Lumentum (NASDAQ:LITE) had its price objective lifted by MKM Partners to $88.00 in a research report issued on Wednesday. The brokerage presently has a “buy” rating on the technology company’s stock. MKM Partners’ price objective would indicate a potential upside of 23.60% from the company’s current price.
A number of other research firms have also commented on LITE. Rosenblatt Securities reiterated a “buy” rating on shares of Lumentum in a research note on Monday. Craig Hallum set a $90.00 price objective on shares of Lumentum and gave the company a “buy” rating in a research note on Tuesday. Morgan Stanley set a $60.00 price objective on shares of Lumentum and gave the company a “hold” rating in a research note on Friday, March 9th. BidaskClub upgraded shares of Lumentum from a “hold” rating to a “buy” rating in a research note on Thursday, February 22nd. Finally, TheStreet upgraded shares of Lumentum from a “c” rating to a “b-” rating in a research note on Wednesday, February 7th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $75.63.
Lumentum (NASDAQ:LITE) opened at $71.20 on Wednesday. Lumentum has a 12 month low of $40.35 and a 12 month high of $74.40. The company has a current ratio of 4.84, a quick ratio of 4.16 and a debt-to-equity ratio of 0.38. The company has a market cap of $4,581.35, a P/E ratio of 48.77, a P/E/G ratio of 1.38 and a beta of -0.09.
Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Tuesday, February 6th. The technology company reported $1.67 EPS for the quarter, beating the Zacks’ consensus estimate of $1.00 by $0.67. Lumentum had a net margin of 8.97% and a return on equity of 24.06%. The business had revenue of $404.60 million for the quarter, compared to analyst estimates of $357.03 million. During the same quarter last year, the business earned $0.57 earnings per share. The business’s revenue for the quarter was up 52.7% on a year-over-year basis. research analysts expect that Lumentum will post 2.85 EPS for the current fiscal year.
In other Lumentum news, EVP Jason Reinhardt sold 9,308 shares of Lumentum stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $56.82, for a total value of $528,880.56. Following the transaction, the executive vice president now owns 59,635 shares in the company, valued at $3,388,460.70. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, COO Vincent Retort sold 12,111 shares of Lumentum stock in a transaction that occurred on Monday, March 12th. The stock was sold at an average price of $71.00, for a total transaction of $859,881.00. Following the completion of the transaction, the chief operating officer now owns 77,318 shares in the company, valued at approximately $5,489,578. The disclosure for this sale can be found here. In the last 90 days, insiders sold 62,150 shares of company stock worth $3,800,816. 0.76% of the stock is currently owned by company insiders.
A number of institutional investors have recently bought and sold shares of the business. Xact Kapitalforvaltning AB acquired a new position in Lumentum in the 4th quarter worth approximately $293,000. Envestnet Asset Management Inc. boosted its stake in Lumentum by 1,164.0% in the 4th quarter. Envestnet Asset Management Inc. now owns 3,653 shares of the technology company’s stock worth $178,000 after purchasing an additional 3,364 shares during the period. Fore Capital LLC acquired a new position in Lumentum in the 4th quarter worth approximately $666,000. MetLife Investment Advisors LLC acquired a new position in Lumentum in the 4th quarter worth approximately $1,389,000. Finally, Kayak Investment Partners LLC boosted its stake in Lumentum by 32.3% in the 4th quarter. Kayak Investment Partners LLC now owns 312,026 shares of the technology company’s stock worth $15,258,000 after purchasing an additional 76,100 shares during the period.
COPYRIGHT VIOLATION NOTICE: “Lumentum (LITE) PT Raised to $88.00 at MKM Partners” was first posted by The Ledger Gazette and is the property of of The Ledger Gazette. If you are accessing this piece of content on another site, it was stolen and republished in violation of international copyright and trademark law. The legal version of this piece of content can be accessed at https://ledgergazette.com/2018/03/16/lumentum-lite-pt-raised-to-88-00-at-mkm-partners.html.
Lumentum Company Profile
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).
Receive News & Ratings for Lumentum Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lumentum and related companies with MarketBeat.com's FREE daily email newsletter.