Lumentum’s (LITE) Overweight Rating Reiterated at Piper Jaffray Companies

Piper Jaffray Companies reissued their overweight rating on shares of Lumentum (NASDAQ:LITE) in a report issued on Wednesday, The Fly reports. The firm currently has a $85.00 price objective on the technology company’s stock.

LITE has been the topic of a number of other research reports. DA Davidson decreased their target price on shares of Lumentum to $92.00 and set a buy rating on the stock in a research report on Monday, July 23rd. Barclays increased their target price on shares of Lumentum from $67.00 to $68.00 and gave the stock an overweight rating in a research report on Wednesday, May 2nd. Zacks Investment Research upgraded shares of Lumentum from a hold rating to a buy rating and set a $66.00 target price on the stock in a research report on Friday, May 4th. Craig Hallum set a $85.00 target price on shares of Lumentum and gave the stock a buy rating in a research report on Monday, July 9th. Finally, Drexel Hamilton set a $85.00 target price on shares of Lumentum and gave the stock a buy rating in a research report on Thursday, May 3rd. Five research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. The company has an average rating of Buy and an average target price of $79.42.

Shares of Lumentum traded up $0.15, reaching $58.60, on Wednesday, MarketBeat reports. 1,755,382 shares of the company’s stock were exchanged, compared to its average volume of 2,206,775. Lumentum has a twelve month low of $41.95 and a twelve month high of $74.40. The firm has a market cap of $3.66 billion, a PE ratio of 18.09, a PEG ratio of 0.93 and a beta of -0.06. The company has a quick ratio of 4.81, a current ratio of 5.27 and a debt-to-equity ratio of 0.36.



Lumentum (NASDAQ:LITE) last announced its earnings results on Wednesday, August 8th. The technology company reported $0.95 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.30. Lumentum had a net margin of 19.86% and a return on equity of 25.10%. The firm had revenue of $301.10 million for the quarter, compared to analyst estimates of $288.56 million. During the same quarter in the prior year, the business posted $0.39 EPS. The business’s revenue was up 35.2% compared to the same quarter last year. research analysts expect that Lumentum will post 3.41 EPS for the current year.

In related news, COO Vincent Retort sold 1,156 shares of the stock in a transaction that occurred on Wednesday, May 16th. The shares were sold at an average price of $63.59, for a total transaction of $73,510.04. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Aaron Tachibana sold 1,697 shares of the stock in a transaction that occurred on Thursday, May 17th. The stock was sold at an average price of $63.40, for a total transaction of $107,589.80. The disclosure for this sale can be found here. Insiders have sold a total of 30,906 shares of company stock worth $1,949,063 in the last quarter. 0.76% of the stock is currently owned by company insiders.

A number of large investors have recently modified their holdings of the stock. Liberty Mutual Group Asset Management Inc. bought a new position in Lumentum in the 2nd quarter valued at approximately $725,000. Alpine Associates Management Inc. lifted its stake in Lumentum by 120.9% in the 2nd quarter. Alpine Associates Management Inc. now owns 84,346 shares of the technology company’s stock valued at $4,750,000 after purchasing an additional 46,163 shares during the last quarter. First Washington CORP lifted its stake in Lumentum by 18.7% in the 2nd quarter. First Washington CORP now owns 74,940 shares of the technology company’s stock valued at $4,339,000 after purchasing an additional 11,780 shares during the last quarter. Federated Investors Inc. PA lifted its stake in Lumentum by 19,569.7% in the 2nd quarter. Federated Investors Inc. PA now owns 25,964 shares of the technology company’s stock valued at $1,504,000 after purchasing an additional 25,832 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Lumentum by 12.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 815,006 shares of the technology company’s stock valued at $47,187,000 after purchasing an additional 87,284 shares during the last quarter.

About Lumentum

Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. It 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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The Fly

Analyst Recommendations for Lumentum (NASDAQ:LITE)

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