Lumentum Holdings Inc. (NASDAQ:LITE) Given Consensus Rating of “Hold” by Analysts

Shares of Lumentum Holdings Inc. (NASDAQ:LITE) have been given a consensus rating of “Hold” by the thirteen brokerages that are currently covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating on the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $59.08.

Several brokerages recently issued reports on LITE. B. Riley upped their target price on shares of Lumentum from $40.00 to $50.00 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. Barclays increased their price objective on Lumentum from $38.00 to $40.00 and gave the company an “underweight” rating in a research report on Thursday, August 15th. Susquehanna boosted their target price on Lumentum from $60.00 to $70.00 and gave the stock a “positive” rating in a research report on Wednesday, July 17th. Needham & Company LLC increased their price target on shares of Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Finally, Bank of America lifted their price target on shares of Lumentum from $45.00 to $50.00 and gave the stock an “underperform” rating in a research note on Thursday, August 15th.

Lumentum Stock Performance

NASDAQ:LITE opened at $61.35 on Tuesday. The stock has a market cap of $4.15 billion, a P/E ratio of -11.69, a PEG ratio of 4.26 and a beta of 0.88. The company has a quick ratio of 4.43, a current ratio of 5.90 and a debt-to-equity ratio of 2.61. The business’s 50-day moving average price is $52.92 and its two-hundred day moving average price is $49.06. Lumentum has a twelve month low of $35.35 and a twelve month high of $62.21.

Lumentum (NASDAQ:LITE) last announced its earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.03. Lumentum had a negative net margin of 40.21% and a negative return on equity of 4.79%. The business had revenue of $308.30 million during the quarter, compared to analyst estimates of $301.36 million. During the same period in the previous year, the business posted $0.12 earnings per share. Lumentum’s revenue for the quarter was down 16.9% on a year-over-year basis. As a group, equities analysts predict that Lumentum will post 0.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Lumentum

A number of large investors have recently added to or reduced their stakes in LITE. Point72 DIFC Ltd bought a new position in shares of Lumentum during the second quarter valued at about $36,000. Principal Securities Inc. purchased a new position in Lumentum during the 4th quarter valued at about $55,000. CENTRAL TRUST Co increased its holdings in Lumentum by 714.3% during the 1st quarter. CENTRAL TRUST Co now owns 1,140 shares of the technology company’s stock valued at $54,000 after purchasing an additional 1,000 shares during the period. Signaturefd LLC raised its position in Lumentum by 93.9% during the 2nd quarter. Signaturefd LLC now owns 1,144 shares of the technology company’s stock valued at $58,000 after purchasing an additional 554 shares during the last quarter. Finally, EntryPoint Capital LLC purchased a new stake in Lumentum in the 1st quarter worth approximately $112,000. Institutional investors own 94.05% 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.