In a report published on Friday, the rating was changed from a "sell" to a "hold".
Other equity research analysts also published reports about the firm. Susquehanna reiterated its 'positive rating' and set a price target of $70.00 on shares in Lumentum on Thursday, 9th March. UBS Group reduced its price target on Lumentum to $50.00 from $59.00 in a research report on Thursday, April 6. Needham & Company LLC lowered their target price for Lumentum to $59.00 in a report published on Thursday, 6th April. The company was given a 'buy rating'. Morgan Stanley lowered their target price for Lumentum to $60 and gave the company an equal weight rating in a report published on Thursday, 6th April. Loop Capital also reduced its target price for Lumentum in a report published on May 10th from $78.00 down to $55.00. Nine analysts have given the stock a hold recommendation and five others have recommended that the company be bought. The stock opened Friday at $51.06. The company has a $3.50 billion market cap, a PE ratio of 92.84, and a P/E/G of 3.30. It also has a beta value of 1.08. The debt-to equity ratio for the company is 1.24. Its current ratio is 3.20, and its quick ratio is 2.67. Lumentum's 1-year low is $42.00, and its 1-year high is $96.46. The company has a 50-day moving average of $48.17 and a 200-day moving average $52.58.
The last time ) released its quarterly results was on May 9th. The technology company met the consensus estimate for $0.36 per share in the first quarter. Lumentum reported a negative margin of net of 2.02%, and a return on equity positive of 16.02 %. Revenue for the quarter was $383.40m, which is lower than analyst expectations of $393.08m. Research analysts expect that Lumentum's current fiscal year will see 2.76 earnings per shares.
Inflows of Institutional Capital and Outflows
Recently, several institutional investors bought and sold the stock. Mercer Global Advisors Inc. ADV purchased a new Lumentum position worth $249,000 in the first quarter. Segall Bryant & Hamill LLC purchased a new Lumentum position during the first quarter, valued at approximately $18,037,000. Select Equity Group L.P. increased its holdings in Lumentum shares by 132.6% over the first quarter. Select Equity Group L.P. owns now 40,830 of the stock of the technology firm worth $2,205,000, after buying an additional 23,275 in the last quarter. Snowden Capital Advisors LLC increased its holdings in Lumentum shares by 14.7% during 1st Quarter. Snowden Capital Advisors LLC owns now 4,450 shares worth $240,000 of the stock of the technology firm after buying an additional 572 in the last quarter. First Manhattan CO. LLC. First Manhattan CO. LLC. increased its holdings in Lumentum shares by 3.4% over the first quarter. First Manhattan CO. LLC. After purchasing 300 additional shares during the last quarter, the company now owns 9,020 of its stock valued at $487,000. Institutional investors hold 92.46% the stock of this company.
Lumentum Company Profile
Lumentum Holdings, Inc is engaged in the manufacture of optical and photonic devices. It operates via the Optical Communications segment (OpComms), and Commercial Lasers. The OpComms segment provides a variety of components, subsystems, modules and other products to support customers in access networks (local), metro applications (intracity), as well as long-haul, city-to-city, and underwater (undersea).
MarketBeat.com offers a FREE daily email newsletter