Lumentum (NASDAQ:LITE – Get Free Report) had its target price decreased by equities researchers at Rosenblatt Securities from $62.00 to $55.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. Rosenblatt Securities’ price target points to a potential upside of 42.05% from the stock’s previous close.
Several other research firms have also recently commented on LITE. UBS Group lifted their target price on shares of Lumentum from $48.00 to $49.00 and gave the stock a “neutral” rating in a research report on Friday, August 18th. StockNews.com cut shares of Lumentum from a “hold” rating to a “sell” rating in a report on Saturday, October 21st. Morgan Stanley lowered their price target on shares of Lumentum from $55.00 to $45.00 and set an “equal weight” rating on the stock in a report on Friday, October 27th. Susquehanna lowered their price target on shares of Lumentum from $55.00 to $45.00 and set a “positive” rating on the stock in a report on Tuesday, October 24th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $59.00 price target on shares of Lumentum in a report on Friday, August 18th. Three analysts have rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Lumentum currently has an average rating of “Hold” and a consensus price target of $51.97.
Get Our Latest Stock Analysis on LITE
Lumentum Price Performance
Lumentum (NASDAQ:LITE – Get Free Report) last posted its earnings results on Thursday, August 17th. The technology company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.02). Lumentum had a positive return on equity of 12.44% and a negative net margin of 7.45%. The firm had revenue of $370.80 million for the quarter, compared to the consensus estimate of $368.16 million. Research analysts expect that Lumentum will post 0.3 EPS for the current fiscal year.
Institutional Inflows and Outflows
Hedge funds have recently made changes to their positions in the company. Alliancebernstein L.P. grew its position in Lumentum by 4.0% in the second quarter. Alliancebernstein L.P. now owns 3,833,164 shares of the technology company’s stock worth $217,455,000 after acquiring an additional 146,014 shares in the last quarter. Capital Research Global Investors grew its position in Lumentum by 94.2% in the second quarter. Capital Research Global Investors now owns 1,452,774 shares of the technology company’s stock worth $82,416,000 after acquiring an additional 704,662 shares in the last quarter. Earnest Partners LLC grew its position in Lumentum by 31.0% in the second quarter. Earnest Partners LLC now owns 1,287,418 shares of the technology company’s stock worth $73,035,000 after acquiring an additional 304,873 shares in the last quarter. Millennium Management LLC lifted its stake in Lumentum by 50.8% in the fourth quarter. Millennium Management LLC now owns 1,202,143 shares of the technology company’s stock worth $62,716,000 after purchasing an additional 405,140 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in Lumentum by 4.3% in the second quarter. Geode Capital Management LLC now owns 1,061,089 shares of the technology company’s stock worth $60,196,000 after purchasing an additional 43,915 shares during the last quarter. 94.05% of the stock is currently 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.
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