New York Life Investment Management LLC Purchases New Holdings in Lumentum Holdings Inc. $LITE

Key Points

• New York Life Investment Management disclosed a new fourth-quarter stake in Lumentum Holdings, buying 6,875 shares valued at about $2.53 million.
• Several other institutional investors also increased or initiated positions in Lumentum, and hedge funds and institutions now own 94.05% of the company’s stock.
• Wall Street remains bullish: analysts have a consensus rating of “Moderate Buy” with an average price target of $1,012.43, while Lumentum recently beat earnings estimates and reported year-over-year revenue growth of 90.1%.

New York Life Investment Management LLC purchased a new stake in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 6,875 shares of the technology company's stock, valued at approximately $2,534,000.

Several other institutional investors have also recently made changes to their positions in LITE. Allworth Financial LP boosted its holdings in shares of Lumentum by 6.4% in the 3rd quarter. Allworth Financial LP now owns 784 shares of the technology company's stock valued at $128,000 after buying an additional 47 shares during the last quarter. Oregon Public Employees Retirement Fund increased its holdings in Lumentum by 0.4% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 14,130 shares of the technology company's stock worth $5,208,000 after buying an additional 60 shares during the last quarter. Northwestern Mutual Investment Management Company LLC increased its holdings in Lumentum by 0.4% during the third quarter. Northwestern Mutual Investment Management Company LLC now owns 15,559 shares of the technology company's stock worth $2,532,000 after buying an additional 64 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its position in Lumentum by 58.9% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 205 shares of the technology company's stock worth $76,000 after acquiring an additional 76 shares in the last quarter. Finally, V Square Quantitative Management LLC acquired a new stake in Lumentum in the fourth quarter valued at $28,000. Institutional investors and hedge funds own 94.05% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Citic Securities lifted their price objective on shares of Lumentum from $620.00 to $1,186.00 in a research report on Monday, May 11th. Needham & Company LLC upped their target price on shares of Lumentum from $880.00 to $1,040.00 and gave the company a "buy" rating in a report on Tuesday, April 21st. JPMorgan Chase & Co. lifted their price target on Lumentum from $950.00 to $1,130.00 and gave the stock an "overweight" rating in a report on Wednesday, May 6th. Northland Securities set a $1,000.00 price target on Lumentum in a research report on Monday, April 20th. Finally, Bank of America upped their price objective on Lumentum to $520.00 and gave the company a "neutral" rating in a research note on Wednesday, February 4th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $1,012.43.

Insider Buying and Selling

In other news, Director Brian Lillie sold 11,951 shares of the stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $981.64, for a total transaction of $11,731,579.64. Following the transaction, the director owned 13,959 shares in the company, valued at approximately $13,702,712.76. This trade represents a 46.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ian Small sold 3,500 shares of Lumentum stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $911.17, for a total value of $3,189,095.00. Following the sale, the director directly owned 25,962 shares of the company's stock, valued at approximately $23,655,795.54. The trade was a 11.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 25,890 shares of company stock valued at $23,539,466 in the last ninety days. 0.43% of the stock is currently owned by company insiders.

Lumentum Stock Performance

NASDAQ LITE opened at $884.98 on Tuesday. The stock has a market cap of $68.85 billion, a PE ratio of 163.89 and a beta of 1.53. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.97 and a current ratio of 1.14. The firm has a 50-day moving average of $814.64 and a 200-day moving average of $542.47. Lumentum Holdings Inc. has a 52-week low of $71.04 and a 52-week high of $1,085.68.

Lumentum (NASDAQ:LITE - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The technology company reported $2.37 EPS for the quarter, beating analysts' consensus estimates of $2.27 by $0.10. The business had revenue of $808.40 million for the quarter, compared to analyst estimates of $810.21 million. Lumentum had a net margin of 17.61% and a return on equity of 24.81%. Lumentum's quarterly revenue was up 90.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.57 EPS. Lumentum has set its Q4 2026 guidance at 2.850-3.050 EPS. On average, sell-side analysts anticipate that Lumentum Holdings Inc. will post 6.49 EPS for the current year.

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.

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.