Lumentum (NASDAQ:LITE) Stock Rating Upgraded by BNP Paribas

Lumentum (NASDAQ:LITE) was upgraded by BNP Paribas from a “neutral” rating to an “outperform” rating in a report issued on Tuesday, MarketBeat.com reports. The firm currently has a $92.00 price objective on the technology company’s stock. BNP Paribas’ target price would suggest a potential upside of 60.25% from the stock’s previous close.

LITE has been the subject of a number of other research reports. Northland Securities lifted 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. Morgan Stanley decreased their price target 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. Rosenblatt Securities reiterated a “buy” rating and set a $110.00 price objective on shares of Lumentum in a research note on Friday, February 7th. UBS Group lifted their target price on Lumentum from $93.00 to $96.00 and gave the company a “neutral” rating in a research note on Friday, February 7th. Finally, Barclays raised Lumentum from an “underweight” rating to an “overweight” rating and upped their target price for the company from $80.00 to $125.00 in a report on Friday, January 17th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $88.33.

Lumentum Stock Performance

Shares of LITE opened at $57.41 on Tuesday. The firm has a market cap of $3.97 billion, a price-to-earnings ratio of -7.47 and a beta of 1.03. The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94. The business’s 50 day moving average is $81.64 and its two-hundred day moving average is $75.22. Lumentum has a 52-week low of $38.29 and a 52-week high of $104.00.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. Analysts forecast that Lumentum will post 0.03 EPS for the current fiscal year.

Insider Transactions at Lumentum

In related news, CFO Wajid Ali sold 2,172 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total transaction of $170,154.48. Following the transaction, the chief financial officer now owns 51,976 shares in the company, valued at $4,071,799.84. This trade represents a 4.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Lumentum

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quarry LP raised its stake in shares of Lumentum by 85.5% in the 3rd quarter. Quarry LP now owns 436 shares of the technology company’s stock worth $28,000 after buying an additional 201 shares in the last quarter. UMB Bank n.a. grew its holdings in Lumentum by 301.2% during the fourth quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock worth $28,000 after acquiring an additional 253 shares during the period. Jones Financial Companies Lllp raised its position in Lumentum by 54.2% in the fourth quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock worth $31,000 after acquiring an additional 130 shares in the last quarter. Capital Performance Advisors LLP acquired a new stake in Lumentum in the 3rd quarter valued at about $33,000. Finally, CoreCap Advisors LLC lifted its stake in Lumentum by 2,235.3% during the fourth quarter. CoreCap Advisors LLC now owns 397 shares of the technology company’s stock valued at $33,000 after purchasing an additional 380 shares during the last quarter. 94.05% of the stock is 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.