Lumentum (NASDAQ:LITE) Upgraded to “Outperform” at BNP Paribas

Lumentum (NASDAQ:LITE) was upgraded by investment analysts at BNP Paribas from a “neutral” rating to an “outperform” rating in a research note issued to investors on Tuesday, MarketBeat Ratings reports. The firm presently has a $92.00 target price on the technology company’s stock. BNP Paribas’ price target would suggest a potential upside of 43.71% from the stock’s current price.

Other analysts have also recently issued reports about the company. Jefferies Financial Group initiated coverage on Lumentum in a research report on Friday, February 21st. They issued a “buy” rating for the company. UBS Group raised their price objective on Lumentum from $93.00 to $96.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Needham & Company LLC reaffirmed a “buy” rating and issued a $110.00 price objective on shares of Lumentum in a research report on Friday, February 7th. Barclays raised Lumentum from an “underweight” rating to an “overweight” rating and raised their price objective for the company from $80.00 to $125.00 in a research report on Friday, January 17th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $110.00 target price on shares of Lumentum in a research note on Friday, February 7th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $88.33.

Lumentum Stock Performance

Shares of NASDAQ LITE opened at $64.02 on Tuesday. The stock has a 50 day moving average price of $80.28 and a 200 day moving average price of $75.17. Lumentum has a 52 week low of $38.29 and a 52 week high of $104.00. The company has a debt-to-equity ratio of 2.94, a quick ratio of 3.60 and a current ratio of 4.76. The stock has a market capitalization of $4.43 billion, a PE ratio of -8.33 and a beta of 1.03.

Lumentum (NASDAQ:LITE) last released its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. Analysts predict that Lumentum will post 0.03 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Lumentum news, CFO Wajid Ali sold 2,172 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total transaction of $170,154.48. Following the transaction, the chief financial officer now owns 51,976 shares in the company, valued at $4,071,799.84. This trade represents a 4.01 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Lumentum

Several hedge funds and other institutional investors have recently modified their holdings of LITE. Quarry LP increased its stake in shares of Lumentum by 85.5% in the 3rd quarter. Quarry LP now owns 436 shares of the technology company’s stock valued at $28,000 after purchasing an additional 201 shares during the last quarter. UMB Bank n.a. increased its stake in shares of Lumentum by 301.2% in the 4th quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock valued at $28,000 after purchasing an additional 253 shares during the last quarter. Jones Financial Companies Lllp increased its stake in shares of Lumentum by 54.2% in the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock valued at $31,000 after purchasing an additional 130 shares during the last quarter. Capital Performance Advisors LLP bought a new position in shares of Lumentum in the 3rd quarter valued at $33,000. Finally, CoreCap Advisors LLC increased its stake in shares of 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 purchasing an additional 380 shares during the last quarter. Institutional investors own 94.05% of the company’s stock.

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.