Jefferies Financial Group Initiates Coverage on Lumentum (NASDAQ:LITE)

Jefferies Financial Group began coverage on shares of Lumentum (NASDAQ:LITE) in a research report issued on Friday. The brokerage set a “buy” rating on the technology company’s stock.

Other research analysts have also issued research reports about the company. Needham & Company LLC reissued a “buy” rating and issued a $110.00 target price on shares of Lumentum in a research report on Friday, February 7th. Northland Securities increased their target price on Lumentum from $60.00 to $70.00 and gave the stock a “market perform” rating in a research report on Friday, February 7th. Morgan Stanley decreased their target price on Lumentum from $83.00 to $81.00 and set an “equal weight” rating for the company in a research report on Friday, January 31st. Barclays raised Lumentum from an “underweight” rating to an “overweight” rating and increased their target price for the stock from $80.00 to $125.00 in a research report on Friday, January 17th. Finally, Susquehanna increased their target price on Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a research report on Friday, November 8th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, Lumentum presently has an average rating of “Hold” and a consensus target price of $88.07.

Lumentum Trading Down 3.9 %

NASDAQ LITE opened at $73.35 on Friday. Lumentum has a fifty-two week low of $38.28 and a fifty-two week high of $104.00. The company has a debt-to-equity ratio of 2.94, a quick ratio of 3.60 and a current ratio of 4.76. The stock has a 50 day simple moving average of $85.22 and a two-hundred day simple moving average of $73.69. The stock has a market cap of $5.08 billion, a P/E ratio of -9.54 and a beta of 0.94.

Lumentum (NASDAQ:LITE) last released its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) earnings per share 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%. On average, analysts forecast that Lumentum will post 0.03 earnings per share for the current year.

Insider Buying and Selling at Lumentum

In other Lumentum news, CFO Wajid Ali sold 2,172 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total transaction of $170,154.48. Following the sale, the chief financial officer now directly owns 51,976 shares in the company, valued at approximately $4,071,799.84. This trade represents a 4.01 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Vincent Retort sold 41,710 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $89.52, for a total value of $3,733,879.20. Following the sale, the insider now owns 147,515 shares in the company, valued at approximately $13,205,542.80. This represents a 22.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 73,769 shares of company stock worth $6,446,222. Insiders own 0.19% of the company’s stock.

Institutional Trading of Lumentum

Institutional investors have recently added to or reduced their stakes in the business. Capital World Investors boosted its stake in shares of Lumentum by 108.3% in the 4th quarter. Capital World Investors now owns 3,600,132 shares of the technology company’s stock worth $302,231,000 after buying an additional 1,871,572 shares during the last quarter. Norges Bank purchased a new position in shares of Lumentum in the 4th quarter worth $68,962,000. Nuveen Asset Management LLC boosted its stake in shares of Lumentum by 98.9% in the 4th quarter. Nuveen Asset Management LLC now owns 1,228,371 shares of the technology company’s stock worth $103,122,000 after buying an additional 610,938 shares during the last quarter. Balyasny Asset Management L.P. boosted its stake in shares of Lumentum by 419.1% in the 4th quarter. Balyasny Asset Management L.P. now owns 444,147 shares of the technology company’s stock worth $37,286,000 after buying an additional 583,330 shares during the last quarter. Finally, Capital Research Global Investors purchased a new position in shares of Lumentum in the 4th quarter worth $42,415,000. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

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.