Lumentum Holdings Inc. (NASDAQ:LITE) Receives $52.69 Average Price Target from Analysts

Shares of Lumentum Holdings Inc. (NASDAQ:LITE) have been assigned an average rating of “Hold” from the twelve brokerages that are currently covering the stock, MarketBeat reports. Two 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. The average 12-month target price among brokers that have covered the stock in the last year is $52.69.

A number of brokerages have recently commented on LITE. Susquehanna cut their price objective on Lumentum from $65.00 to $60.00 and set a “positive” rating for the company in a research report on Friday, February 9th. Needham & Company LLC reiterated a “buy” rating and set a $50.00 price objective on shares of Lumentum in a research report on Friday, February 9th. JPMorgan Chase & Co. reduced their target price on Lumentum from $62.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, April 11th. Barclays increased their target price on Lumentum from $40.00 to $45.00 and gave the company an “underweight” rating in a report on Tuesday, January 16th. Finally, Stifel Nicolaus restated a “buy” rating and issued a $62.00 target price on shares of Lumentum in a report on Monday, April 1st.

Lumentum Price Performance

Shares of NASDAQ:LITE opened at $42.06 on Friday. Lumentum has a one year low of $35.35 and a one year high of $65.16. The stock has a fifty day moving average of $47.27 and a 200-day moving average of $47.08. The company has a market capitalization of $2.83 billion, a PE ratio of -10.68 and a beta of 1.09. The company has a debt-to-equity ratio of 1.96, a quick ratio of 2.42 and a current ratio of 3.13.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Thursday, February 8th. The technology company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates 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. As a group, equities analysts anticipate that Lumentum will post -0.64 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Matthew Joseph Sepe sold 9,903 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $49.23, for a total value of $487,524.69. Following the sale, the chief accounting officer now directly owns 33,188 shares of the company’s stock, valued at $1,633,845.24. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Lumentum

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of Lumentum by 6.5% in the fourth quarter. Vanguard Group Inc. now owns 7,196,205 shares of the technology company’s stock valued at $377,225,000 after purchasing an additional 442,177 shares during the last quarter. Earnest Partners LLC grew its position in shares of Lumentum by 26.2% in the third quarter. Earnest Partners LLC now owns 1,624,514 shares of the technology company’s stock valued at $73,396,000 after purchasing an additional 337,096 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Lumentum by 3.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,491,502 shares of the technology company’s stock valued at $78,187,000 after purchasing an additional 44,291 shares during the last quarter. Norges Bank acquired a new stake in shares of Lumentum in the fourth quarter valued at about $53,785,000. Finally, Northern Trust Corp grew its position in shares of Lumentum by 9.9% in the third quarter. Northern Trust Corp now owns 820,489 shares of the technology company’s stock valued at $37,070,000 after purchasing an additional 73,935 shares during the last quarter. 94.05% of the stock is owned by institutional investors and hedge funds.

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.