Zacks Investment Research Upgrades Lumentum Holdings Inc. (LITE) to Buy

Lumentum Holdings Inc. (NASDAQ:LITE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage currently has a $53.00 price target on the stock. Zacks Investment Research’s target price would suggest a potential upside of 6.96% from the stock’s previous close.

According to Zacks, “Lumentum Holdings Inc. is a manufacturer of innovative optical and photonic products. The Company’s operating segment consists of Optical Communications and Commercial Lasers. Optical Communications segment portfolio includes products used by Telecom and Datacom nanoelectromechanical systems and traditional as well as cloud/data center service providers. Commercial Lasers segment products serve its customers in markets and applications, such as manufacturing, biotechnology, graphics and imaging, remote sensing and precision machining. Lumentum Holdings Inc. is headquartered in Milpitas, California. “

Several other brokerages have also recently weighed in on LITE. B. Riley reissued a “buy” rating and set a $53.50 price objective on shares of Lumentum Holdings in a report on Monday. Stifel Nicolaus reissued a “buy” rating and set a $45.00 price objective on shares of Lumentum Holdings in a report on Friday. Raymond James Financial, Inc. reissued a “buy” rating and set a $46.00 price objective on shares of Lumentum Holdings in a report on Friday. MKM Partners reissued a “buy” rating and set a $50.00 price objective on shares of Lumentum Holdings in a report on Friday. Finally, Needham & Company LLC reissued a “strong-buy” rating on shares of Lumentum Holdings in a report on Wednesday, February 8th. Three research analysts have rated the stock with a sell rating, one has assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Lumentum Holdings currently has an average rating of “Buy” and an average price target of $43.15.

Analyst Recommendations for Lumentum Holdings (NASDAQ:LITE)

Shares of Lumentum Holdings (NASDAQ:LITE) opened at 49.55 on Tuesday. The stock has a 50 day moving average of $38.58 and a 200 day moving average of $38.14. The firm has a market cap of $3.00 billion, a price-to-earnings ratio of 208.19 and a beta of 0.73. Lumentum Holdings has a 52-week low of $20.80 and a 52-week high of $50.20.

Lumentum Holdings (NASDAQ:LITE) last announced its quarterly earnings data on Tuesday, February 7th. The company reported $0.57 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.51 by $0.06. The firm earned $265 million during the quarter, compared to analysts’ expectations of $265.66 million. Lumentum Holdings had a return on equity of 17.24% and a net margin of 1.50%. The company’s quarterly revenue was up 21.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.31 EPS. Equities analysts predict that Lumentum Holdings will post $2.13 EPS for the current fiscal year.

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In related news, CEO Alan S. Lowe sold 6,113 shares of the business’s stock in a transaction that occurred on Thursday, November 17th. The stock was sold at an average price of $40.68, for a total value of $248,676.84. Following the completion of the transaction, the chief executive officer now directly owns 158,306 shares in the company, valued at approximately $6,439,888.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Aaron Tachibana sold 5,180 shares of the business’s stock in a transaction that occurred on Thursday, November 17th. The shares were sold at an average price of $40.10, for a total value of $207,718.00. Following the completion of the transaction, the chief financial officer now owns 47,548 shares of the company’s stock, valued at $1,906,674.80. The disclosure for this sale can be found here. Insiders sold a total of 41,805 shares of company stock valued at $1,820,898 over the last quarter. 0.76% of the stock is owned by insiders.

Several institutional investors have recently modified their holdings of the stock. Teacher Retirement System of Texas raised its position in shares of Lumentum Holdings by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 6,581 shares of the company’s stock valued at $159,000 after buying an additional 799 shares in the last quarter. Legal & General Group Plc raised its position in shares of Lumentum Holdings by 127.4% in the second quarter. Legal & General Group Plc now owns 9,344 shares of the company’s stock valued at $224,000 after buying an additional 5,235 shares in the last quarter. Aperio Group LLC acquired a new position in shares of Lumentum Holdings during the third quarter valued at about $245,000. Brown Advisory Inc. raised its position in shares of Lumentum Holdings by 36.1% in the fourth quarter. Brown Advisory Inc. now owns 7,111 shares of the company’s stock valued at $274,000 after buying an additional 1,888 shares in the last quarter. Finally, First American Bank acquired a new position in shares of Lumentum Holdings during the third quarter valued at about $306,000. Institutional investors and hedge funds own 84.16% of the company’s stock.

About Lumentum Holdings

Lumentum Holdings Inc is a provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers).

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