Lumentum (NASDAQ:LITE) Rating Lowered to Hold at StockNews.com

Lumentum (NASDAQ:LITE – Get Rating) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Thursday.

Other analysts have also issued research reports about the company. Susquehanna Bancshares decreased their price target on Lumentum to $105.00 in a report on Monday, July 25th. Raymond James dropped their price target on Lumentum from $118.00 to $102.00 and set an “outperform” rating on the stock in a research report on Thursday. TheStreet downgraded Lumentum from a “b” rating to a “c+” rating in a research report on Monday, May 16th. B. Riley dropped their price objective on Lumentum from $120.00 to $119.00 in a research report on Thursday, May 5th. Finally, Susquehanna decreased their price target on Lumentum from $120.00 to $110.00 in a research note on Thursday, May 5th. Two investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $108.15.

Lumentum Trading Down 0.1 %

Lumentum stock opened at $90.99 on Thursday. The business has a 50-day simple moving average of $82.92 and a two-hundred day simple moving average of $89.00. The company has a market cap of $6.28 billion, a P/E ratio of 36.99 and a beta of 0.93. Lumentum has a 52-week low of $73.97 and a 52-week high of $108.90. The company has a quick ratio of 4.35, a current ratio of 4.69 and a debt-to-equity ratio of 0.76.

Lumentum (NASDAQ:LITE – Get Rating) last announced its quarterly earnings data on Wednesday, May 4th. The technology company reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.14. The company had revenue of $395.40 million during the quarter, compared to the consensus estimate of $390.16 million. Lumentum had a return on equity of 17.57% and a net margin of 11.04%. The firm’s revenue was down 5.7% on a year-over-year basis. During the same period in the previous year, the company posted $1.08 EPS. Analysts predict that Lumentum will post 4.8 EPS for the current year.

Insider Buying and Selling at Lumentum

In other news, CFO Wajid Ali sold 3,287 shares of the firm’s stock in a transaction on Tuesday, May 17th. The stock was sold at an average price of $89.12, for a total transaction of $292,937.44. Following the sale, the chief financial officer now owns 37,717 shares in the company, valued at $3,361,339.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.32% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Urban Wealth Management LLC purchased a new stake in shares of Lumentum during the second quarter worth about $29,000. Assetmark Inc. acquired a new position in shares of Lumentum during the second quarter worth approximately $30,000. Richelieu Gestion PLC acquired a new position in shares of Lumentum during the first quarter worth approximately $32,000. Twin Tree Management LP bought a new stake in Lumentum during the first quarter worth approximately $36,000. Finally, Private Capital Group LLC raised its holdings in Lumentum by 4,000.0% during the first quarter. Private Capital Group LLC now owns 451 shares of the technology company’s stock worth $44,000 after purchasing an additional 440 shares in the last quarter. 92.49% of the stock is owned by hedge funds and other institutional investors.

Lumentum Company Profile

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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 in 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.

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