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

Lumentum Holdings Inc. (NASDAQ:LITE) has been assigned an average rating of “Hold” from the thirteen brokerages that are presently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation, three have given a hold recommendation and eight have issued a buy recommendation on the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $60.77.

LITE has been the topic of a number of analyst reports. Northland Securities increased their price objective on shares of Lumentum from $40.00 to $45.00 and gave the stock a “market perform” rating in a report on Friday, August 16th. Jefferies Financial Group raised their price target on shares of Lumentum from $53.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. B. Riley boosted their price objective on Lumentum from $40.00 to $50.00 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. Rosenblatt Securities raised their target price on Lumentum from $65.00 to $69.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Finally, Needham & Company LLC lifted their target price on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, August 15th.

Hedge Funds Weigh In On Lumentum

Hedge funds have recently made changes to their positions in the business. Capital Performance Advisors LLP bought a new stake in Lumentum during the third quarter worth approximately $33,000. Point72 DIFC Ltd bought a new stake in shares of Lumentum during the 2nd quarter worth $36,000. GAMMA Investing LLC lifted its holdings in shares of Lumentum by 141.6% during the third quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock valued at $57,000 after purchasing an additional 524 shares during the last quarter. Signaturefd LLC boosted its position in shares of Lumentum by 93.9% in 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 period. Finally, EntryPoint Capital LLC acquired a new stake in Lumentum during the 1st quarter worth about $112,000. Institutional investors and hedge funds own 94.05% of the company’s stock.

Lumentum Stock Up 3.1 %

Shares of Lumentum stock opened at $66.18 on Wednesday. The company has a fifty day moving average price of $61.90 and a 200 day moving average price of $53.16. The company has a current ratio of 5.90, a quick ratio of 4.43 and a debt-to-equity ratio of 2.61. Lumentum has a twelve month low of $38.28 and a twelve month high of $71.07. The stock has a market cap of $4.54 billion, a price-to-earnings ratio of -8.18, a price-to-earnings-growth ratio of 5.58 and a beta of 0.88.

Lumentum (NASDAQ:LITE) last issued its earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.03. The company had revenue of $308.30 million during the quarter, compared to the consensus estimate of $301.36 million. Lumentum had a negative return on equity of 4.79% and a negative net margin of 40.21%. The company’s revenue was down 16.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.12 earnings per share. Equities research analysts forecast that Lumentum will post 0.2 earnings per share for the current fiscal year.

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 (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.