New York State Teachers Retirement System Sells 3,421 Shares of Lumentum Holdings Inc. $LITE

Key Points

• New York State Teachers Retirement System trimmed its stake in Lumentum by 4.9%, selling 3,421 shares and now holding 67,070 shares valued at about $24.72 million.
• Research firms have been raising targets on Lumentum sharply—JPMorgan to $950 and Susquehanna and Citi to $1,100—leaving an average analyst rating of "Moderate Buy" and an average price target of $757.25.
• Insiders have been net sellers, offloading 65,775 shares worth roughly $38.85 million in the last 90 days (including sales by the CFO), even as institutional investors own 94.05% of the stock and the company recently reported a strong earnings beat with revenue up 65.5% year-over-year.

New York State Teachers Retirement System decreased its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 4.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 67,070 shares of the technology company's stock after selling 3,421 shares during the quarter. New York State Teachers Retirement System owned 0.09% of Lumentum worth $24,721,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Lumentum by 0.6% during the third quarter. Vanguard Group Inc. now owns 7,485,282 shares of the technology company's stock valued at $1,217,930,000 after buying an additional 41,975 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Lumentum by 8,579.2% during the third quarter. Arrowstreet Capital Limited Partnership now owns 1,563,210 shares of the technology company's stock valued at $254,350,000 after buying an additional 1,545,199 shares during the last quarter. Alliancebernstein L.P. grew its holdings in shares of Lumentum by 4.4% during the third quarter. Alliancebernstein L.P. now owns 1,085,119 shares of the technology company's stock valued at $176,560,000 after buying an additional 45,953 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Lumentum by 707.0% during the fourth quarter. Assenagon Asset Management S.A. now owns 994,478 shares of the technology company's stock valued at $366,555,000 after buying an additional 871,249 shares during the last quarter. Finally, Holocene Advisors LP purchased a new stake in shares of Lumentum during the third quarter valued at approximately $136,401,000. Hedge funds and other institutional investors own 94.05% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently commented on LITE. JPMorgan Chase & Co. increased their price target on shares of Lumentum to $950.00 and gave the company an "overweight" rating in a report on Thursday, April 9th. Susquehanna increased their price target on shares of Lumentum from $550.00 to $1,100.00 and gave the company a "positive" rating in a report on Monday, April 20th. Citigroup increased their price target on shares of Lumentum from $800.00 to $1,100.00 and gave the company a "buy" rating in a report on Tuesday, April 21st. UBS Group increased their price target on shares of Lumentum from $215.00 to $455.00 and gave the company a "neutral" rating in a report on Wednesday, February 4th. Finally, Zacks Research cut shares of Lumentum from a "strong-buy" rating to a "hold" rating in a report on Monday, April 13th. Eleven research 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, the company presently has an average rating of "Moderate Buy" and an average price target of $757.25.

Insider Activity at Lumentum

In other news, insider Vincent Retort sold 3,441 shares of Lumentum stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $545.78, for a total transaction of $1,878,028.98. Following the transaction, the insider owned 95,975 shares in the company, valued at $52,381,235.50. This trade represents a 3.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Wajid Ali sold 5,302 shares of Lumentum stock in a transaction on Friday, February 27th. The stock was sold at an average price of $691.13, for a total transaction of $3,664,371.26. Following the transaction, the chief financial officer owned 66,287 shares in the company, valued at $45,812,934.31. This represents a 7.41% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 65,775 shares of company stock worth $38,851,343. Company insiders own 0.43% of the company's stock.

Lumentum Trading Up 5.3%

Shares of LITE stock opened at $949.93 on Friday. Lumentum Holdings Inc. has a 12-month low of $60.38 and a 12-month high of $985.13. The company has a current ratio of 0.61, a quick ratio of 0.45 and a debt-to-equity ratio of 0.06. The firm's 50 day moving average is $760.12 and its 200 day moving average is $484.10. The stock has a market capitalization of $67.83 billion, a P/E ratio of 291.39 and a beta of 1.53.

Lumentum (NASDAQ:LITE - Get Free Report) last issued its earnings results on Tuesday, February 3rd. The technology company reported $1.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.26. Lumentum had a net margin of 11.95% and a return on equity of 17.27%. The company had revenue of $665.50 million for the quarter, compared to analysts' expectations of $646.74 million. During the same quarter last year, the company posted $0.42 earnings per share. The firm's quarterly revenue was up 65.5% on a year-over-year basis. Lumentum has set its Q3 2026 guidance at 2.150-2.350 EPS. Research analysts expect that Lumentum Holdings Inc. will post 5.87 earnings per share 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.

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