Lumentum’s (LITE) “Neutral” Rating Reiterated at UBS Group

UBS Group reaffirmed their neutral rating on shares of Lumentum (NASDAQ:LITE) in a research note published on Wednesday, Marketbeat.com reports. UBS Group currently has a $130.00 price target on the technology company’s stock, up from their prior price target of $78.00.

A number of other research firms also recently issued reports on LITE. Susquehanna boosted their price target on Lumentum from $125.00 to $140.00 and gave the company a “positive” rating in a research note on Tuesday. Northland Securities set a $80.00 price target on Lumentum in a research note on Wednesday, May 7th. B. Riley boosted their price objective on Lumentum from $73.00 to $83.00 and gave the company a “neutral” rating in a research note on Wednesday. Raymond James Financial boosted their price objective on Lumentum from $125.00 to $145.00 and gave the company a “strong-buy” rating in a research note on Wednesday. Finally, Needham & Company LLC reiterated a “buy” rating and set a $145.00 price objective (up from $135.00) on shares of Lumentum in a research note on Wednesday. Four analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $124.00.

Lumentum Trading Up 1.1%

Lumentum stock opened at $115.86 on Wednesday. The business has a 50-day simple moving average of $98.59 and a two-hundred day simple moving average of $78.85. The company has a market cap of $8.04 billion, a P/E ratio of 503.74 and a beta of 1.33. Lumentum has a 52-week low of $45.65 and a 52-week high of $129.98. The company has a quick ratio of 3.53, a current ratio of 4.37 and a debt-to-equity ratio of 2.26.

Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Tuesday, August 12th. The technology company reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.09. The business had revenue of $480.70 million during the quarter, compared to the consensus estimate of $465.27 million. Lumentum had a negative return on equity of 3.02% and a net margin of 1.57%. The business’s quarterly revenue was up 55.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.06 EPS. Analysts predict that Lumentum will post 0.03 EPS for the current year.

Insider Buying and Selling

In related news, insider Yuen Wupen sold 241 shares of the stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $108.34, for a total transaction of $26,109.94. Following the sale, the insider owned 78,597 shares in the company, valued at approximately $8,515,198.98. This represents a 0.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Alan S. Lowe sold 20,000 shares of the stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $93.47, for a total value of $1,869,400.00. Following the sale, the director owned 230,471 shares in the company, valued at $21,542,124.37. The trade was a 7.98% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 76,000 shares of company stock worth $7,260,909. 0.19% of the stock is currently owned by corporate insiders.

Institutional Trading of Lumentum

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Skandinaviska Enskilda Banken AB publ purchased a new stake in Lumentum during the 1st quarter valued at $25,000. Rakuten Securities Inc. raised its holdings in Lumentum by 164.4% during the 1st quarter. Rakuten Securities Inc. now owns 476 shares of the technology company’s stock valued at $30,000 after buying an additional 296 shares during the period. Golden State Wealth Management LLC raised its holdings in Lumentum by 103.2% during the 1st quarter. Golden State Wealth Management LLC now owns 512 shares of the technology company’s stock valued at $32,000 after buying an additional 260 shares during the period. CoreCap Advisors LLC grew its position in Lumentum by 2,235.3% in the 4th quarter. CoreCap Advisors LLC now owns 397 shares of the technology company’s stock valued at $33,000 after acquiring an additional 380 shares during the last quarter. Finally, FNY Investment Advisers LLC bought a new position in Lumentum in the 2nd quarter valued at $38,000. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Lumentum Company Profile

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.