Lumentum Holdings Inc (NASDAQ:LITE) rose 6% during trading on Tuesday . The company traded as high as $62.56 and last traded at $61.93. Approximately 1,546,379 shares changed hands during trading, a decline of 20% from the average daily volume of 1,926,217 shares. The stock had previously closed at $58.44.
LITE has been the topic of a number of recent analyst reports. TheStreet raised Lumentum from a “c” rating to a “b” rating in a report on Thursday, August 9th. MKM Partners decreased their price target on Lumentum to $78.00 and set a “buy” rating on the stock in a report on Thursday, August 9th. DA Davidson raised their price target on Lumentum from $92.00 to $98.00 and gave the company a “buy” rating in a report on Thursday, August 9th. Craig Hallum set a $85.00 price target on Lumentum and gave the company a “buy” rating in a report on Monday, July 9th. Finally, Goldman Sachs Group raised Lumentum from a “neutral” rating to a “buy” rating and set a $79.00 price target on the stock in a report on Wednesday, June 20th. Three investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $79.95.
The company has a quick ratio of 4.55, a current ratio of 5.27 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $3.80 billion, a PE ratio of 18.91, a PEG ratio of 0.91 and a beta of 0.19.
Lumentum (NASDAQ:LITE) last issued its earnings results on Wednesday, August 8th. The technology company reported $0.95 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.30. Lumentum had a return on equity of 25.10% and a net margin of 19.86%. The firm had revenue of $301.10 million for the quarter, compared to analysts’ expectations of $288.56 million. During the same period in the previous year, the firm posted $0.39 earnings per share. The business’s revenue was up 35.2% compared to the same quarter last year. As a group, equities analysts predict that Lumentum Holdings Inc will post 3.66 EPS for the current fiscal year.
In other news, CFO Christopher W. Coldren sold 3,416 shares of Lumentum stock in a transaction dated Thursday, August 23rd. The stock was sold at an average price of $64.36, for a total value of $219,853.76. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Penny Herscher sold 1,313 shares of Lumentum stock in a transaction dated Wednesday, August 15th. The stock was sold at an average price of $58.85, for a total value of $77,270.05. Following the completion of the sale, the director now directly owns 18,910 shares in the company, valued at $1,112,853.50. The disclosure for this sale can be found here. Insiders sold 9,224 shares of company stock worth $584,653 over the last ninety days. Insiders own 0.55% of the company’s stock.
Several hedge funds have recently modified their holdings of LITE. Fortaleza Asset Management Inc. bought a new stake in shares of Lumentum in the second quarter worth about $110,000. Mount Yale Investment Advisors LLC purchased a new position in Lumentum in the first quarter worth about $121,000. Summit Trail Advisors LLC grew its position in Lumentum by 4,901.2% in the first quarter. Summit Trail Advisors LLC now owns 161,989 shares of the technology company’s stock worth $162,000 after acquiring an additional 158,750 shares in the last quarter. Cerebellum GP LLC purchased a new position in Lumentum in the second quarter worth about $184,000. Finally, FNY Investment Advisers LLC purchased a new position in Lumentum in the second quarter worth about $190,000.
Lumentum Company Profile (NASDAQ:LITE)
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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