Lumentum (NASDAQ:LITE – Get a score) on Tuesday morning issued an update on its Q1 2023 earnings guidance. The company provided EPS guidance of $1.45 to $1.70 for the period, compared to the estimate of consensus earnings per share of $1.83. The company issued revenue guidance of $490.00 million to $520.00 million, compared to the consensus estimate of $491.75 million. Lumentum also upgraded its Q1 guidance to $1.45-$1.70 EPS.
Lumentum Price Performance
Shares of NASDAQ:LITE traded down $4.16 during trading on Tuesday, hitting $92.03. The stock had a trading volume of 21,206 shares, compared to its average volume of 556,784. The stock has a market cap of $6.35 billion, a PE ratio of 37.23 and a beta of 0.93. Lumentum has a 52-week low of $73.97 and a 52-week high of $108.90. The company’s 50-day moving average price is $83.67 and its 200-day moving average price is $88.66. The company has a debt-to-equity ratio of 0.76, a current ratio of 4.69, and a quick ratio of 4.35.
Analyst Updates and Downgrades
LITE has been the subject of several research reports. JPMorgan Chase & Co. reduced their target price on Lumentum from $115.00 to $100.00 and set an overweight rating for the company in a research note on Thursday, July 14th. B. Riley reduced their target price on shares of Lumentum from $120.00 to $119.00 in a research report on Thursday, May 5th. Susquehanna Bancshares dropped their price objective on Lumentum to $105.00 in a report on Monday, July 25th. Raymond James cut their target price on Lumentum from $118.00 to $102.00 and set an outperform rating on the stock in a report on Thursday, August 4th. Finally, Needham & Company LLC reaffirmed a buy rating and set a $125.00 price objective on shares of Lumentum in a research note on Monday, June 6th. Two equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Lumentum presently has an average rating of Moderate Buy and an average target price of $108.92, based on data from MarketBeat.
Lumentum Institutional Trading
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A number of institutional investors have recently bought and sold shares of the business. Earnest Partners LLC boosted its holdings in shares of Lumentum by 576.4% during the first quarter. Earnest Partners LLC now owns 680,435 shares of the technology company’s stock worth $66,410,000 after purchasing an additional 579,835 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of Lumentum by 35.5% in the first quarter. Northern Trust Corp now owns 801,223 shares of the technology company’s stock worth $78,198,000 after acquiring an additional 209,728 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Lumentum by 7.2% during the first quarter. Dimensional Fund Advisors LP now owns 805,662 shares of the technology company’s stock valued at $78,633,000 after purchasing an additional 53,978 shares during the last quarter. Easterly Investment Partners LLC boosted its holdings in shares of Lumentum by 38.4% during the first quarter. Easterly Investment Partners LLC now owns 134,578 shares of the technology company’s stock valued at $13,135,000 after purchasing an additional 37,324 shares during the last quarter. Finally, Cubist Systematic Strategies LLC boosted its position in Lumentum by 281.6% during the second quarter. Cubist Systematic Strategies LLC now owns 42,086 shares of the technology company’s stock worth $3,342,000 after purchasing an additional 31,058 shares during the last quarter. Institutional investors own 92.49% of the company’s shares.
Lumentum Company Profile
Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, 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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