Lumentum (NASDAQ:LITE) Now Covered by Analysts at StockNews.com

StockNews.com assumed coverage on shares of Lumentum (NASDAQ:LITE – Get Rating) in a research report released on Thursday morning. The brokerage issued a hold rating on the technology company’s stock.

Several other brokerages have also weighed in on LITE. Northland Securities dropped their target price on Lumentum from $57.00 to $40.00 in a research report on Tuesday, April 18th. Bank of America dropped their target price on Lumentum from $70.00 to $56.00 in a research report on Thursday, April 6th. Craig Hallum lowered Lumentum from a buy rating to a hold rating and set a $50.00 target price on the stock. in a research report on Thursday, April 6th. Loop Capital lowered their price objective on Lumentum from $78.00 to $55.00 in a report on Wednesday, May 10th. Finally, UBS Group lowered their price objective on Lumentum from $59.00 to $50.00 and set a neutral rating on the stock in a report on Thursday, April 6th. Nine investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, Lumentum has an average rating of Hold and an average target price of $58.27.

Lumentum Stock Down 1.4 %

Shares of Lumentum stock opened at $46.69 on Thursday. The stock has a 50-day moving average price of $48.29 and a 200 day moving average price of $53.45. The company has a market cap of $3.20 billion, a P/E ratio of -84.89, a P/E/G ratio of 2.77 and a beta of 1.10. The company has a current ratio of 3.20, a quick ratio of 2.67 and a debt-to-equity ratio of 1.24. Lumentum has a 1 year low of $42.00 and a 1 year high of $96.46.

Lumentum (NASDAQ:LITE – Get Rating) last announced its quarterly earnings data on Tuesday, May 9th. The technology company reported $0.36 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.36. Lumentum had a positive return on equity of 16.02% and a negative net margin of 2.02%. The firm had revenue of $383.40 million during the quarter, compared to the consensus estimate of $393.08 million. As a group, analysts expect that Lumentum will post 2.76 EPS for the current fiscal year.

Institutional Trading of Lumentum

A number of hedge funds have recently modified their holdings of LITE. HighTower Advisors LLC lifted its position in shares of Lumentum by 6.7% in the 1st quarter. HighTower Advisors LLC now owns 5,729 shares of the technology company’s stock worth $557,000 after acquiring an additional 358 shares during the period. Private Advisor Group LLC lifted its position in shares of Lumentum by 23.3% in the 1st quarter. Private Advisor Group LLC now owns 5,083 shares of the technology company’s stock worth $496,000 after acquiring an additional 960 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in shares of Lumentum by 10.4% in the 1st 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 acquiring an additional 2,490 shares during the period. Great West Life Assurance Co. Can lifted its position in shares of Lumentum by 7.4% during the 1st quarter. Great West Life Assurance Co. Can now owns 39,147 shares of the technology company’s stock worth $3,926,000 after buying an additional 2,686 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in shares of Lumentum by 7.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 805,662 shares of the technology company’s stock worth $78,633,000 after buying an additional 53,978 shares during the period. Institutional investors own 92.46% of the company’s stock.

About Lumentum

(Get Rating)

Lumentum Holdings, Inc engages in the provision of optical and photonic products. It operates through the Optical Communications (OpComms) and Commercial Lasers segments. The OpComms segment includes a range of components, modules, and subsystems to support customers including carrier networks of access (local), metro (intracity), long-haul (city-to-city and worldwide), and submarine (undersea) applications.