Zacks Investment Research Upgrades Lumentum (NASDAQ:LITE) to “Hold”

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Zacks Investment Research upgraded shares of Lumentum (NASDAQ:LITE) from a sell rating to a hold rating in a research note released on Wednesday, Zacks.com reports.

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 equities analysts have also recently commented on the stock. DA Davidson began coverage on shares of Hillenbrand in a research note on Monday, May 20th. They set a neutral rating and a $43.00 price objective for the company. JPMorgan Chase & Co. set a $45.00 price objective on shares of Ciena and gave the company a buy rating in a research note on Friday, March 22nd. B. Riley boosted their price objective on shares of Lumentum from $70.00 to $74.00 and gave the company a buy rating in a research note on Wednesday, May 8th. Needham & Company LLC cut shares of Acquity Group from a buy rating to a hold rating in a research note on Monday, May 6th. Finally, ValuEngine cut shares of Virtu Financial from a hold rating to a sell rating in a research note on Tuesday, June 18th. Three equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and an average price target of $66.57.

LITE opened at $53.85 on Wednesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 3.96 and a quick ratio of 3.20. The firm’s 50-day moving average price is $48.09. Lumentum has a fifty-two week low of $37.00 and a fifty-two week high of $69.95. The company has a market capitalization of $4.11 billion, a price-to-earnings ratio of 16.07, a P/E/G ratio of 1.07 and a beta of 1.36.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Tuesday, May 7th. The technology company reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.22. The business had revenue of $433.00 million during the quarter, compared to the consensus estimate of $428.33 million. Lumentum had a net margin of 1.57% and a return on equity of 19.94%. The firm’s quarterly revenue was up 44.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.78 earnings per share. As a group, analysts predict that Lumentum will post 3.13 earnings per share for the current year.

In related news, SVP Judy G. Hamel sold 1,429 shares of the company’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $58.64, for a total value of $83,796.56. Following the transaction, the senior vice president now owns 44,793 shares in the company, valued at approximately $2,626,661.52. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.55% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of LITE. Copper Rock Capital Partners LLC increased its holdings in Lumentum by 9.1% in the 2nd quarter. Copper Rock Capital Partners LLC now owns 372,386 shares of the technology company’s stock worth $19,889,000 after acquiring an additional 30,935 shares in the last quarter. Supplemental Annuity Collective Trust of NJ grew its holdings in Lumentum by 7.1% during the 2nd quarter. Supplemental Annuity Collective Trust of NJ now owns 15,000 shares of the technology company’s stock valued at $801,000 after buying an additional 1,000 shares in the last quarter. Metropolitan Life Insurance Co NY grew its holdings in Lumentum by 2.9% during the 1st quarter. Metropolitan Life Insurance Co NY now owns 43,722 shares of the technology company’s stock valued at $2,472,000 after buying an additional 1,218 shares in the last quarter. MetLife Investment Advisors LLC grew its holdings in Lumentum by 3.5% during the 1st quarter. MetLife Investment Advisors LLC now owns 79,144 shares of the technology company’s stock valued at $4,475,000 after buying an additional 2,701 shares in the last quarter. Finally, B. Riley Wealth Management Inc. purchased a new stake in Lumentum during the 1st quarter valued at approximately $205,000. Institutional investors and hedge funds own 95.29% of the company’s stock.

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 and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.

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