Lumentum Holdings Inc. (NASDAQ:LITE) Receives $60.77 Consensus Price Target from Analysts

Lumentum Holdings Inc. (NASDAQ:LITE) has been assigned an average rating of “Hold” from the thirteen analysts that are presently covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation, three have given a hold recommendation and eight have given a buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $70.08.

Several equities analysts have recently weighed in on LITE shares. B. Riley increased their price objective on shares of Lumentum from $40.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, August 15th. Susquehanna increased their price objective on shares of Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a research report on Friday. Morgan Stanley raised their price target on shares of Lumentum from $50.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 15th. Barclays raised their price target on shares of Lumentum from $38.00 to $40.00 and gave the stock an “underweight” rating in a research report on Thursday, August 15th. Finally, Jefferies Financial Group raised their price target on shares of Lumentum from $53.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th.

Institutional Investors Weigh In On Lumentum

Large investors have recently bought and sold shares of the company. Duality Advisers LP acquired a new stake in Lumentum during the first quarter worth about $1,307,000. John G Ullman & Associates Inc. boosted its stake in shares of Lumentum by 26.0% in the 1st quarter. John G Ullman & Associates Inc. now owns 73,973 shares of the technology company’s stock valued at $3,503,000 after purchasing an additional 15,282 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Lumentum by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 7,218,293 shares of the technology company’s stock valued at $341,786,000 after purchasing an additional 22,088 shares in the last quarter. Swedbank AB acquired a new stake in shares of Lumentum in the 1st quarter valued at approximately $71,025,000. Finally, International Assets Investment Management LLC boosted its stake in shares of Lumentum by 6,238.0% in the 3rd quarter. International Assets Investment Management LLC now owns 21,169 shares of the technology company’s stock valued at $1,342,000 after purchasing an additional 20,835 shares in the last quarter. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Lumentum Trading Up 13.9 %

Shares of LITE stock opened at $83.85 on Wednesday. The company has a current ratio of 5.90, a quick ratio of 4.43 and a debt-to-equity ratio of 2.61. The company has a fifty day moving average price of $63.25 and a two-hundred day moving average price of $53.90. Lumentum has a one year low of $38.28 and a one year high of $88.00.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings data on Wednesday, August 14th. The technology company reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.03. The company had revenue of $308.30 million for the quarter, compared to analyst estimates of $301.36 million. Lumentum had a negative net margin of 40.21% and a negative return on equity of 4.79%. The company’s revenue was down 16.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.12 earnings per share. On average, research analysts anticipate that Lumentum will post 0.17 earnings per share for the current year.

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 (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.