Lumentum (NASDAQ:LITE) Issues Q4 2024 Earnings Guidance

Lumentum (NASDAQ:LITE) issued an update on its fourth quarter 2024 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of -0.050-0.100 for the period, compared to the consensus estimate of 0.140. The company issued revenue guidance of $290.0 million-$315.0 million, compared to the consensus revenue estimate of $331.4 million. Lumentum also updated its Q4 guidance to ($0.05)-$0.10 EPS.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on LITE shares. Stifel Nicolaus restated a buy rating and issued a $62.00 price target on shares of Lumentum in a research report on Monday, April 1st. B. Riley lowered their price target on Lumentum from $42.00 to $41.00 and set a neutral rating on the stock in a report on Friday, February 9th. Needham & Company LLC reissued a buy rating and issued a $50.00 price objective on shares of Lumentum in a research note on Friday, February 9th. JPMorgan Chase & Co. lowered their target price on Lumentum from $62.00 to $57.00 and set an overweight rating on the stock in a research note on Thursday, April 11th. Finally, Susquehanna cut their target price on shares of Lumentum from $65.00 to $60.00 and set a positive rating for the company in a research report on Friday, February 9th. Three 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, Lumentum currently has an average rating of Hold and a consensus price target of $52.69.

Lumentum Stock Performance

NASDAQ:LITE opened at $44.11 on Tuesday. The company’s 50 day moving average is $46.22 and its 200-day moving average is $47.22. Lumentum has a 12 month low of $35.35 and a 12 month high of $65.16. The company has a debt-to-equity ratio of 1.96, a current ratio of 3.13 and a quick ratio of 2.42.

Lumentum (NASDAQ:LITE) last released its earnings results on Thursday, February 8th. The technology company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.07). Lumentum had a negative net margin of 18.52% and a positive return on equity of 1.04%. The company had revenue of $366.80 million for the quarter, compared to analyst estimates of $363.44 million. On average, equities research analysts predict that Lumentum will post -0.64 earnings per share for the current year.

Insider Buying and Selling at Lumentum

In related news, CAO Matthew Joseph Sepe sold 9,903 shares of the stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $49.23, for a total value of $487,524.69. Following the completion of the transaction, the chief accounting officer now owns 33,188 shares of the company’s stock, valued at $1,633,845.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.60% of the company’s stock.

About Lumentum

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.