Lumentum (NASDAQ:LITE) Trading Up 8.9% on Analyst Upgrade

Lumentum Holdings Inc. (NASDAQ:LITEGet Free Report)’s stock price traded up 8.9% on Friday after Rosenblatt Securities raised their price target on the stock from $60.00 to $65.00. Rosenblatt Securities currently has a buy rating on the stock. Lumentum traded as high as $49.84 and last traded at $49.64. 1,647,800 shares traded hands during trading, an increase of 3% from the average session volume of 1,594,141 shares. The stock had previously closed at $45.59.

A number of other research firms also recently weighed in on LITE. Barclays upped their target price on Lumentum from $40.00 to $45.00 and gave the company an “underweight” rating in a research report on Tuesday, January 16th. TheStreet downgraded Lumentum from a “c-” rating to a “d” rating in a research report on Wednesday, November 8th. StockNews.com downgraded Lumentum from a “hold” rating to a “sell” rating in a research report on Saturday, October 21st. Susquehanna upped their price objective on Lumentum from $45.00 to $55.00 and gave the stock a “positive” rating in a research report on Thursday, November 9th. Finally, Morgan Stanley dropped their price objective on Lumentum from $55.00 to $45.00 and set an “equal weight” rating for the company in a research report on Friday, October 27th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $51.86.

Check Out Our Latest Analysis on Lumentum

Insider Buying and Selling at Lumentum

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

Institutional Investors Weigh In On Lumentum

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Alliancebernstein L.P. increased its stake in shares of Lumentum by 4.0% in the second quarter. Alliancebernstein L.P. now owns 3,833,164 shares of the technology company’s stock valued at $217,455,000 after buying an additional 146,014 shares during the period. Earnest Partners LLC increased its stake in shares of Lumentum by 26.2% in the third quarter. Earnest Partners LLC now owns 1,624,514 shares of the technology company’s stock valued at $73,396,000 after buying an additional 337,096 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Lumentum by 3.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,491,502 shares of the technology company’s stock valued at $78,187,000 after buying an additional 44,291 shares during the period. Capital Research Global Investors increased its stake in shares of Lumentum by 94.2% in 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 buying an additional 704,662 shares during the period. 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 worth $62,716,000 after purchasing an additional 405,140 shares during the period. Institutional investors and hedge funds own 94.05% of the company’s stock.

Lumentum Stock Up 10.1 %

The firm has a 50 day moving average of $51.36 and a 200 day moving average of $47.80. The firm has a market cap of $3.36 billion, a price-to-earnings ratio of -12.74 and a beta of 1.14. 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 (NASDAQ:LITEGet Free Report) last released its earnings results on Wednesday, November 8th. The technology company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.14) by $0.04. Lumentum had a positive return on equity of 1.04% and a negative net margin of 18.52%. The business had revenue of $317.60 million during the quarter, compared to analysts’ expectations of $313.98 million. As a group, sell-side analysts predict that Lumentum Holdings Inc. will post -0.1 earnings per share for the current year.

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.

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