Rosenblatt Securities Trims Lumentum (NASDAQ:LITE) Target Price to $74.00

Lumentum (NASDAQ:LITEGet Rating) had its price target lowered by analysts at Rosenblatt Securities from $80.00 to $74.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. Rosenblatt Securities’ target price suggests a potential upside of 26.11% from the stock’s current price.

Several other research analysts also recently issued reports on the stock. Bank of America downgraded shares of Lumentum from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $84.00 to $62.00 in a research note on Friday, November 11th. TheStreet downgraded shares of Lumentum from a “b-” rating to a “c” rating in a research report on Tuesday, November 8th. Susquehanna Bancshares lowered their price objective on shares of Lumentum from $100.00 to $85.00 in a research report on Wednesday, November 9th. UBS Group started coverage on shares of Lumentum in a research report on Tuesday, December 13th. They set a “neutral” rating and a $50.00 price objective on the stock. Finally, Morgan Stanley lowered their price objective on shares of Lumentum from $75.00 to $66.00 and set an “equal weight” rating on the stock in a research report on Tuesday, December 13th. Six research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Lumentum currently has a consensus rating of “Moderate Buy” and a consensus price target of $72.21.

Lumentum Trading Up 0.4 %

Shares of NASDAQ LITE opened at $58.68 on Wednesday. The firm’s 50 day moving average price is $54.34 and its 200-day moving average price is $70.43. The company has a market cap of $4.00 billion, a PE ratio of 37.14, a P/E/G ratio of 2.34 and a beta of 0.93. Lumentum has a 52-week low of $48.73 and a 52-week high of $105.05. The company has a debt-to-equity ratio of 1.24, a quick ratio of 2.58 and a current ratio of 3.04.

Lumentum (NASDAQ:LITEGet Rating) last issued its earnings results on Tuesday, November 8th. The technology company reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.01. The firm had revenue of $506.80 million for the quarter, compared to the consensus estimate of $505.55 million. Lumentum had a net margin of 6.61% and a return on equity of 17.99%. On average, equities research analysts expect that Lumentum will post 3.14 EPS for the current fiscal year.

Institutional Trading of Lumentum

A number of hedge funds and other institutional investors have recently modified their holdings of LITE. HighTower Advisors LLC increased its stake in shares of Lumentum by 6.7% in the first quarter. HighTower Advisors LLC now owns 5,729 shares of the technology company’s stock worth $557,000 after purchasing an additional 358 shares in the last quarter. Private Advisor Group LLC increased its stake in shares of Lumentum by 23.3% in the first quarter. Private Advisor Group LLC now owns 5,083 shares of the technology company’s stock worth $496,000 after purchasing an additional 960 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in shares of Lumentum by 10.4% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 26,461 shares of the technology company’s stock worth $2,583,000 after purchasing an additional 2,490 shares in the last quarter. Great West Life Assurance Co. Can increased its stake in shares of Lumentum by 7.4% in the first quarter. Great West Life Assurance Co. Can now owns 39,147 shares of the technology company’s stock worth $3,926,000 after purchasing an additional 2,686 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Lumentum by 7.2% in the first quarter. Dimensional Fund Advisors LP now owns 805,662 shares of the technology company’s stock worth $78,633,000 after purchasing an additional 53,978 shares in the last quarter. 92.46% of the stock is owned by hedge funds and other institutional investors.

About Lumentum

(Get Rating)

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.It offers tunable transponders, transceivers, and transmitter modules; tunable lasers, receivers, and modulators; transport products, such as reconfigurable optical add/drop multiplexers, amplifiers, and optical channel monitors, as well as components, including 980nm, multi-mode, and Raman pumps; and switches, attenuators, photodetectors, gain flattening filters, isolators, wavelength-division multiplexing filters, arrayed waveguide gratings, multiplex/de-multiplexers, and integrated passive modules.

Featured Stories

Analyst Recommendations for Lumentum (NASDAQ:LITE)

Receive News & Ratings for Lumentum Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lumentum and related companies with MarketBeat.com's FREE daily email newsletter.