Lumentum (NASDAQ:LITE) Upgraded to "Outperform" at Northland Securities

Lumentum (NASDAQ:LITE - Get Free Report) was upgraded by Northland Securities from a "market perform" rating to an "outperform" rating in a research report issued on Monday, Marketbeat reports.

Several other analysts also recently issued reports on LITE. Rosenblatt Securities restated a "buy" rating and set a $110.00 price objective on shares of Lumentum in a report on Friday, February 7th. Morgan Stanley reduced their price target on shares of Lumentum from $83.00 to $81.00 and set an "equal weight" rating for the company in a research report on Friday, January 31st. Needham & Company LLC reiterated a "buy" rating and set a $110.00 price objective on shares of Lumentum in a research report on Friday, February 7th. Stifel Nicolaus increased their target price on Lumentum from $95.00 to $105.00 and gave the company a "buy" rating in a report on Friday, February 7th. Finally, UBS Group raised their target price on Lumentum from $93.00 to $96.00 and gave the stock a "neutral" rating in a research report on Friday, February 7th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Lumentum presently has a consensus rating of "Moderate Buy" and a consensus price target of $87.40.

Lumentum Price Performance

Shares of NASDAQ:LITE traded down $3.20 during trading hours on Monday, hitting $51.27. 4,623,904 shares of the company's stock traded hands, compared to its average volume of 1,856,239. The company's fifty day simple moving average is $67.62 and its two-hundred day simple moving average is $75.82. The company has a market cap of $3.55 billion, a price-to-earnings ratio of -6.67 and a beta of 1.14. The company has a debt-to-equity ratio of 2.94, a quick ratio of 3.60 and a current ratio of 4.76. Lumentum has a 52 week low of $38.29 and a 52 week high of $104.00.

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Lumentum (NASDAQ:LITE - Get Free Report) last posted its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. As a group, equities analysts anticipate that Lumentum will post 0.03 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Wajid Ali sold 2,172 shares of Lumentum stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total value of $170,154.48. Following the transaction, the chief financial officer now owns 51,976 shares in the company, valued at $4,071,799.84. This trade represents a 4.01 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.19% of the stock is currently owned by corporate insiders.

Institutional Trading of Lumentum

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. HighTower Advisors LLC bought a new stake in shares of Lumentum in the third quarter valued at about $216,000. Quarry LP increased its holdings in Lumentum by 85.5% in the 3rd quarter. Quarry LP now owns 436 shares of the technology company's stock valued at $28,000 after buying an additional 201 shares during the period. Quantinno Capital Management LP acquired a new position in shares of Lumentum in the 3rd quarter valued at $204,000. Two Sigma Advisers LP lifted its holdings in shares of Lumentum by 24.7% during the 3rd quarter. Two Sigma Advisers LP now owns 186,600 shares of the technology company's stock worth $11,827,000 after acquiring an additional 37,000 shares during the period. Finally, Weiss Asset Management LP bought a new stake in Lumentum in the third quarter valued at about $1,093,000. Institutional investors and hedge funds 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.