JPMorgan Chase & Co. Trims Lumentum (NASDAQ:LITE) Target Price to $62.00

Lumentum (NASDAQ:LITEFree Report) had its target price lowered by JPMorgan Chase & Co. from $63.00 to $62.00 in a research note released on Friday morning, Benzinga reports. The firm currently has an overweight rating on the technology company’s stock.

A number of other brokerages have also weighed in on LITE. Craig Hallum raised Lumentum from a hold rating to a buy rating in a research report on Friday, December 22nd. StockNews.com lowered Lumentum from a hold rating to a sell rating in a research report on Saturday, October 21st. Stifel Nicolaus upped their target price on Lumentum from $55.00 to $62.00 and gave the stock a buy rating in a research report on Tuesday, January 2nd. Morgan Stanley lowered their target price on Lumentum from $55.00 to $45.00 and set an equal weight rating on the stock in a research report on Friday, October 27th. Finally, Barclays upped their target price on Lumentum from $40.00 to $45.00 and gave the stock an underweight rating in a research report on Tuesday, January 16th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus target price of $51.86.

Get Our Latest Stock Report on Lumentum

Lumentum Price Performance

Shares of NASDAQ:LITE opened at $50.34 on Friday. The company has a quick ratio of 2.42, a current ratio of 3.13 and a debt-to-equity ratio of 1.96. Lumentum has a twelve month low of $35.35 and a twelve month high of $65.16. The stock’s 50 day moving average is $51.49 and its 200-day moving average is $47.75. The firm has a market capitalization of $3.39 billion, a price-to-earnings ratio of -12.78 and a beta of 1.14.

Insider Buying and Selling at Lumentum

In other Lumentum news, Director Julia Suzanne Johnson sold 1,163 shares of the company’s stock in a transaction on Monday, November 20th. The stock was sold at an average price of $44.17, for a total value of $51,369.71. Following the completion of the transaction, the director now owns 22,032 shares in the company, valued at approximately $973,153.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Norges Bank bought a new position in shares of Lumentum during the 4th quarter worth $53,785,000. Capital Research Global Investors grew its stake in shares of Lumentum by 94.2% during the 2nd quarter. Capital Research Global Investors now owns 1,452,774 shares of the technology company’s stock worth $82,416,000 after acquiring an additional 704,662 shares during the period. Earnest Partners LLC grew its stake in shares of Lumentum by 576.4% during the 1st quarter. Earnest Partners LLC now owns 680,435 shares of the technology company’s stock worth $66,410,000 after acquiring an additional 579,835 shares during the period. Westfield Capital Management Co. LP bought a new position in shares of Lumentum during the 4th quarter worth $29,675,000. Finally, Millennium Management LLC grew its stake in shares of Lumentum by 50.8% during the 4th quarter. Millennium Management LLC now owns 1,202,143 shares of the technology company’s stock worth $62,716,000 after acquiring an additional 405,140 shares during the period. Institutional investors own 94.05% of the company’s stock.

About Lumentum

(Get Free Report)

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 (OpComms) and Commercial Lasers (Lasers). The OpComms segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and data over high-capacity fiber optic cables.

Read More

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.