Lumentum (NASDAQ:LITE) Sets New 52-Week High Following Analyst Upgrade

Lumentum Holdings Inc. (NASDAQ:LITE)’s stock price reached a new 52-week high during trading on Thursday after JPMorgan Chase & Co. raised their price target on the stock from $123.00 to $145.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Lumentum traded as high as $129.98 and last traded at $120.23, with a volume of 9246332 shares. The stock had previously closed at $119.66.

LITE has been the subject of several other reports. UBS Group restated a “neutral” rating and issued a $130.00 price objective (up from $78.00) on shares of Lumentum in a research note on Wednesday. Stifel Nicolaus upped their price objective on Lumentum from $100.00 to $132.00 and gave the stock a “buy” rating in a research note on Wednesday. Susquehanna upped their price objective on Lumentum from $125.00 to $140.00 and gave the stock a “positive” rating in a research note on Tuesday. Raymond James Financial upped their target price on shares of Lumentum from $125.00 to $145.00 and gave the stock a “strong-buy” rating in a report on Wednesday. Finally, B. Riley upped their target price on shares of Lumentum from $73.00 to $83.00 and gave the stock a “neutral” rating in a report on Wednesday. Four equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Lumentum currently has an average rating of “Moderate Buy” and a consensus price target of $116.47.

Insider Transactions at Lumentum

In other news, CFO Wajid Ali sold 2,222 shares of the firm’s stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $83.58, for a total transaction of $185,714.76. Following the completion of the transaction, the chief financial officer owned 47,460 shares in the company, valued at $3,966,706.80. This trade represents a 4.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Yuen Wupen sold 265 shares of the firm’s stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $99.92, for a total value of $26,478.80. Following the transaction, the insider owned 79,773 shares of the company’s stock, valued at approximately $7,970,918.16. The trade was a 0.33% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 76,000 shares of company stock worth $7,260,909. 0.19% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. purchased a new position in Lumentum in the first quarter worth about $260,000. Crestline Management LP purchased a new position in Lumentum in the fourth quarter worth about $4,435,000. UMB Bank n.a. grew its position in Lumentum by 132.9% in the first quarter. UMB Bank n.a. now owns 785 shares of the technology company’s stock worth $49,000 after acquiring an additional 448 shares in the last quarter. Principal Financial Group Inc. grew its position in Lumentum by 1.1% in the first quarter. Principal Financial Group Inc. now owns 159,154 shares of the technology company’s stock worth $9,922,000 after acquiring an additional 1,660 shares in the last quarter. Finally, Asset Management One Co. Ltd. purchased a new position in Lumentum in the first quarter worth about $69,000. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Lumentum Trading Down 4.7%

The company has a market cap of $7.95 billion, a PE ratio of 498.35 and a beta of 1.33. The company has a debt-to-equity ratio of 2.26, a current ratio of 4.37 and a quick ratio of 3.53. The company has a 50-day moving average of $97.91 and a 200 day moving average of $78.58.

Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Tuesday, August 12th. The technology company reported $0.88 EPS for the quarter, topping the consensus estimate of $0.79 by $0.09. The company had revenue of $480.70 million during the quarter, compared to analyst estimates of $465.27 million. Lumentum had a negative return on equity of 3.02% and a net margin of 1.57%. The firm’s revenue was up 55.9% on a year-over-year basis. During the same quarter last year, the business posted $0.06 earnings per share. Analysts predict that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

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.