Lumentum (NASDAQ:LITE) Issues Quarterly Earnings Results

Lumentum (NASDAQ:LITE) issued its quarterly earnings data on Thursday. The technology company reported ($0.14) EPS for the quarter, missing the consensus estimate 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 Stock Down 1.4 %

NASDAQ:LITE opened at $78.13 on Friday. The company has a debt-to-equity ratio of 2.87, a quick ratio of 4.04 and a current ratio of 5.36. Lumentum has a fifty-two week low of $38.28 and a fifty-two week high of $104.00. The firm has a 50-day simple moving average of $86.80 and a two-hundred day simple moving average of $72.24.

Insider Buying and Selling at Lumentum

In other Lumentum news, insider Vincent Retort sold 41,710 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $89.52, for a total transaction of $3,733,879.20. Following the completion of the sale, the insider now directly owns 147,515 shares in the company, valued at approximately $13,205,542.80. This trade represents a 22.04 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Harold L. Covert sold 3,345 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $81.78, for a total transaction of $273,554.10. Following the sale, the director now directly owns 8,729 shares in the company, valued at approximately $713,857.62. The trade was a 27.70 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 78,625 shares of company stock worth $6,858,010. 0.19% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on LITE. Northland Securities upped their price objective on shares of Lumentum from $60.00 to $70.00 and gave the stock a “market perform” rating in a report on Friday, February 7th. Stifel Nicolaus upped their price objective on shares of Lumentum from $95.00 to $105.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Morgan Stanley decreased their price objective on shares of Lumentum from $83.00 to $81.00 and set an “equal weight” rating for the company in a report on Friday, January 31st. B. Riley increased their price target on shares of Lumentum from $62.00 to $75.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Finally, Barclays upgraded shares of Lumentum from an “underweight” rating to an “overweight” rating and increased their price target for the stock from $80.00 to $125.00 in a research note on Friday, January 17th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $88.07.

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.