Lumentum (NASDAQ:LITE – Get Rating) updated its first quarter 2023 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $1.45-$1.70 for the period, compared to the consensus estimate of $1.83. The company issued revenue guidance of $490.00 million-$520.00 million, compared to the consensus revenue estimate of $491.75 million.
Analyst Upgrades and Downgrades
Several research analysts have recently commented on the company. JPMorgan Chase & Co. reduced their target price on Lumentum from $115.00 to $100.00 and set an overweight rating on the stock in a report on Thursday, July 14th. Raymond James upped their price objective on Lumentum from $102.00 to $114.00 and gave the stock an outperform rating in a report on Wednesday, August 17th. Needham & Company LLC reaffirmed a buy rating and set a $125.00 price objective on shares of Lumentum in a report on Monday, June 6th. Barclays reduced their price objective on Lumentum from $100.00 to $95.00 and set an overweight rating on the stock in a report on Monday, July 25th. Finally, Craig Hallum upped their price objective on Lumentum to $125.00 in a report on Monday, August 15th. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, Lumentum has an average rating of Moderate Buy and an average price target of $111.75.
Lumentum Trading Down 2.2 %
Shares of LITE stock traded down $1.54 during trading hours on Friday, reaching $69.73. The company had a trading volume of 13,815 shares, compared to its average volume of 738,760. The company has a 50 day moving average of $85.24 and a 200 day moving average of $85.94. The company has a debt-to-equity ratio of 0.78, a current ratio of 4.38 and a quick ratio of 4.03. The firm has a market cap of $4.75 billion, a price-to-earnings ratio of 26.13, a P/E/G ratio of 1.09 and a beta of 0.94. Lumentum has a 1-year low of $70.66 and a 1-year high of $108.90.
Insider Activity at Lumentum
In related news, CEO Alan S. Lowe sold 8,809 shares of the company’s stock in a transaction on Monday, August 15th. The shares were sold at an average price of $94.94, for a total value of $836,326.46. Following the completion of the sale, the chief executive officer now owns 139,946 shares in the company, valued at approximately $13,286,473.24. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Lumentum news, CAO Matthew Joseph Sepe sold 3,030 shares of the stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $86.20, for a total transaction of $261,186.00. Following the completion of the transaction, the chief accounting officer now owns 25,288 shares in the company, valued at approximately $2,179,825.60. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Alan S. Lowe sold 8,809 shares of the stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $94.94, for a total value of $836,326.46. Following the transaction, the chief executive officer now owns 139,946 shares of the company’s stock, valued at approximately $13,286,473.24. The disclosure for this sale can be found here. Insiders sold a total of 20,620 shares of company stock worth $1,909,492 in the last quarter. Corporate insiders own 0.32% of the company’s stock.
Hedge Funds Weigh In On Lumentum
Large investors have recently added to or reduced their stakes in the company. Captrust Financial Advisors boosted its stake in shares of Lumentum by 39.2% during the 1st quarter. Captrust Financial Advisors now owns 1,574 shares of the technology company’s stock worth $154,000 after buying an additional 443 shares during the last quarter. Echo Street Capital Management LLC acquired a new position in shares of Lumentum during the 1st quarter worth about $230,000. Toroso Investments LLC boosted its stake in shares of Lumentum by 14.7% during the 1st quarter. Toroso Investments LLC now owns 2,623 shares of the technology company’s stock worth $256,000 after buying an additional 336 shares during the last quarter. Creative Planning acquired a new position in shares of Lumentum during the 2nd quarter worth about $209,000. Finally, Keeley Teton Advisors LLC acquired a new position in shares of Lumentum during the 1st quarter worth about $303,000. Institutional investors own 95.49% of the company’s stock.
Lumentum Company Profile
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 in 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.
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