Northland Securities Reaffirms Buy Rating for Lumentum (LITE)

Lumentum (NASDAQ:LITE)‘s stock had its “buy” rating reaffirmed by Northland Securities in a research note issued to investors on Monday. They presently have a $95.00 price objective on the technology company’s stock. Northland Securities’ target price would suggest a potential upside of 36.89% from the company’s previous close.

Several other equities analysts have also recently issued reports on the stock. Stifel Nicolaus reaffirmed a “buy” rating and issued a $79.00 price objective on shares of Lumentum in a research note on Thursday, March 15th. BidaskClub raised shares of Lumentum from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, March 14th. MKM Partners lifted their price objective on shares of Lumentum to $88.00 and gave the stock a “buy” rating in a research note on Wednesday, March 14th. Craig Hallum set a $90.00 target price on shares of Lumentum and gave the stock a “buy” rating in a research report on Tuesday, March 13th. Finally, Rosenblatt Securities reissued a “buy” rating on shares of Lumentum in a research report on Monday, March 12th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. Lumentum has an average rating of “Buy” and an average target price of $79.20.

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Lumentum stock opened at $69.40 on Monday. The stock has a market cap of $4,377.94, a P/E ratio of 47.53, a PEG ratio of 1.33 and a beta of -0.09. The company has a quick ratio of 4.16, a current ratio of 4.84 and a debt-to-equity ratio of 0.38. Lumentum has a 52 week low of $40.35 and a 52 week high of $74.40.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Tuesday, February 6th. The technology company reported $1.67 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.00 by $0.67. The company had revenue of $404.60 million for the quarter, compared to analysts’ expectations of $357.03 million. Lumentum had a net margin of 8.97% and a return on equity of 24.06%. The business’s revenue was up 52.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.57 EPS. research analysts expect that Lumentum will post 2.82 earnings per share for the current fiscal year.

In related news, COO Vincent Retort sold 3,112 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $58.97, for a total transaction of $183,514.64. Following the completion of the sale, the chief operating officer now directly owns 92,541 shares in the company, valued at $5,457,142.77. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Harold L. Covert sold 7,564 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $56.58, for a total transaction of $427,971.12. Following the sale, the director now owns 22,628 shares of the company’s stock, valued at $1,280,292.24. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 62,150 shares of company stock valued at $3,800,816. 0.76% of the stock is currently owned by corporate insiders.

Several hedge funds have recently bought and sold shares of the stock. OppenheimerFunds Inc. boosted its holdings in shares of Lumentum by 7.7% during the fourth quarter. OppenheimerFunds Inc. now owns 13,675 shares of the technology company’s stock worth $669,000 after purchasing an additional 974 shares during the period. Tyers Asset Management LLC boosted its holdings in shares of Lumentum by 26.6% during the fourth quarter. Tyers Asset Management LLC now owns 4,720 shares of the technology company’s stock worth $231,000 after purchasing an additional 992 shares during the period. Virginia Retirement Systems ET AL boosted its holdings in shares of Lumentum by 22.9% during the third quarter. Virginia Retirement Systems ET AL now owns 5,900 shares of the technology company’s stock worth $321,000 after purchasing an additional 1,100 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Lumentum by 42.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,797 shares of the technology company’s stock worth $186,000 after purchasing an additional 1,135 shares during the period. Finally, Teachers Retirement System of The State of Kentucky boosted its holdings in shares of Lumentum by 6.9% during the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 18,660 shares of the technology company’s stock worth $912,000 after purchasing an additional 1,200 shares during the period.

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About Lumentum

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.

Analyst Recommendations for Lumentum (NASDAQ:LITE)

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