Castleark Management LLC Cuts Position in Lumentum Holdings Inc. $LITE

Key Points

• Castleark Management cut its Lumentum stake by 97.5% in the first quarter, selling 30,383 shares and retaining just 770 shares worth approximately $541,000. Institutional investors overall own 94.05% of Lumentum’s stock.
• Lumentum reported quarterly EPS of $2.37, exceeding the $2.27 consensus estimate, while revenue rose 90.1% year over year to $808.4 million, slightly below expectations. Shares opened at $711.96, down 6.7%, and have traded between $101.61 and $1,085.68 over the past year.
• Analyst sentiment remains generally positive, with 14 Buy ratings and seven Holds producing a “Moderate Buy” consensus and an average price target of $1,012.67. Meanwhile, insiders sold 41,260 shares worth $38.86 million over the past three months.

Castleark Management LLC decreased its stake in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 97.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 770 shares of the technology company's stock after selling 30,383 shares during the period. Castleark Management LLC's holdings in Lumentum were worth $541,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in LITE. Hilton Head Capital Partners LLC purchased a new stake in shares of Lumentum during the 1st quarter worth approximately $25,000. Sachetta LLC grew its holdings in shares of Lumentum by 118.8% in the 1st quarter. Sachetta LLC now owns 35 shares of the technology company's stock worth $25,000 after acquiring an additional 19 shares during the period. V Square Quantitative Management LLC purchased a new position in Lumentum in the 4th quarter valued at approximately $28,000. Truvestments Capital LLC increased its stake in Lumentum by 300.0% in the 4th quarter. Truvestments Capital LLC now owns 76 shares of the technology company's stock valued at $28,000 after purchasing an additional 57 shares in the last quarter. Finally, Triumph Capital Management acquired a new position in Lumentum during the fourth quarter worth $30,000. Hedge funds and other institutional investors own 94.05% of the company's stock.

Lumentum Trading Down 6.7%

Shares of LITE opened at $711.96 on Tuesday. Lumentum Holdings Inc. has a fifty-two week low of $101.61 and a fifty-two week high of $1,085.68. The company has a market capitalization of $55.39 billion, a PE ratio of 131.84 and a beta of 1.48. The stock has a fifty day moving average of $841.23 and a two-hundred day moving average of $730.69. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.97 and a current ratio of 1.14.

Lumentum (NASDAQ:LITE - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The technology company reported $2.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.27 by $0.10. The business had revenue of $808.40 million for the quarter, compared to analysts' expectations of $810.21 million. Lumentum had a return on equity of 24.81% and a net margin of 17.61%.The business's revenue was up 90.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.57 earnings per share. Lumentum has set its Q4 2026 guidance at 2.850-3.050 EPS. As a group, analysts forecast that Lumentum Holdings Inc. will post 6.42 EPS for the current year.

Insider Activity

In other Lumentum news, Director Brian Lillie sold 11,951 shares of Lumentum stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $981.64, for a total value of $11,731,579.64. Following the completion of the sale, the director owned 13,959 shares in the company, valued at $13,702,712.76. The trade was a 46.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Isaac Hosojiro Harris sold 4,000 shares of the company's stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $860.00, for a total transaction of $3,440,000.00. Following the transaction, the director directly owned 8,400 shares of the company's stock, valued at approximately $7,224,000. This represents a 32.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 41,260 shares of company stock valued at $38,859,220 in the last three months. Company insiders own 0.43% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on LITE shares. Needham & Company LLC reiterated a "buy" rating and set a $1,040.00 target price on shares of Lumentum in a research report on Tuesday, June 9th. Jefferies Financial Group restated a "buy" rating and issued a $1,200.00 price target on shares of Lumentum in a research report on Wednesday, May 6th. Zacks Research downgraded Lumentum from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 6th. Weiss Ratings reiterated a "hold (c)" rating on shares of Lumentum in a research report on Friday, July 17th. Finally, Raymond James Financial reissued an "outperform" rating and issued a $1,014.00 price objective on shares of Lumentum in a research note on Wednesday, May 6th. Fourteen analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, Lumentum currently has an average rating of "Moderate Buy" and an average target price of $1,012.67.

About Lumentum

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.