Morgan Stanley Cuts Lumentum (NASDAQ:LITE) Price Target to $81.00

Lumentum (NASDAQ:LITE) had its target price trimmed by Morgan Stanley from $83.00 to $81.00 in a research report released on Friday morning,Benzinga reports. The firm currently has an equal weight rating on the technology company’s stock.

LITE has been the subject of several other research reports. Rosenblatt Securities raised their price objective on shares of Lumentum from $69.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Barclays raised shares of Lumentum from an “underweight” rating to an “overweight” rating and raised their price target for the company from $80.00 to $125.00 in a research report on Friday, January 17th. Northland Securities upped their price objective on Lumentum from $45.00 to $60.00 and gave the stock a “market perform” rating in a research report on Friday, November 8th. Susquehanna increased their price objective on Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a research note on Friday, November 8th. Finally, Needham & Company LLC reissued a “buy” rating and set a $110.00 price objective on shares of Lumentum in a research report on Thursday, January 9th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.77.

Lumentum Stock Up 1.3 %

Shares of NASDAQ LITE opened at $85.06 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 business’s 50 day moving average is $87.48 and its two-hundred day moving average is $70.57. Lumentum has a 52-week low of $38.28 and a 52-week high of $104.00. The firm has a market cap of $5.84 billion, a price-to-earnings ratio of -10.27 and a beta of 0.94.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Thursday, November 7th. The technology company reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.48). Lumentum had a negative net margin of 40.70% and a negative return on equity of 6.79%. The firm had revenue of $336.90 million during the quarter, compared to analysts’ expectations of $326.94 million. During the same quarter in the prior year, the firm posted ($0.10) EPS. Research analysts predict that Lumentum will post -0.02 EPS for the current year.

Insider Buying and Selling

In related news, Director Harold L. Covert sold 15,000 shares of the stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $87.17, for a total transaction of $1,307,550.00. Following the completion of the sale, the director now owns 8,761 shares in the company, valued at $763,696.37. This represents a 63.13 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Penny Herscher sold 1,625 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $81.09, for a total transaction of $131,771.25. Following the transaction, the director now directly owns 6,852 shares in the company, valued at $555,628.68. The trade was a 19.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 101,797 shares of company stock worth $8,881,428 in the last ninety days. 0.19% of the stock is owned by corporate insiders.

Institutional Trading of Lumentum

Several institutional investors and hedge funds have recently added to or reduced their stakes in LITE. Signaturefd LLC increased its holdings in shares of Lumentum by 13.8% in the third quarter. Signaturefd LLC now owns 1,302 shares of the technology company’s stock valued at $83,000 after purchasing an additional 158 shares during the period. Crossmark Global Holdings Inc. grew its position in Lumentum by 4.0% in the 4th quarter. Crossmark Global Holdings Inc. now owns 4,350 shares of the technology company’s stock valued at $365,000 after buying an additional 168 shares during the last quarter. Manchester Capital Management LLC increased its stake in Lumentum by 22.6% in the 4th quarter. Manchester Capital Management LLC now owns 1,029 shares of the technology company’s stock valued at $86,000 after buying an additional 190 shares during the period. Synovus Financial Corp raised its position in Lumentum by 1.5% during the 3rd quarter. Synovus Financial Corp now owns 13,225 shares of the technology company’s stock worth $838,000 after buying an additional 200 shares during the last quarter. Finally, Quarry LP lifted its stake in shares of Lumentum by 85.5% in the 3rd quarter. Quarry LP now owns 436 shares of the technology company’s stock worth $28,000 after acquiring an additional 201 shares during the period. 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.