Equities analysts predict that Lumentum Holdings Inc (NASDAQ:LITE) will post $345.18 million in sales for the current quarter, Zacks reports. Six analysts have issued estimates for Lumentum’s earnings, with estimates ranging from $339.30 million to $353.50 million. Lumentum posted sales of $404.60 million during the same quarter last year, which suggests a negative year-over-year growth rate of 14.7%. The firm is scheduled to announce its next earnings results on Tuesday, February 5th.
On average, analysts expect that Lumentum will report full-year sales of $1.34 billion for the current year, with estimates ranging from $1.26 billion to $1.43 billion. For the next year, analysts forecast that the firm will report sales of $1.55 billion, with estimates ranging from $1.46 billion to $1.66 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Lumentum.
Lumentum (NASDAQ:LITE) last issued its quarterly earnings results on Thursday, November 1st. The technology company reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.29. The company had revenue of $354.00 million during the quarter, compared to analysts’ expectations of $351.21 million. Lumentum had a return on equity of 28.74% and a net margin of 21.21%. The business’s quarterly revenue was up 45.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.43 earnings per share.
Several equities research analysts have recently weighed in on the company. Morgan Stanley decreased their price target on Lumentum from $66.00 to $55.00 and set a “hold” rating for the company in a research note on Tuesday, November 13th. BidaskClub raised Lumentum from a “hold” rating to a “buy” rating in a research note on Friday, August 17th. ValuEngine cut Lumentum from a “hold” rating to a “sell” rating in a research note on Wednesday, October 24th. Loop Capital decreased their target price on Lumentum to $47.00 and set a “buy” rating for the company in a research note on Tuesday, November 13th. Finally, Zacks Investment Research cut Lumentum from a “buy” rating to a “hold” rating in a research note on Friday, November 16th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $69.79.
In related news, Director Penny Herscher sold 1,197 shares of the firm’s stock in a transaction that occurred on Friday, November 2nd. The stock was sold at an average price of $52.93, for a total transaction of $63,357.21. Following the completion of the sale, the director now owns 34,743 shares of the company’s stock, valued at $1,838,946.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.55% of the company’s stock.
A number of institutional investors have recently made changes to their positions in LITE. Cornerstone Wealth Management LLC acquired a new stake in Lumentum in the second quarter valued at approximately $612,000. Eqis Capital Management Inc. acquired a new stake in Lumentum in the second quarter valued at approximately $283,000. Raymond James Financial Services Advisors Inc. grew its stake in Lumentum by 51.1% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 50,018 shares of the technology company’s stock valued at $2,896,000 after acquiring an additional 16,924 shares during the period. Los Angeles Capital Management & Equity Research Inc. grew its stake in Lumentum by 19.1% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 22,535 shares of the technology company’s stock valued at $1,305,000 after acquiring an additional 3,620 shares during the period. Finally, New Mexico Educational Retirement Board acquired a new stake in Lumentum in the second quarter valued at approximately $851,000.
Shares of LITE stock traded down $2.82 on Wednesday, hitting $41.91. The company had a trading volume of 2,105,847 shares, compared to its average volume of 2,873,207. The stock has a market cap of $2.84 billion, a price-to-earnings ratio of 12.94, a PEG ratio of 0.70 and a beta of 0.40. The company has a current ratio of 5.52, a quick ratio of 4.88 and a debt-to-equity ratio of 0.34. Lumentum has a twelve month low of $37.00 and a twelve month high of $74.40.
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 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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