B. Riley Comments on Lumentum Holdings Inc’s FY2019 Earnings (NASDAQ:LITE)
Lumentum Holdings Inc (NASDAQ:LITE) – Equities researchers at B. Riley reduced their FY2019 earnings per share estimates for shares of Lumentum in a note issued to investors on Tuesday, July 9th. B. Riley analyst D. Kang now anticipates that the technology company will earn $3.15 per share for the year, down from their prior forecast of $3.34. B. Riley currently has a “Buy” rating and a $74.00 price target on the stock. B. Riley also issued estimates for Lumentum’s Q4 2019 earnings at $0.54 EPS.
A number of other brokerages have also issued reports on LITE. Barclays reiterated a “hold” rating and set a $23.00 target price on shares of Cypress Semiconductor in a research report on Thursday, June 6th. Zacks Investment Research lowered shares of ExlService from a “hold” rating to a “sell” rating in a research report on Wednesday. Morgan Stanley upped their target price on shares of Ollie’s Bargain Outlet from $74.00 to $79.00 and gave the stock an “equal weight” rating in a research report on Wednesday, March 27th. Jefferies Financial Group reduced their target price on shares of Kohl’s from $100.00 to $95.00 and set a “buy” rating on the stock in a research report on Tuesday, May 21st. Finally, MKM Partners reduced their target price on shares of Lumentum to $60.00 and set a “buy” rating on the stock in a research report on Tuesday, May 21st. Three investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $66.57.
Lumentum (NASDAQ:LITE) last announced its earnings results on Tuesday, May 7th. The technology company reported $0.91 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.22. Lumentum had a net margin of 1.57% and a return on equity of 19.94%. The company had revenue of $433.00 million for the quarter, compared to analyst estimates of $428.33 million. During the same period in the prior year, the business earned $0.78 earnings per share. Lumentum’s quarterly revenue was up 44.8% on a year-over-year basis.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. SevenBridge Financial Group LLC bought a new stake in Lumentum in the fourth quarter valued at approximately $39,000. Intellectus Partners LLC increased its stake in Lumentum by 4,000.0% in the fourth quarter. Intellectus Partners LLC now owns 1,025 shares of the technology company’s stock valued at $43,000 after purchasing an additional 1,000 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in Lumentum by 25.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,864 shares of the technology company’s stock valued at $119,000 after purchasing an additional 581 shares in the last quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC bought a new stake in Lumentum in the fourth quarter valued at approximately $130,000. Finally, World Asset Management Inc bought a new stake in Lumentum in the first quarter valued at approximately $202,000. Institutional investors and hedge funds own 95.29% of the company’s stock.
In related news, SVP Judy G. Hamel sold 1,429 shares of the stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $58.64, for a total value of $83,796.56. Following the transaction, 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 document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.55% of the company’s stock.
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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