Lumentum (LITE) Upgraded to “Strong-Buy” at BidaskClub

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Lumentum (NASDAQ:LITE) was upgraded by equities researchers at BidaskClub from a “buy” rating to a “strong-buy” rating in a research note issued on Friday.

Other equities research analysts have also issued reports about the stock. Zacks Investment Research lowered shares of Lumentum from a “buy” rating to a “strong sell” rating in a report on Thursday. Morgan Stanley lowered their price objective on shares of Lumentum from $66.00 to $55.00 and set a “hold” rating for the company in a report on Tuesday, November 13th. Craig Hallum set a $65.00 price objective on shares of Lumentum and gave the stock a “buy” rating in a report on Monday, December 17th. Loop Capital lowered their price objective on shares of Lumentum to $47.00 and set a “buy” rating for the company in a report on Tuesday, November 13th. Finally, Piper Jaffray Companies lowered their price objective on shares of Lumentum from $72.00 to $63.00 and set an “overweight” rating for the company in a report on Monday, December 10th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, fourteen have given a buy rating and three have given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $67.95.

Shares of LITE opened at $47.53 on Friday. The company has a market capitalization of $3.57 billion, a PE ratio of 14.67, a price-to-earnings-growth ratio of 0.87 and a beta of 0.65. The company has a debt-to-equity ratio of 0.53, a current ratio of 4.17 and a quick ratio of 3.24. Lumentum has a fifty-two week low of $37.00 and a fifty-two week high of $74.40.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Tuesday, February 5th. The technology company reported $1.15 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.00 by $0.15. The firm had revenue of $373.70 million during the quarter, compared to analyst estimates of $365.08 million. Lumentum had a net margin of 7.50% and a return on equity of 20.24%. The business’s quarterly revenue was down 7.6% on a year-over-year basis. During the same period in the previous year, the business posted $1.67 EPS. Equities research analysts expect that Lumentum will post 3.37 earnings per share for the current year.

In related news, Director Harold L. Covert sold 3,017 shares of Lumentum stock in a transaction on Thursday, February 14th. The shares were sold at an average price of $46.01, for a total value of $138,812.17. Following the transaction, the director now directly owns 20,000 shares of the company’s stock, valued at $920,200. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.55% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Meeder Asset Management Inc. purchased a new position in Lumentum during the 4th quarter valued at $25,000. Sapphire Star Partners LP purchased a new position in Lumentum during the 4th quarter valued at $28,000. Oregon Public Employees Retirement Fund increased its position in Lumentum by 4,834.3% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,231,145 shares of the technology company’s stock valued at $29,000 after purchasing an additional 1,206,194 shares during the period. IFP Advisors Inc increased its position in Lumentum by 121.7% during the 4th quarter. IFP Advisors Inc now owns 949 shares of the technology company’s stock valued at $39,000 after purchasing an additional 521 shares during the period. Finally, SevenBridge Financial Group LLC purchased a new position in Lumentum during the 4th quarter valued at $39,000. 88.21% of the stock is currently owned by institutional investors.

Lumentum Company Profile

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 and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.

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