and subsystems to support customers including carrier networks of access (local), metro (intracity), long-haul (city-to-city and worldwide), and submarine (undersea) applications.

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