Lumentum (LITE) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research downgraded shares of Lumentum (NASDAQ:LITE) from a buy rating to a hold rating in a research note released on Wednesday.

According to Zacks, “Lumentum Holdings Inc. is a manufacturer of innovative optical and photonic products. The Company’s operating segment consists of Optical Communications and Commercial Lasers. Optical Communications segment portfolio includes products used by Telecom and Datacom nanoelectromechanical systems and traditional as well as cloud/data center service providers. Commercial Lasers segment products serve its customers in markets and applications, such as manufacturing, biotechnology, graphics and imaging, remote sensing and precision machining. Lumentum Holdings Inc. is headquartered in Milpitas, California. “

A number of other equities analysts have also recently issued reports on the stock. BidaskClub cut shares of Lumentum from a hold rating to a sell rating in a research note on Saturday, December 2nd. Barclays upped their price target on shares of Lumentum from $59.00 to $65.00 and gave the stock an equal weight rating in a research note on Thursday, November 2nd. MKM Partners upped their price target on shares of Lumentum to $71.00 and gave the stock a neutral rating in a research note on Thursday, November 2nd. DA Davidson upped their price target on shares of Lumentum from $82.00 to $90.00 and gave the stock a buy rating in a research note on Thursday, November 2nd. Finally, Craig Hallum reissued a buy rating and issued a $85.00 target price (up previously from $75.00) on shares of Lumentum in a research report on Wednesday, November 1st. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $68.06.

Shares of Lumentum (LITE) traded up $1.05 during trading on Wednesday, reaching $49.60. 4,233,595 shares of the company were exchanged, compared to its average volume of 1,695,174. The company has a market cap of $3,075.20, a PE ratio of 34.69, a price-to-earnings-growth ratio of 0.91 and a beta of 0.83. Lumentum has a 52 week low of $34.15 and a 52 week high of $68.63. The company has a current ratio of 5.21, a quick ratio of 4.38 and a debt-to-equity ratio of 0.50.

In other Lumentum news, COO Vincent Retort sold 30,706 shares of the business’s stock in a transaction dated Thursday, September 28th. The stock was sold at an average price of $54.46, for a total value of $1,672,248.76. Following the completion of the transaction, the chief operating officer now owns 110,770 shares of the company’s stock, valued at approximately $6,032,534.20. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Martin A. Kaplan sold 15,000 shares of the business’s stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $57.07, for a total value of $856,050.00. Following the completion of the transaction, the director now directly owns 29,573 shares of the company’s stock, valued at approximately $1,687,731.11. The disclosure for this sale can be found here. In the last three months, insiders sold 65,891 shares of company stock valued at $3,675,432. 0.76% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hellman Jordan Management Co. Inc. MA increased its position in shares of Lumentum by 35.4% during the 3rd quarter. Hellman Jordan Management Co. Inc. MA now owns 10,387 shares of the technology company’s stock valued at $565,000 after purchasing an additional 2,717 shares during the last quarter. AXA increased its position in shares of Lumentum by 27.7% during the 3rd quarter. AXA now owns 950,772 shares of the technology company’s stock valued at $51,674,000 after purchasing an additional 206,281 shares during the last quarter. Neuberger Berman Group LLC increased its position in shares of Lumentum by 20.8% during the 3rd quarter. Neuberger Berman Group LLC now owns 346,016 shares of the technology company’s stock valued at $18,806,000 after purchasing an additional 59,600 shares during the last quarter. Argent Capital Management LLC increased its position in shares of Lumentum by 21.1% during the 3rd quarter. Argent Capital Management LLC now owns 82,315 shares of the technology company’s stock valued at $4,474,000 after purchasing an additional 14,325 shares during the last quarter. Finally, Piedmont Investment Advisors LLC increased its position in shares of Lumentum by 11.3% during the 3rd quarter. Piedmont Investment Advisors LLC now owns 13,391 shares of the technology company’s stock valued at $728,000 after purchasing an additional 1,360 shares during the last quarter. 95.70% of the stock is owned by hedge funds and other institutional investors.

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About Lumentum

Lumentum Holdings Inc is a provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers).

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