Lumentum (NASDAQ:LITE) Releases Quarterly Earnings Results, Misses Expectations By $0.41 EPS

Lumentum (NASDAQ:LITE - Get Free Report) issued its quarterly earnings data on Thursday. The technology company reported ($0.14) EPS for the quarter, missing analysts' consensus estimates of $0.27 by ($0.41), Zacks reports. Lumentum had a negative return on equity of 7.00% and a negative net margin of 36.98%.

Lumentum Price Performance

Lumentum stock traded down $3.97 during midday trading on Monday, hitting $81.93. The company's stock had a trading volume of 3,574,353 shares, compared to its average volume of 2,494,025. Lumentum has a 12 month low of $38.28 and a 12 month high of $104.00. The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87. The company has a market capitalization of $5.63 billion, a PE ratio of -10.65 and a beta of 0.94. The stock's 50-day moving average price is $87.59 and its 200-day moving average price is $71.95.

Insider Activity

In other news, insider Vincent Retort sold 41,710 shares of the business's stock in a transaction on Monday, November 25th. The stock was sold at an average price of $89.52, for a total transaction of $3,733,879.20. Following the sale, the insider now directly owns 147,515 shares of the company's stock, valued at $13,205,542.80. The trade was a 22.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Penny Herscher sold 1,625 shares of the company's stock in a transaction on Monday, November 18th. The shares were sold at an average price of $81.09, for a total value of $131,771.25. Following the sale, the director now directly owns 6,852 shares of the company's stock, valued at approximately $555,628.68. This represents a 19.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 101,797 shares of company stock worth $8,881,428. Corporate insiders own 0.19% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on LITE. Stifel Nicolaus boosted their price target on shares of Lumentum from $95.00 to $105.00 and gave the company a "buy" rating in a report on Friday. Morgan Stanley reduced their target price on shares of Lumentum from $83.00 to $81.00 and set an "equal weight" rating for the company in a research note on Friday, January 31st. Northland Securities raised their price target on shares of Lumentum from $60.00 to $70.00 and gave the company a "market perform" rating in a research note on Friday. Rosenblatt Securities reaffirmed a "buy" rating and set a $110.00 price target on shares of Lumentum in a report on Friday. Finally, Raymond James increased their price objective on Lumentum from $94.00 to $96.00 and gave the stock an "outperform" rating in a report on Friday. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Lumentum presently has an average rating of "Hold" and an average price target of $88.07.

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.