Strs Ohio Invests $819,000 in Lumentum Holdings Inc. $LITE

Key Points

• Strs Ohio acquired a new stake in Lumentum Holdings Inc. by purchasing 13,134 shares valued at approximately $819,000 in Q1 2023.
• Insider Vincent Retort sold 22,719 shares, resulting in a 15.73% decrease in their ownership, while other insiders collectively sold 61,687 shares worth $6.63 million.
• Lumentum reported earnings of $0.88 per share, beating estimates, with revenue of $480.70 million, reflecting a year-over-year growth of 55.9%.

Strs Ohio purchased a new stake in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 13,134 shares of the technology company's stock, valued at approximately $819,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund grew its holdings in Lumentum by 1.3% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 14,130 shares of the technology company's stock valued at $881,000 after buying an additional 176 shares in the last quarter. Pinnacle Wealth Management Advisory Group LLC grew its holdings in Lumentum by 6.8% in the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 3,465 shares of the technology company's stock valued at $216,000 after buying an additional 220 shares in the last quarter. California State Teachers Retirement System grew its position in shares of Lumentum by 0.4% during the 4th quarter. California State Teachers Retirement System now owns 64,170 shares of the technology company's stock worth $5,387,000 after purchasing an additional 251 shares in the last quarter. Advisors Asset Management Inc. increased its holdings in shares of Lumentum by 36.8% during the first quarter. Advisors Asset Management Inc. now owns 945 shares of the technology company's stock worth $59,000 after purchasing an additional 254 shares during the period. Finally, Golden State Wealth Management LLC boosted its stake in shares of Lumentum by 103.2% in the first quarter. Golden State Wealth Management LLC now owns 512 shares of the technology company's stock valued at $32,000 after buying an additional 260 shares during the period. 94.05% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Yuen Wupen sold 3,282 shares of the business's stock in a transaction on Monday, August 25th. The shares were sold at an average price of $119.25, for a total transaction of $391,378.50. Following the completion of the transaction, the insider directly owned 104,554 shares in the company, valued at $12,468,064.50. The trade was a 3.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Wajid Ali sold 2,526 shares of the business's stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $124.39, for a total transaction of $314,209.14. Following the transaction, the chief financial officer owned 77,087 shares of the company's stock, valued at $9,588,851.93. This trade represents a 3.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 61,687 shares of company stock worth $6,628,952. Company insiders own 0.19% of the company's stock.

Lumentum Stock Performance

Lumentum stock traded down $0.54 during mid-day trading on Tuesday, reaching $164.17. The company's stock had a trading volume of 417,339 shares, compared to its average volume of 2,753,541. Lumentum Holdings Inc. has a 12-month low of $45.65 and a 12-month high of $173.38. The company has a market capitalization of $11.48 billion, a P/E ratio of 713.47 and a beta of 1.42. The company has a debt-to-equity ratio of 2.26, a quick ratio of 3.18 and a current ratio of 4.37. The firm's fifty day moving average price is $126.51 and its two-hundred day moving average price is $91.00.

Lumentum (NASDAQ:LITE - Get Free Report) last released its quarterly earnings data on Tuesday, August 12th. The technology company reported $0.88 earnings per share for the quarter, beating analysts' consensus estimates of $0.79 by $0.09. Lumentum had a net margin of 1.57% and a negative return on equity of 3.02%. The business had revenue of $480.70 million during the quarter, compared to analyst estimates of $465.27 million. During the same period in the previous year, the business earned $0.06 EPS. Lumentum's revenue was up 55.9% compared to the same quarter last year. Lumentum has set its Q1 2026 guidance at 0.950-1.100 EPS. Sell-side analysts predict that Lumentum Holdings Inc. will post 0.03 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on LITE. JPMorgan Chase & Co. increased their price target on Lumentum from $123.00 to $145.00 and gave the stock an "overweight" rating in a research report on Thursday, August 14th. Raymond James Financial increased their price target on Lumentum from $125.00 to $145.00 and gave the stock a "strong-buy" rating in a research report on Wednesday, August 13th. Stifel Nicolaus increased their price target on Lumentum from $100.00 to $132.00 and gave the stock a "buy" rating in a research report on Wednesday, August 13th. Needham & Company LLC reissued a "buy" rating and set a $145.00 price target (up previously from $135.00) on shares of Lumentum in a research report on Wednesday, August 13th. Finally, B. Riley increased their price target on Lumentum from $73.00 to $83.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 13th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $133.36.

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 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.