Lumentum Holdings Inc. (NASDAQ:LITE) Given Consensus Rating of "Hold" by Brokerages

Shares of Lumentum Holdings Inc. (NASDAQ:LITE - Get Free Report) have received an average recommendation of "Hold" from the thirteen ratings firms that are presently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and eight have assigned a buy recommendation to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $60.77.

Several analysts recently weighed in on LITE shares. Craig Hallum lifted their price target on Lumentum from $65.00 to $70.00 and gave the stock a "buy" rating in a report on Thursday, August 15th. B. Riley lifted their price target on Lumentum from $40.00 to $50.00 and gave the stock a "neutral" rating in a report on Thursday, August 15th. Susquehanna lifted their price target on Lumentum from $70.00 to $80.00 and gave the stock a "positive" rating in a report on Monday, October 21st. Jefferies Financial Group lifted their price target on Lumentum from $53.00 to $65.00 and gave the stock a "buy" rating in a report on Thursday, August 15th. Finally, Rosenblatt Securities lifted their price target on Lumentum from $65.00 to $69.00 and gave the stock a "buy" rating in a report on Thursday, August 15th.

Lumentum Trading Up 8.7 %

Shares of NASDAQ:LITE traded up $5.79 on Wednesday, hitting $71.97. The company had a trading volume of 4,195,014 shares, compared to its average volume of 1,304,378. The stock has a 50 day moving average price of $62.08 and a 200 day moving average price of $53.34. Lumentum has a 1-year low of $38.28 and a 1-year high of $72.77. The company has a debt-to-equity ratio of 2.61, a current ratio of 5.90 and a quick ratio of 4.43.

Lumentum (NASDAQ:LITE - Get Free Report) last announced its quarterly earnings results on Wednesday, August 14th. The technology company reported $0.06 EPS for the quarter, beating analysts' consensus estimates of $0.03 by $0.03. Lumentum had a negative net margin of 40.21% and a negative return on equity of 4.79%. The business had revenue of $308.30 million for the quarter, compared to analyst estimates of $301.36 million. During the same quarter in the prior year, the business earned $0.12 EPS. Lumentum's quarterly revenue was down 16.9% on a year-over-year basis. On average, sell-side analysts expect that Lumentum will post 0.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lumentum

Several hedge funds and other institutional investors have recently modified their holdings of LITE. Janney Montgomery Scott LLC increased its stake in shares of Lumentum by 1.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 14,587 shares of the technology company's stock valued at $691,000 after purchasing an additional 260 shares during the last quarter. Texas Permanent School Fund Corp increased its stake in shares of Lumentum by 0.9% in the 1st quarter. Texas Permanent School Fund Corp now owns 58,259 shares of the technology company's stock valued at $2,759,000 after purchasing an additional 496 shares during the last quarter. John G Ullman & Associates Inc. increased its stake in shares of Lumentum by 26.0% in the 1st quarter. John G Ullman & Associates Inc. now owns 73,973 shares of the technology company's stock valued at $3,503,000 after purchasing an additional 15,282 shares during the last quarter. Duality Advisers LP bought a new position in shares of Lumentum in the 1st quarter valued at $1,307,000. Finally, Envestnet Portfolio Solutions Inc. increased its stake in shares of Lumentum by 11.0% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 9,062 shares of the technology company's stock valued at $429,000 after purchasing an additional 901 shares during the last quarter. Institutional investors own 94.05% of the company's stock.

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 (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.