Adams Diversified Equity Fund Inc. Takes Position in Lumentum Holdings Inc. $LITE

Key Points

• Adams Diversified Equity Fund initiated a new position in Lumentum Holdings, buying 3,600 shares in the first quarter worth about $2.53 million.
• Wall Street sentiment remains bullish, with several analysts raising price targets and the stock carrying a consensus rating of “Moderate Buy” with an average target price of $1,021.95.
• Lumentum reported strong quarterly results, including EPS of $2.37 that beat estimates and revenue growth of 90.1% year over year, though insiders have recently sold shares under pre-arranged plans.

Adams Diversified Equity Fund Inc. bought a new position in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 3,600 shares of the technology company's stock, valued at approximately $2,530,000.

Several other hedge funds have also recently modified their holdings of the stock. Hilton Head Capital Partners LLC purchased a new stake in Lumentum during the 1st quarter worth approximately $25,000. EverSource Wealth Advisors LLC lifted its position in shares of Lumentum by 363.9% in the third quarter. EverSource Wealth Advisors LLC now owns 167 shares of the technology company's stock valued at $27,000 after acquiring an additional 131 shares in the last quarter. V Square Quantitative Management LLC purchased a new position in shares of Lumentum in the fourth quarter valued at approximately $28,000. Truvestments Capital LLC boosted its stake in shares of Lumentum by 300.0% in the fourth quarter. Truvestments Capital LLC now owns 76 shares of the technology company's stock worth $28,000 after acquiring an additional 57 shares during the last quarter. Finally, Triumph Capital Management purchased a new stake in shares of Lumentum during the fourth quarter worth approximately $30,000. Institutional investors and hedge funds own 94.05% of the company's stock.

Analysts Set New Price Targets

LITE has been the topic of a number of research reports. Craig Hallum raised their price objective on Lumentum from $900.00 to $1,150.00 in a report on Wednesday, May 6th. Jefferies Financial Group reaffirmed a "buy" rating and set a $1,200.00 target price on shares of Lumentum in a report on Wednesday, May 6th. Rosenblatt Securities increased their target price on shares of Lumentum from $900.00 to $1,300.00 and gave the company a "buy" rating in a research report on Wednesday, May 6th. Raymond James Financial reissued an "outperform" rating and issued a $1,014.00 price target on shares of Lumentum in a research note on Wednesday, May 6th. Finally, Zacks Research upgraded shares of Lumentum from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Lumentum currently has an average rating of "Moderate Buy" and a consensus target price of $1,021.95.

Lumentum Trading Down 5.0%

Shares of LITE stock opened at $818.73 on Friday. The company's 50-day moving average price is $901.03 and its 200-day moving average price is $668.39. The company has a current ratio of 1.14, a quick ratio of 0.97 and a debt-to-equity ratio of 0.01. The stock has a market cap of $63.70 billion, a price-to-earnings ratio of 151.62 and a beta of 1.47. Lumentum Holdings Inc. has a twelve month low of $88.37 and a twelve month high of $1,085.68.

Lumentum (NASDAQ:LITE - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The technology company reported $2.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.27 by $0.10. Lumentum had a net margin of 17.61% and a return on equity of 24.81%. The firm had revenue of $808.40 million during the quarter, compared to analyst estimates of $810.21 million. During the same quarter in the prior year, the firm posted $0.57 earnings per share. Lumentum's quarterly revenue was up 90.1% on a year-over-year basis. Lumentum has set its Q4 2026 guidance at 2.850-3.050 EPS. As a group, equities analysts predict that Lumentum Holdings Inc. will post 6.4 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Wajid Ali sold 2,487 shares of the company's stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $953.95, for a total value of $2,372,473.65. Following the transaction, the chief financial officer directly owned 60,951 shares in the company, valued at approximately $58,144,206.45. This represents a 3.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Jae Kim sold 1,422 shares of the stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $953.95, for a total value of $1,356,516.90. Following the completion of the transaction, the senior vice president owned 32,333 shares of the company's stock, valued at $30,844,065.35. The trade was a 4.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 41,260 shares of company stock worth $38,859,220. 0.43% of the stock is currently owned by company insiders.

Lumentum Profile

Lumentum Holdings Inc, headquartered in San Jose, California, is a leading provider of photonic technologies that enable high-speed optical communication networks and advanced industrial applications. The company designs and manufactures a broad range of lasers, optical modules and subsystems tailored to the evolving requirements of telecommunications carriers, cloud data centers and enterprise networking.

Its core product portfolio includes tunable and fixed-wavelength laser transmitters, coherent optical engines, transceivers for long-haul, metro and data center interconnects, as well as test and measurement instruments.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.