A number of other analysts have also commented on LITE. BidaskClub lowered Lumentum from a hold rating to a sell rating in a report on Saturday, December 2nd. Zacks Investment Research lowered Lumentum from a buy rating to a hold rating in a report on Wednesday, December 6th. Northland Securities upgraded Lumentum from a market perform rating to an outperform rating and set a $58.00 target price on the stock in a report on Monday, December 11th. They noted that the move was a valuation call. B. Riley reiterated a buy rating and set a $89.00 target price on shares of Lumentum in a report on Wednesday, December 13th. Finally, Piper Jaffray Companies reiterated a buy rating and set a $81.00 target price on shares of Lumentum in a report on Wednesday, January 3rd. One research analyst has rated the stock with a sell rating, one has given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of Buy and an average price target of $79.20.
Shares of Lumentum stock opened at $69.45 on Tuesday. The company has a market capitalization of $4,321.62, a PE ratio of 47.53, a PEG ratio of 1.31 and a beta of -0.09. Lumentum has a twelve month low of $40.35 and a twelve month high of $74.40. The company has a quick ratio of 4.16, a current ratio of 4.84 and a debt-to-equity ratio of 0.38.
In other Lumentum news, EVP Jason Reinhardt sold 9,308 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $56.82, for a total transaction of $528,880.56. Following the transaction, the executive vice president now owns 59,635 shares of the company’s stock, valued at $3,388,460.70. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, General Counsel Judy G. Hamel sold 953 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $58.80, for a total value of $56,036.40. Following the transaction, the general counsel now directly owns 28,816 shares in the company, valued at approximately $1,694,380.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 62,150 shares of company stock worth $3,800,816. Company insiders own 0.76% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Pacer Advisors Inc. acquired a new position in shares of Lumentum in the third quarter valued at approximately $434,000. Schwab Charles Investment Management Inc. grew its position in shares of Lumentum by 9.8% in the third quarter. Schwab Charles Investment Management Inc. now owns 320,195 shares of the technology company’s stock valued at $17,403,000 after purchasing an additional 28,695 shares during the last quarter. DekaBank Deutsche Girozentrale acquired a new position in shares of Lumentum in the third quarter valued at approximately $318,000. Macquarie Group Ltd. grew its position in shares of Lumentum by 21.5% in the third quarter. Macquarie Group Ltd. now owns 114,540 shares of the technology company’s stock valued at $6,225,000 after purchasing an additional 20,244 shares during the last quarter. Finally, M&T Bank Corp acquired a new position in shares of Lumentum in the fourth quarter valued at approximately $241,000.
Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. It 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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