Brokerages Set Lumentum Holdings Inc. (NASDAQ:LITE) Price Target at $59.08

Shares of Lumentum Holdings Inc. (NASDAQ:LITE) have been assigned an average rating of “Hold” from the thirteen ratings firms that are currently covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and eight have given a buy recommendation to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $59.08.

A number of equities research analysts have weighed in on the stock. Bank of America lifted their price target on shares of Lumentum from $45.00 to $50.00 and gave the company an “underperform” rating in a research report on Thursday, August 15th. Northland Securities lifted their price target on shares of Lumentum from $40.00 to $45.00 and gave the company a “market perform” rating in a research report on Friday, August 16th. Needham & Company LLC lifted their price target on shares of Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. JPMorgan Chase & Co. lifted their price target on shares of Lumentum from $57.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. Finally, StockNews.com upgraded shares of Lumentum to a “sell” rating in a research report on Monday, May 6th.

Lumentum Price Performance

Shares of LITE stock opened at $56.53 on Friday. The company has a debt-to-equity ratio of 2.13, a current ratio of 5.20 and a quick ratio of 3.87. The firm’s 50-day moving average is $52.04 and its two-hundred day moving average is $48.34. Lumentum has a 12 month low of $35.35 and a 12 month high of $60.99. The company has a market capitalization of $3.82 billion, a PE ratio of -10.77, a price-to-earnings-growth ratio of 39.11 and a beta of 0.88.

Lumentum (NASDAQ:LITE) last issued its earnings results on Wednesday, August 14th. The technology company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.03. Lumentum had a negative net margin of 24.91% and a negative return on equity of 1.72%. The company had revenue of $308.30 million for the quarter, compared to the consensus estimate of $301.36 million. During the same period in the previous year, the firm earned $0.12 earnings per share. Lumentum’s quarterly revenue was down 16.9% compared to the same quarter last year. Analysts predict that Lumentum will post -0.64 earnings per share for the current year.

Institutional Trading of Lumentum

Institutional investors have recently modified their holdings of the stock. Point72 DIFC Ltd acquired a new stake in Lumentum during the 2nd quarter worth $36,000. Principal Securities Inc. acquired a new stake in Lumentum during the 4th quarter worth $55,000. CENTRAL TRUST Co boosted its stake in Lumentum by 714.3% during the 1st quarter. CENTRAL TRUST Co now owns 1,140 shares of the technology company’s stock worth $54,000 after purchasing an additional 1,000 shares during the period. Signaturefd LLC boosted its stake in Lumentum by 93.9% during the 2nd quarter. Signaturefd LLC now owns 1,144 shares of the technology company’s stock worth $58,000 after purchasing an additional 554 shares during the period. Finally, EntryPoint Capital LLC acquired a new stake in Lumentum during the 1st quarter worth $112,000. 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.