StockNews.com Upgrades Lumentum (NASDAQ:LITE) to “Sell”

Lumentum (NASDAQ:LITE) was upgraded by analysts at StockNews.com to a “sell” rating in a research note issued to investors on Monday.

Several other research analysts have also weighed in on LITE. Stifel Nicolaus reissued a “buy” rating and set a $62.00 price objective on shares of Lumentum in a report on Monday, April 1st. Barclays raised their price objective on shares of Lumentum from $40.00 to $45.00 and gave the stock an “underweight” rating in a report on Tuesday, January 16th. Needham & Company LLC reissued a “buy” rating and set a $50.00 price objective on shares of Lumentum in a report on Friday, February 9th. JPMorgan Chase & Co. decreased their price target on shares of Lumentum from $62.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, April 11th. Finally, Susquehanna decreased their price target on shares of Lumentum from $65.00 to $60.00 and set a “positive” rating for the company in a report on Friday, February 9th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $52.69.

Lumentum Stock Down 1.4 %

Lumentum stock traded down $0.63 during midday trading on Monday, hitting $44.11. 3,288,656 shares of the stock were exchanged, compared to its average volume of 1,411,133. Lumentum has a 1 year low of $35.35 and a 1 year high of $65.16. The firm has a market cap of $2.97 billion, a P/E ratio of -11.20 and a beta of 1.09. The company has a debt-to-equity ratio of 1.96, a current ratio of 3.13 and a quick ratio of 2.42. The company has a 50 day moving average price of $46.22 and a two-hundred day moving average price of $47.22.

Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Thursday, February 8th. The technology company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.07). The firm had revenue of $366.80 million for the quarter, compared to analysts’ expectations of $363.44 million. Lumentum had a positive return on equity of 1.04% and a negative net margin of 18.52%. On average, sell-side analysts predict that Lumentum will post -0.64 earnings per share for the current fiscal year.

Insider Buying and Selling at Lumentum

In other Lumentum news, CAO Matthew Joseph Sepe sold 9,903 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $49.23, for a total transaction of $487,524.69. Following the completion of the transaction, the chief accounting officer now directly owns 33,188 shares of the company’s stock, valued at approximately $1,633,845.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.60% of the stock is currently owned by company insiders.

Institutional Trading of Lumentum

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Headlands Technologies LLC bought a new stake in shares of Lumentum during the 3rd quarter worth about $26,000. Ramirez Asset Management Inc. bought a new stake in shares of Lumentum in the 3rd quarter worth approximately $32,000. Neo Ivy Capital Management bought a new stake in shares of Lumentum in the 3rd quarter worth approximately $32,000. CENTRAL TRUST Co raised its holdings in shares of Lumentum by 714.3% in the 1st quarter. CENTRAL TRUST Co now owns 1,140 shares of the technology company’s stock worth $54,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Principal Securities Inc. bought a new stake in shares of Lumentum in the 4th quarter worth approximately $55,000. 94.05% of the stock is currently owned by institutional investors.

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.