Lumentum (NASDAQ:LITE) Price Target Lowered to $62.00 at JPMorgan Chase & Co.

Lumentum (NASDAQ:LITEGet Free Report) had its target price cut by analysts at JPMorgan Chase & Co. from $63.00 to $62.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the technology company’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 23.49% from the company’s previous close.

Several other analysts also recently commented on the stock. Morgan Stanley lowered their target price on shares of Lumentum from $55.00 to $45.00 and set an “equal weight” rating for the company in a report on Friday, October 27th. Barclays increased their target price on shares of Lumentum from $40.00 to $45.00 and gave the company an “underweight” rating in a report on Tuesday, January 16th. Stifel Nicolaus increased their target price on shares of Lumentum from $55.00 to $62.00 and gave the company a “buy” rating in a report on Tuesday, January 2nd. Needham & Company LLC restated a “buy” rating and set a $50.00 price target on shares of Lumentum in a research report on Friday. Finally, Susquehanna reduced their price target on shares of Lumentum from $65.00 to $60.00 and set a “positive” rating for the company in a research report on Friday. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $51.86.

Check Out Our Latest Report on Lumentum

Lumentum Stock Up 10.1 %

Lumentum stock opened at $50.21 on Friday. The company has a quick ratio of 3.81, a current ratio of 3.13 and a debt-to-equity ratio of 1.96. Lumentum has a 12-month low of $35.35 and a 12-month high of $65.16. The firm’s fifty day moving average is $51.36 and its 200 day moving average is $47.80. The company has a market capitalization of $3.36 billion, a PE ratio of -12.74 and a beta of 1.14.

Lumentum (NASDAQ:LITEGet Free Report) last released its earnings results on Wednesday, November 8th. The technology company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.04. Lumentum had a negative net margin of 18.52% and a positive return on equity of 1.04%. The company had revenue of $317.60 million for the quarter, compared to the consensus estimate of $313.98 million. As a group, sell-side analysts predict that Lumentum will post -0.1 EPS for the current fiscal year.

Insiders Place Their Bets

In other Lumentum news, Director Julia Suzanne Johnson sold 1,163 shares of the stock in a transaction dated Monday, November 20th. The shares were sold at an average price of $44.17, for a total transaction of $51,369.71. Following the completion of the transaction, the director now owns 22,032 shares in the company, valued at $973,153.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Lumentum

Several hedge funds have recently bought and sold shares of LITE. Norges Bank purchased a new position in Lumentum during the fourth quarter valued at approximately $53,785,000. Capital Research Global Investors grew its stake in Lumentum by 94.2% during the second quarter. Capital Research Global Investors now owns 1,452,774 shares of the technology company’s stock valued at $82,416,000 after acquiring an additional 704,662 shares in the last quarter. Earnest Partners LLC grew its stake in Lumentum by 576.4% during the first quarter. Earnest Partners LLC now owns 680,435 shares of the technology company’s stock valued at $66,410,000 after acquiring an additional 579,835 shares in the last quarter. Westfield Capital Management Co. LP purchased a new position in Lumentum during the fourth quarter valued at approximately $29,675,000. Finally, Millennium Management LLC grew its stake in Lumentum by 50.8% during the fourth quarter. Millennium Management LLC now owns 1,202,143 shares of the technology company’s stock valued at $62,716,000 after acquiring an additional 405,140 shares in the last quarter. Hedge funds and other institutional investors own 94.05% of the company’s stock.

About Lumentum

(Get Free Report)

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 (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.

Further Reading

Analyst Recommendations for Lumentum (NASDAQ:LITE)

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