Published On: Mon, Sep 19th, 2016

Lumentum Holdings Inc. (LITE) Price Target Raised to $50.00

Lumentum Holdings Inc. (NASDAQ:LITE) had its target price lifted by stock analysts at Needham & Company LLC from $40.00 to $50.00 in a research report issued on Monday. The brokerage presently has a “strong-buy” rating on the stock. Needham & Company LLC’s price target suggests a potential upside of 27.52% from the company’s current price.
A number of other equities research analysts have also recently commented on LITE. B. Riley reaffirmed a “buy” rating and set a $41.50 price objective on shares of Lumentum Holdings in a research note on Monday, August 15th. Zacks Investment Research raised shares of Lumentum Holdings from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 6th. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Lumentum Holdings in a research note on Monday, August 8th. Stifel Nicolaus raised their price objective on shares of Lumentum Holdings from $31.00 to $42.00 and gave the stock a “buy” rating in a research note on Wednesday, August 10th. Finally, Jefferies Group increased their target price on Lumentum Holdings from $34.00 to $39.00 and gave the company a “buy” rating in a research report on Wednesday, August 10th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $35.29.
Lumentum Holdings (NASDAQ:LITE) opened at 39.21 on Monday. Lumentum Holdings has a 52-week low of $13.97 and a 52-week high of $39.90. The company’s market cap is $2.36 billion. The firm’s 50-day moving average is $33.35 and its 200-day moving average is $27.18.

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Lumentum Holdings (NASDAQ:LITE) last issued its quarterly earnings data on Tuesday, August 9th. The company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.05. The business had revenue of $241.70 million for the quarter, compared to analysts’ expectations of $238.52 million. Lumentum Holdings had a net margin of 1.01% and a return on equity of 11.91%. The business’s revenue was up 15.7% on a year-over-year basis. During the same quarter last year, the company earned $0.15 EPS. On average, equities research analysts anticipate that Lumentum Holdings will post $1.84 EPS for the current year.
In other news, CEO Alan S. Lowe sold 174,222 shares of Lumentum Holdings stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $34.03, for a total transaction of $5,928,774.66. Following the transaction, the chief executive officer now owns 38,880 shares in the company, valued at approximately $1,323,086.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Vincent Retort sold 8,114 shares of Lumentum Holdings stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $32.59, for a total value of $264,435.26. Following the transaction, the chief operating officer now owns 587 shares in the company, valued at approximately $19,130.33. The disclosure for this sale can be found here.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Capital Research Global Investors raised its position in Lumentum Holdings by 9.6% in the second quarter. Capital Research Global Investors now owns 6,441,454 shares of the company’s stock valued at $155,883,000 after buying an additional 564,000 shares in the last quarter. Vanguard Group Inc. raised its position in Lumentum Holdings by 13.0% in the second quarter. Vanguard Group Inc. now owns 4,061,490 shares of the company’s stock valued at $98,288,000 after buying an additional 467,634 shares in the last quarter. BlackRock Fund Advisors raised its position in Lumentum Holdings by 38.7% in the second quarter. BlackRock Fund Advisors now owns 3,204,522 shares of the company’s stock valued at $77,549,000 after buying an additional 893,643 shares in the last quarter. Teachers Advisors Inc. raised its position in Lumentum Holdings by 50.7% in the second quarter. Teachers Advisors Inc. now owns 2,734,615 shares of the company’s stock valued at $66,178,000 after buying an additional 919,821 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in Lumentum Holdings by 20.1% in the second quarter. Bank of New York Mellon Corp now owns 2,147,615 shares of the company’s stock valued at $51,972,000 after buying an additional 359,981 shares in the last quarter. Institutional investors and hedge funds own 75.85% of the company’s stock.
About Lumentum Holdings
Lumentum Holdings Inc (Lumentum) is a provider of optical and photonic products. The Company’s products are used in a range of end markets, including data communications (Datacom) and telecommunications (Telecom) networking, and industrial and commercial lasers (commercial lasers) for manufacturing, inspection and life-sciences applications.

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