Lumentum’s (LITE) “Buy” Rating Reaffirmed at Rosenblatt Securities

Rosenblatt Securities reissued their buy rating on shares of Lumentum (NASDAQ:LITE) in a research note published on Friday,Benzinga reports. The brokerage currently has a $110.00 target price on the technology company’s stock.

A number of other equities analysts have also recently weighed in on LITE. Morgan Stanley lowered their price target on Lumentum from $83.00 to $81.00 and set an “equal weight” rating for the company in a report on Friday, January 31st. Needham & Company LLC reaffirmed a “buy” rating and set a $110.00 target price on shares of Lumentum in a research note on Thursday, January 9th. Susquehanna upped their price objective on shares of Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a report on Friday, November 8th. Raymond James increased their price objective on shares of Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Finally, Barclays raised Lumentum from an “underweight” rating to an “overweight” rating and boosted their target price for the company from $80.00 to $125.00 in a research report on Friday, January 17th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $88.07.

Lumentum Stock Down 7.3 %

Shares of LITE stock opened at $85.90 on Friday. The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87. The firm’s 50-day moving average is $87.68 and its two-hundred day moving average is $71.49. Lumentum has a 12 month low of $38.28 and a 12 month high of $104.00.

Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) EPS for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.00%. Equities research analysts anticipate that Lumentum will post -0.04 EPS for the current fiscal year.

Insiders Place Their Bets

In other Lumentum news, CAO Matthew Joseph Sepe sold 8,172 shares of Lumentum stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $87.60, for a total transaction of $715,867.20. Following the completion of the sale, the chief accounting officer now directly owns 21,138 shares of the company’s stock, valued at $1,851,688.80. The trade was a 27.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Harold L. Covert sold 15,000 shares of the stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $87.17, for a total value of $1,307,550.00. Following the completion of the transaction, the director now owns 8,761 shares in the company, valued at approximately $763,696.37. The trade was a 63.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 101,797 shares of company stock worth $8,881,428 in the last quarter. 0.19% of the stock is owned by company insiders.

Hedge Funds Weigh In On Lumentum

Several hedge funds have recently added to or reduced their stakes in LITE. Atom Investors LP acquired a new position in shares of Lumentum in the 3rd quarter valued at $4,127,000. Two Sigma Advisers LP raised its stake in Lumentum by 24.7% during the 3rd quarter. Two Sigma Advisers LP now owns 186,600 shares of the technology company’s stock worth $11,827,000 after acquiring an additional 37,000 shares in the last quarter. Robeco Institutional Asset Management B.V. purchased a new stake in Lumentum in the fourth quarter valued at $646,000. West Tower Group LLC acquired a new position in Lumentum in the third quarter valued at $444,000. Finally, Zweig DiMenna Associates LLC purchased a new position in shares of Lumentum during the fourth quarter worth about $7,052,000. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

About Lumentum

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.