Lumentum (NASDAQ:LITE) Sets New 52-Week High – Here’s Why

by · The Markets Daily

Lumentum Holdings Inc. (NASDAQ:LITE – Get Free Report) shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $71.43 and last traded at $71.27, with a volume of 1211573 shares trading hands. The stock had previously closed at $66.18.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on LITE. Needham & Company LLC lifted their price objective on shares of Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Morgan Stanley upped their price target on Lumentum from $50.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 15th. Rosenblatt Securities raised their price objective on Lumentum from $65.00 to $69.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. JPMorgan Chase & Co. upped their target price on Lumentum from $57.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. Finally, Northland Securities increased their price target on Lumentum from $40.00 to $45.00 and gave the company a “market perform” rating in a research note on Friday, August 16th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $60.77.

Get Our Latest Analysis on LITE

Lumentum Price Performance

The company has a debt-to-equity ratio of 2.61, a quick ratio of 4.43 and a current ratio of 5.90. The company has a 50 day moving average price of $62.08 and a two-hundred day moving average price of $53.34.

Lumentum (NASDAQ:LITE – Get Free Report) last released its earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.03. Lumentum had a negative return on equity of 4.79% and a negative net margin of 40.21%. The business had revenue of $308.30 million for the quarter, compared to the consensus estimate of $301.36 million. During the same quarter last year, the business posted $0.12 earnings per share. The business’s quarterly revenue was down 16.9% compared to the same quarter last year. On average, sell-side analysts forecast that Lumentum Holdings Inc. will post 0.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lumentum

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Signaturefd LLC raised its position in Lumentum by 13.8% in the third quarter. Signaturefd LLC now owns 1,302 shares of the technology company’s stock valued at $83,000 after purchasing an additional 158 shares during the period. Janney Montgomery Scott LLC grew its stake in shares of Lumentum by 1.8% in the first quarter. Janney Montgomery Scott LLC now owns 14,587 shares of the technology company’s stock valued at $691,000 after buying an additional 260 shares in the last quarter. Mcdonald Partners LLC raised its holdings in shares of Lumentum by 1.6% in the 2nd quarter. Mcdonald Partners LLC now owns 19,830 shares of the technology company’s stock valued at $1,010,000 after buying an additional 318 shares during the period. Arizona State Retirement System lifted its stake in Lumentum by 2.5% during the 2nd quarter. Arizona State Retirement System now owns 18,868 shares of the technology company’s stock worth $961,000 after acquiring an additional 455 shares in the last quarter. Finally, Texas Permanent School Fund Corp boosted its holdings in Lumentum by 0.9% during the 1st quarter. Texas Permanent School Fund Corp now owns 58,259 shares of the technology company’s stock valued at $2,759,000 after acquiring an additional 496 shares during the period. Institutional investors and hedge funds own 94.05% of the company’s stock.

About Lumentum

(Get Free Report)

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.

Read More