Lumentum (LITE) Price Target Cut to $47.00 by Analysts at Loop Capital

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Lumentum (NASDAQ:LITE) had its target price cut by Loop Capital to $47.00 in a research note released on Tuesday, The Fly reports. They currently have a buy rating on the technology company’s stock.

A number of other equities research analysts have also weighed in on LITE. Cascend Securities initiated coverage on Lumentum in a report on Tuesday, July 17th. They issued a buy rating and a $70.00 price objective on the stock. ValuEngine lowered Lumentum from a hold rating to a sell rating in a report on Friday, July 20th. DA Davidson lowered their price objective on Lumentum to $92.00 and set a buy rating on the stock in a report on Monday, July 23rd. Piper Jaffray Companies reaffirmed an overweight rating and issued a $85.00 price objective on shares of Lumentum in a report on Wednesday, August 8th. Finally, Craig Hallum set a $85.00 price objective on Lumentum and gave the company a buy rating in a report on Wednesday, August 8th. Four research analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the stock. The stock has a consensus rating of Buy and an average target price of $69.32.

LITE traded up $0.44 during trading on Tuesday, reaching $41.52. The company’s stock had a trading volume of 1,817,947 shares, compared to its average volume of 3,238,551. Lumentum has a 52-week low of $37.00 and a 52-week high of $74.40. The firm has a market capitalization of $2.46 billion, a PE ratio of 12.81, a P/E/G ratio of 0.54 and a beta of 0.46. The company has a current ratio of 5.52, a quick ratio of 4.88 and a debt-to-equity ratio of 0.34.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Thursday, November 1st. The technology company reported $1.31 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.02 by $0.29. Lumentum had a return on equity of 28.74% and a net margin of 21.21%. The company had revenue of $354.00 million for the quarter, compared to analyst estimates of $351.21 million. During the same quarter in the previous year, the company earned $0.43 EPS. The firm’s revenue for the quarter was up 45.7% compared to the same quarter last year. On average, sell-side analysts predict that Lumentum will post 3.87 EPS for the current year.

In related news, insider Matthew Joseph Sepe sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, August 24th. The stock was sold at an average price of $64.91, for a total value of $129,820.00. Following the sale, the insider now owns 15,332 shares of the company’s stock, valued at approximately $995,200.12. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Christopher W. Coldren sold 3,416 shares of the company’s stock in a transaction that occurred on Thursday, August 23rd. The shares were sold at an average price of $64.36, for a total value of $219,853.76. The disclosure for this sale can be found here. Insiders have sold a total of 9,108 shares of company stock worth $570,740 in the last three months. Corporate insiders own 0.55% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the stock. DekaBank Deutsche Girozentrale lifted its stake in Lumentum by 149.5% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 1,497 shares of the technology company’s stock valued at $102,000 after buying an additional 897 shares in the last quarter. Xact Kapitalforvaltning AB lifted its stake in Lumentum by 11.9% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 9,402 shares of the technology company’s stock valued at $544,000 after buying an additional 1,000 shares in the last quarter. Lido Advisors LLC lifted its stake in Lumentum by 27.3% in the 2nd quarter. Lido Advisors LLC now owns 4,811 shares of the technology company’s stock valued at $278,000 after buying an additional 1,033 shares in the last quarter. Aurora Investment Counsel lifted its stake in Lumentum by 6.5% in the 3rd quarter. Aurora Investment Counsel now owns 21,093 shares of the technology company’s stock valued at $1,265,000 after buying an additional 1,280 shares in the last quarter. Finally, Amalgamated Bank lifted its stake in Lumentum by 14.8% in the 2nd quarter. Amalgamated Bank now owns 10,207 shares of the technology company’s stock valued at $591,000 after buying an additional 1,315 shares in the last quarter.

Lumentum Company Profile

Lumentum Holdings, Inc engages in the manufacture of optical and photonic products enabling optical networking and commercial laser. It operates through the Optical Communications (OpComms) and Commercial Lasers business segments. The OpComms segment includes modules and subsystems to support and maintain customers in the Telecom and Datacom markets.

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The Fly

Analyst Recommendations for Lumentum (NASDAQ:LITE)

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