Lumentum (NASDAQ:LITE) Now Covered by Jefferies Financial Group

Jefferies Financial Group assumed coverage on shares of Lumentum (NASDAQ:LITE) in a research note published on Friday. The brokerage issued a buy rating on the technology company’s stock.

Other research analysts also recently issued reports about the stock. Barclays raised shares of Lumentum from an “underweight” rating to an “overweight” rating and raised their price objective for the stock from $80.00 to $125.00 in a report on Friday, January 17th. Stifel Nicolaus lifted their price target on Lumentum from $95.00 to $105.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Rosenblatt Securities reiterated a “buy” rating and set a $110.00 price objective on shares of Lumentum in a research note on Friday, February 7th. Susquehanna raised their target price on Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a research note on Friday, November 8th. Finally, UBS Group upped their price target on Lumentum from $93.00 to $96.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat, Lumentum presently has an average rating of “Hold” and a consensus price target of $88.07.

Lumentum Stock Performance

Shares of LITE opened at $73.35 on Friday. Lumentum has a 1 year low of $38.28 and a 1 year high of $104.00. The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60. The stock’s fifty day moving average price is $85.22 and its two-hundred day moving average price is $73.46. The firm has a market cap of $5.08 billion, a PE ratio of -9.54 and a beta of 0.94.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. On average, equities research analysts forecast that Lumentum will post 0.03 EPS for the current year.

Insider Buying and Selling at Lumentum

In other Lumentum news, CFO Wajid Ali sold 29,887 shares of the firm’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $85.06, for a total transaction of $2,542,188.22. Following the sale, the chief financial officer now owns 56,492 shares in the company, valued at $4,805,209.52. This trade represents a 34.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Vincent Retort sold 41,710 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $89.52, for a total value of $3,733,879.20. Following the completion of the transaction, the insider now owns 147,515 shares of the company’s stock, valued at $13,205,542.80. The trade was a 22.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 73,769 shares of company stock worth $6,446,222 over the last three months. 0.19% of the stock is owned by insiders.

Hedge Funds Weigh In On Lumentum

Large investors have recently modified their holdings of the company. Quarry LP grew its position in Lumentum by 85.5% during the third quarter. Quarry LP now owns 436 shares of the technology company’s stock valued at $28,000 after acquiring an additional 201 shares during the last quarter. UMB Bank n.a. boosted its stake in shares of Lumentum by 301.2% in the 4th quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock valued at $28,000 after purchasing an additional 253 shares in the last quarter. Jones Financial Companies Lllp grew its holdings in shares of Lumentum by 54.2% during the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock valued at $31,000 after purchasing an additional 130 shares during the last quarter. Capital Performance Advisors LLP purchased a new position in Lumentum in the 3rd quarter worth $33,000. Finally, CoreCap Advisors LLC lifted its stake in Lumentum by 2,235.3% in the fourth quarter. CoreCap Advisors LLC now owns 397 shares of the technology company’s stock worth $33,000 after purchasing an additional 380 shares during the last quarter. 94.05% of the stock is owned by hedge funds and other institutional investors.

Lumentum Company Profile

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.