Lumentum (NASDAQ:LITE) Upgraded to Outperform at Northland Securities

Northland Securities upgraded shares of Lumentum (NASDAQ:LITE) from a market perform rating to an outperform rating in a research report sent to investors on Monday, MarketBeat Ratings reports.

Other analysts have also issued reports about the company. Morgan Stanley decreased their price target on Lumentum from $83.00 to $81.00 and set an “equal weight” rating on the stock in a research note on Friday, January 31st. Stifel Nicolaus raised their target price on shares of Lumentum from $95.00 to $105.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. B. Riley upped their price target on shares of Lumentum from $62.00 to $75.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. UBS Group lifted their price target on shares of Lumentum from $93.00 to $96.00 and gave the company a “neutral” rating in a report on Friday, February 7th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $110.00 price objective on shares of Lumentum in a research note on Friday, February 7th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Lumentum has an average rating of “Moderate Buy” and a consensus price target of $87.40.

Lumentum Stock Performance

NASDAQ:LITE opened at $52.26 on Monday. The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60. The firm has a market cap of $3.62 billion, a PE ratio of -6.80 and a beta of 1.14. The firm has a 50 day simple moving average of $71.02 and a 200-day simple moving average of $76.32. Lumentum has a 1-year low of $38.29 and a 1-year high of $104.00.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. On average, equities analysts expect that Lumentum will post 0.03 EPS for the current year.

Insider Transactions at Lumentum

In other news, CFO Wajid Ali sold 2,172 shares of the business’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total transaction of $170,154.48. Following the transaction, the chief financial officer now directly owns 51,976 shares of the company’s stock, valued at approximately $4,071,799.84. The trade was a 4.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Lumentum

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LITE. Capital World Investors grew its stake in shares of Lumentum by 108.3% during the fourth quarter. Capital World Investors now owns 3,600,132 shares of the technology company’s stock valued at $302,231,000 after acquiring an additional 1,871,572 shares in the last quarter. Norges Bank purchased a new position in Lumentum in the fourth quarter valued at about $68,962,000. Nuveen Asset Management LLC grew its stake in Lumentum by 98.9% during the 4th quarter. Nuveen Asset Management LLC now owns 1,228,371 shares of the technology company’s stock valued at $103,122,000 after purchasing an additional 610,938 shares in the last quarter. Balyasny Asset Management L.P. grew its stake in Lumentum by 419.1% during the 4th quarter. Balyasny Asset Management L.P. now owns 444,147 shares of the technology company’s stock valued at $37,286,000 after purchasing an additional 583,330 shares in the last quarter. Finally, Capital Research Global Investors purchased a new stake in Lumentum during the 4th quarter worth approximately $42,415,000. 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.