iA Global Asset Management Inc. Cuts Position in Lumentum Holdings Inc. $LITE

Key Points

• iA Global Asset Management cut its Lumentum stake by 25.4% in the first quarter, leaving it with 15,270 shares worth about $10.7 million.
• Wall Street remains bullish on Lumentum, with analysts issuing multiple price-target hikes and a consensus rating of “Moderate Buy” at $1,021.95.
• Lumentum reported better-than-expected quarterly EPS of $2.37 and 90.1% year-over-year revenue growth, even as insider selling continued in recent months.

iA Global Asset Management Inc. cut its holdings in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 25.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,270 shares of the technology company's stock after selling 5,210 shares during the period. iA Global Asset Management Inc.'s holdings in Lumentum were worth $10,731,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of LITE. Nomura Asset Management Co. Ltd. raised its stake in Lumentum by 45.0% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 369,804 shares of the technology company's stock valued at $136,306,000 after acquiring an additional 114,714 shares during the period. Andar Capital Management HK Ltd bought a new position in Lumentum during the fourth quarter worth about $4,325,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Lumentum during the fourth quarter worth about $6,755,000. Maxi Investments CY Ltd purchased a new position in shares of Lumentum in the fourth quarter worth about $2,212,000. Finally, Estate Counselors LLC bought a new stake in shares of Lumentum in the fourth quarter valued at approximately $4,239,000. 94.05% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on LITE. BNP Paribas Exane upped their price target on shares of Lumentum from $1,040.00 to $1,300.00 in a research note on Wednesday, May 6th. Rosenblatt Securities boosted their target price on shares of Lumentum from $900.00 to $1,300.00 and gave the company a "buy" rating in a report on Wednesday, May 6th. Barclays increased their target price on Lumentum from $750.00 to $1,000.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 6th. Mizuho set a $1,100.00 price target on Lumentum in a report on Wednesday, May 6th. Finally, Raymond James Financial reiterated an "outperform" rating and issued a $1,014.00 price target on shares of Lumentum in a research report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $1,021.95.

Lumentum Trading Down 6.6%

Shares of LITE stock opened at $801.16 on Thursday. 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 Holdings Inc. has a 52-week low of $88.37 and a 52-week high of $1,085.68. The company has a market capitalization of $62.33 billion, a PE ratio of 148.36 and a beta of 1.48. The business's fifty day moving average is $897.63 and its 200 day moving average is $680.63.

Lumentum (NASDAQ:LITE - Get Free Report) last posted its earnings results on Tuesday, May 5th. The technology company reported $2.37 EPS for the quarter, topping the consensus estimate of $2.27 by $0.10. Lumentum had a return on equity of 24.81% and a net margin of 17.61%.The business had revenue of $808.40 million during the quarter, compared to analysts' expectations of $810.21 million. During the same period in the previous year, the business earned $0.57 earnings per share. The firm's revenue was up 90.1% on a year-over-year basis. Lumentum has set its Q4 2026 guidance at 2.850-3.050 EPS. On average, equities research analysts anticipate that Lumentum Holdings Inc. will post 6.4 EPS for the current fiscal year.

Insider Activity at Lumentum

In other news, Director Brian Lillie sold 11,951 shares of the stock in a transaction on Monday, May 11th. The shares were sold at an average price of $981.64, for a total value of $11,731,579.64. Following the transaction, the director owned 13,959 shares of the company's stock, valued at $13,702,712.76. This represents a 46.13% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Vincent Retort sold 3,183 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $953.95, for a total transaction of $3,036,422.85. Following the completion of the transaction, the insider directly owned 89,563 shares in the company, valued at $85,438,623.85. The trade was a 3.43% decrease in their position. 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. Insiders have sold 41,260 shares of company stock valued at $38,859,220 in the last ninety days. Insiders own 0.43% of the company's stock.

Lumentum Company 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.

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.