Eastern Bank Boosts Stock Holdings in Lumentum Holdings Inc. $LITE

Eastern Bank grew its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 12,875.5% in the third quarter, according to its most recent filing with the SEC. The fund owned 28,546 shares of the technology company's stock after acquiring an additional 28,326 shares during the period. Eastern Bank's holdings in Lumentum were worth $27,726,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Jupiter Topco LLC purchased a new stake in shares of Lumentum during the second quarter valued at $1,621,396,000. Aspex Management HK Ltd acquired a new stake in Lumentum during the 4th quarter worth about $251,363,000. WT Asset Management Ltd acquired a new stake in Lumentum during the 2nd quarter worth about $494,688,000. Legal & General Group Plc purchased a new stake in Lumentum during the second quarter valued at about $376,539,000. Finally, Amundi lifted its stake in Lumentum by 188.7% during the second quarter. Amundi now owns 658,427 shares of the technology company's stock valued at $564,970,000 after buying an additional 430,355 shares in the last quarter. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Lumentum

In other news, SVP Jae Kim sold 12,000 shares of the stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $852.58, for a total transaction of $10,230,960.00. Following the transaction, the senior vice president owned 37,804 shares of the company's stock, valued at approximately $32,230,934.32. This represents a 24.09% decrease in their position. The sale 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. Also, insider Vincent Retort sold 38,663 shares of the business's stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $852.59, for a total value of $32,963,687.17. Following the completion of the sale, the insider owned 78,440 shares of the company's stock, valued at approximately $66,877,159.60. This trade represents a 33.02% 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. Over the last quarter, insiders sold 94,496 shares of company stock valued at $85,978,498. Insiders own 0.43% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. UBS Group set a $820.00 target price on shares of Lumentum in a research report on Wednesday, August 12th. Morgan Stanley increased their price objective on Lumentum from $900.00 to $1,000.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 12th. Raymond James Financial reiterated an "outperform" rating and issued a $1,036.00 target price on shares of Lumentum in a report on Wednesday, August 12th. TD Cowen upped their price objective on shares of Lumentum from $800.00 to $820.00 and gave the company a "hold" rating in a research note on Wednesday, August 12th. Finally, Citigroup boosted their price target on shares of Lumentum from $1,200.00 to $1,400.00 and gave the company a "buy" rating in a report on Monday, September 28th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Lumentum has a consensus rating of "Moderate Buy" and an average price target of $1,078.75.

Lumentum Stock Up 0.4%

NASDAQ LITE traded up $3.91 during trading on Monday, reaching $1,089.33. The company's stock had a trading volume of 1,861,181 shares, compared to its average volume of 5,509,059. The company has a current ratio of 1.68, a quick ratio of 1.40 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $97.71 billion, a PE ratio of -13.24 and a beta of 1.53. Lumentum Holdings Inc. has a 1-year low of $147.81 and a 1-year high of $1,124.40. The business has a 50-day moving average price of $881.39 and a 200-day moving average price of $857.35.

Lumentum (NASDAQ:LITE - Get Free Report) last released its quarterly earnings results on Tuesday, August 11th. The technology company reported $3.23 earnings per share for the quarter, beating analysts' consensus estimates of $2.97 by $0.26. Lumentum had a negative net margin of 230.15% and a positive return on equity of 26.34%. The business had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $987.70 million. During the same quarter last year, the firm earned $0.88 EPS. Lumentum's revenue for the quarter was up 109.3% on a year-over-year basis. Lumentum has set its Q1 2027 guidance at 4.050-4.350 EPS. On average, research analysts forecast that Lumentum Holdings Inc. will post 19.78 earnings per share for the current fiscal year.

More Lumentum News

Here are the key news stories impacting Lumentum this week:

• Positive Sentiment: Analyst support strengthened. Rosenblatt Securities reaffirmed its “buy” rating and set a $1,300 price target, while Stifel Nicolaus raised its target from $1,100 to $1,232 and also assigned a “buy” rating. The higher targets reinforce expectations for additional upside. Lumentum Given Buy Rating at Rosenblatt Securities Lumentum Stock Gets Price Target Bump from Stifel Nicolaus
• Positive Sentiment: AI-driven demand remains the main catalyst. Recent coverage highlights expanding demand for Lumentum’s optical products from AI infrastructure and cloud-computing buildouts. Nvidia-related developments are also being viewed as a potential catalyst for the company’s AI-optics business. Nvidia Gave Lumentum Stock a New AI Catalyst Automatic Data Processing vs. Lumentum
• Positive Sentiment: Operating momentum is strong. Lumentum recently reported quarterly revenue of $1.01 billion, up 109.3% year over year, and adjusted EPS of $3.23, exceeding analyst expectations. Management’s next-quarter EPS guidance of $4.05 to $4.35 further supports the bullish outlook. Lumentum Revenue Growth Report
• Neutral Sentiment: Technical and valuation debate. Analysts and market commentators see potential for the rally to continue, but the stock’s record-level valuation and proximity to major resistance could increase volatility or prompt profit-taking. Lumentum Stock Hits Crucial Resistance Lumentum AI Optics Valuation Debate

Lumentum Profile

Lumentum Holdings Inc is a photonics and optical technology company that develops and manufactures products used to transmit, process and manage light. Its solutions support communications networks, data centers, cloud computing infrastructure, industrial applications, and other technology markets that rely on high-speed optical connectivity and precision lasers.

The company's product portfolio includes optical components and modules for telecommunications and networking, lasers and laser systems, optical amplifiers, wavelength-management products, and photonic subsystems.

Want to see what other hedge funds are holding LITE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lumentum Holdings Inc. (NASDAQ:LITE - Free Report).

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.