Lumentum (NASDAQ:LITE) Sets New 1-Year High at $61.98

Lumentum Holdings Inc. (NASDAQ:LITE) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $61.98 and last traded at $61.84, with a volume of 1607740 shares changing hands. The stock had previously closed at $58.28.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Jefferies Financial Group boosted their price target on shares of Lumentum from $53.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Susquehanna boosted their price target on shares of Lumentum from $60.00 to $70.00 and gave the stock a “positive” rating in a report on Wednesday, July 17th. Morgan Stanley boosted their price target on shares of Lumentum from $50.00 to $54.00 and gave the stock an “equal weight” rating in a report on Thursday, August 15th. Bank of America boosted their price target on shares of Lumentum from $45.00 to $50.00 and gave the stock an “underperform” rating in a report on Thursday, August 15th. Finally, Rosenblatt Securities boosted their price target on shares of Lumentum from $65.00 to $69.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $59.08.

Lumentum Trading Up 0.3 %

The stock’s 50 day simple moving average is $52.92 and its two-hundred day simple moving average is $49.07. The company has a debt-to-equity ratio of 2.61, a current ratio of 5.90 and a quick ratio of 4.43. The stock has a market capitalization of $4.15 billion, a PE ratio of -11.69, a PEG ratio of 4.26 and a beta of 0.88.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.03. Lumentum had a negative net margin of 40.21% and a negative return on equity of 4.79%. The company had revenue of $308.30 million for the quarter, compared to analyst estimates of $301.36 million. During the same quarter in the previous year, the firm posted $0.12 earnings per share. The company’s quarterly revenue was down 16.9% compared to the same quarter last year. On average, sell-side analysts expect that Lumentum Holdings Inc. will post 0.22 EPS for the current year.

Institutional Trading of Lumentum

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its position in shares of Lumentum by 6.5% in the fourth quarter. Vanguard Group Inc. now owns 7,196,205 shares of the technology company’s stock valued at $377,225,000 after purchasing an additional 442,177 shares during the period. Duality Advisers LP bought a new stake in Lumentum during the 1st quarter worth approximately $1,307,000. Retirement Systems of Alabama increased its holdings in Lumentum by 13.9% during the 1st quarter. Retirement Systems of Alabama now owns 357,452 shares of the technology company’s stock worth $16,925,000 after acquiring an additional 43,687 shares during the period. John G Ullman & Associates Inc. increased its holdings in Lumentum by 26.0% during the 1st quarter. John G Ullman & Associates Inc. now owns 73,973 shares of the technology company’s stock worth $3,503,000 after acquiring an additional 15,282 shares during the period. Finally, Thompson Investment Management Inc. increased its holdings in Lumentum by 139.1% during the 1st quarter. Thompson Investment Management Inc. now owns 71,429 shares of the technology company’s stock worth $3,382,000 after acquiring an additional 41,556 shares during the period. Institutional investors own 94.05% 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 (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.