Lumentum’s (LITE) Buy Rating Reaffirmed at Susquehanna Bancshares

Susquehanna Bancshares reaffirmed their buy rating on shares of Lumentum (NASDAQ:LITE) in a research note released on Tuesday, TipRanks reports. Susquehanna Bancshares currently has a $115.00 target price on the technology company’s stock.

LITE has been the subject of a number of other reports. Goldman Sachs Group cut Lumentum from a neutral rating to a sell rating and decreased their price objective for the stock from $102.00 to $87.00 in a research report on Friday, April 17th. ValuEngine raised Lumentum from a sell rating to a hold rating in a research report on Monday, August 3rd. BidaskClub cut Lumentum from a buy rating to a hold rating in a research report on Wednesday. Rosenblatt Securities reaffirmed a buy rating and set a $95.00 price objective on shares of Lumentum in a research report on Wednesday, June 24th. Finally, Needham & Company LLC reaffirmed a buy rating and set a $115.00 price objective (up from $105.00) on shares of Lumentum in a research report on Tuesday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the stock. Lumentum has an average rating of Buy and a consensus target price of $102.56.

NASDAQ:LITE opened at $92.99 on Tuesday. The stock’s 50 day moving average price is $85.47 and its 200 day moving average price is $79.03. The company has a market capitalization of $6.90 billion, a PE ratio of 63.69 and a beta of 1.03. The company has a quick ratio of 6.24, a current ratio of 6.85 and a debt-to-equity ratio of 0.67. Lumentum has a 52-week low of $48.44 and a 52-week high of $96.74.

Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Tuesday, August 11th. The technology company reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $0.35. The firm had revenue of $368.10 million for the quarter, compared to the consensus estimate of $349.73 million. Lumentum had a return on equity of 20.47% and a net margin of 6.66%. The firm’s quarterly revenue was down 9.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.92 EPS. As a group, sell-side analysts anticipate that Lumentum will post 4.14 EPS for the current fiscal year.

In related news, CFO Wajid Ali sold 4,808 shares of Lumentum stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $91.82, for a total transaction of $441,470.56. Also, CEO Alan S. Lowe sold 4,931 shares of Lumentum stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $70.79, for a total value of $349,065.49. The disclosure for this sale can be found here. Insiders sold a total of 41,322 shares of company stock valued at $3,564,706 over the last three months. Insiders own 0.48% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. Baird Financial Group Inc. increased its position in Lumentum by 4.3% during the second quarter. Baird Financial Group Inc. now owns 3,131 shares of the technology company’s stock worth $248,000 after buying an additional 128 shares in the last quarter. Greenleaf Trust increased its position in Lumentum by 1.4% during the first quarter. Greenleaf Trust now owns 9,861 shares of the technology company’s stock worth $727,000 after buying an additional 136 shares in the last quarter. Global Retirement Partners LLC increased its position in Lumentum by 42.9% during the first quarter. Global Retirement Partners LLC now owns 473 shares of the technology company’s stock worth $35,000 after buying an additional 142 shares in the last quarter. State Board of Administration of Florida Retirement System increased its position in Lumentum by 0.4% during the first quarter. State Board of Administration of Florida Retirement System now owns 36,095 shares of the technology company’s stock worth $2,660,000 after buying an additional 160 shares in the last quarter. Finally, Signaturefd LLC increased its position in Lumentum by 167.8% during the second quarter. Signaturefd LLC now owns 308 shares of the technology company’s stock worth $25,000 after buying an additional 193 shares in the last quarter. 93.58% of the stock is owned by institutional investors.

About Lumentum

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.

Recommended Story: How do buyers and sellers choose a strike price?

Analyst Recommendations for Lumentum (NASDAQ:LITE)

Receive News & Ratings for Lumentum Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lumentum and related companies with MarketBeat.com's FREE daily email newsletter.