BidaskClub downgraded shares of Lumentum (NASDAQ:LITE) from a buy rating to a hold rating in a report published on Tuesday, BidAskClub reports.

A number of other research analysts have also issued reports on LITE. Zacks Investment Research reissued a sell rating on shares of ZALANDO SE/ADR in a report on Saturday, June 22nd. Craig Hallum reissued a buy rating and issued a $75.00 target price on shares of Qorvo in a report on Tuesday, May 21st. Piper Jaffray Companies boosted their target price on Array Biopharma from $28.00 to $35.00 and gave the company an overweight rating in a report on Tuesday, May 21st. B. Riley boosted their target price on Lumentum from $70.00 to $74.00 and gave the company a buy rating in a report on Wednesday, May 8th. Finally, Jefferies Financial Group dropped their target price on Kohl’s from $100.00 to $95.00 and set a buy rating on the stock in a report on Tuesday, May 21st. Three 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 company. The company currently has a consensus rating of Buy and an average price target of $66.57.

LITE opened at $53.02 on Tuesday. The firm has a market capitalization of $3.98 billion, a price-to-earnings ratio of 16.36, a price-to-earnings-growth ratio of 1.04 and a beta of 1.36. Lumentum has a 52 week low of $37.00 and a 52 week high of $69.95. The stock’s 50 day moving average price is $47.90. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.20 and a current ratio of 3.96.

Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Tuesday, May 7th. The technology company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.69 by $0.22. The company had revenue of $433.00 million for the quarter, compared to analyst estimates of $428.33 million. Lumentum had a return on equity of 19.94% and a net margin of 1.57%. The firm’s revenue was up 44.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.78 earnings per share. On average, sell-side analysts predict that Lumentum will post 3.13 earnings per share for the current fiscal year.

In other Lumentum news, SVP Judy G. Hamel sold 1,429 shares of the company’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $58.64, for a total transaction of $83,796.56. Following the completion of the sale, the senior vice president now directly owns 44,793 shares in the company, valued at $2,626,661.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.55% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Magnus Financial Group LLC lifted its holdings in Lumentum by 4.5% during the 1st quarter. Magnus Financial Group LLC now owns 6,356 shares of the technology company’s stock worth $359,000 after buying an additional 274 shares during the last quarter. Brown Advisory Inc. raised its position in shares of Lumentum by 6.4% during the 4th quarter. Brown Advisory Inc. now owns 5,033 shares of the technology company’s stock worth $212,000 after purchasing an additional 301 shares during the period. Penserra Capital Management LLC raised its position in shares of Lumentum by 3.0% during the 1st quarter. Penserra Capital Management LLC now owns 11,374 shares of the technology company’s stock worth $703,000 after purchasing an additional 330 shares during the period. Securian Asset Management Inc raised its position in shares of Lumentum by 3.8% during the 1st quarter. Securian Asset Management Inc now owns 9,271 shares of the technology company’s stock worth $524,000 after purchasing an additional 343 shares during the period. Finally, California State Teachers Retirement System raised its position in shares of Lumentum by 0.3% during the 1st quarter. California State Teachers Retirement System now owns 116,499 shares of the technology company’s stock worth $6,587,000 after purchasing an additional 343 shares during the period. 95.29% of the stock is owned by institutional investors.

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 and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.

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Analyst Recommendations for Lumentum (NASDAQ:LITE)

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