New York State Teachers Retirement System Sells 9,028 Shares of Lumentum Holdings Inc. $LITE

Key Points

• New York State Teachers Retirement System cut its Lumentum position by 13.5% in the first quarter, selling 9,028 shares and leaving it with 58,042 shares worth about $40.8 million.
• Insider selling has also been active, with executives and directors selling a total of 41,260 shares over the last 90 days, worth about $38.9 million.
• Analyst sentiment remains upbeat: Lumentum has a consensus rating of “Moderate Buy,” with multiple firms raising price targets and the average target at $1,021.95.

New York State Teachers Retirement System trimmed its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 13.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 58,042 shares of the technology company's stock after selling 9,028 shares during the period. New York State Teachers Retirement System owned approximately 0.08% of Lumentum worth $40,790,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of LITE. Hilton Head Capital Partners LLC purchased a new position in shares of Lumentum in the first quarter valued at $25,000. EverSource Wealth Advisors LLC raised its stake in Lumentum by 363.9% during the third quarter. EverSource Wealth Advisors LLC now owns 167 shares of the technology company's stock valued at $27,000 after purchasing an additional 131 shares in the last quarter. V Square Quantitative Management LLC bought a new position in Lumentum during the fourth quarter valued at $28,000. Truvestments Capital LLC lifted its position in Lumentum by 300.0% during the fourth quarter. Truvestments Capital LLC now owns 76 shares of the technology company's stock valued at $28,000 after purchasing an additional 57 shares during the last quarter. Finally, Triumph Capital Management purchased a new position in shares of Lumentum in the 4th quarter worth $30,000. 94.05% of the stock is currently owned by institutional investors.

Insider Activity at Lumentum

In other Lumentum news, insider Vincent Retort sold 3,183 shares of the company's stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $953.95, for a total value of $3,036,422.85. Following the transaction, the insider directly owned 89,563 shares in the company, valued at $85,438,623.85. This represents a 3.43% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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. Also, Director Isaac Hosojiro Harris sold 1,416 shares of the firm's stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $1,000.08, for a total transaction of $1,416,113.28. Following the transaction, the director directly owned 6,984 shares in the company, valued at approximately $6,984,558.72. This trade represents a 16.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 41,260 shares of company stock worth $38,859,220 over the last ninety days. 0.43% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

LITE has been the topic of a number of research reports. Loop Capital boosted their target price on shares of Lumentum from $900.00 to $1,400.00 and gave the stock a "buy" rating in a report on Tuesday, May 5th. Needham & Company LLC reaffirmed a "buy" rating and issued a $1,040.00 price target on shares of Lumentum in a report on Tuesday, June 9th. Citigroup lifted their price target on Lumentum from $800.00 to $1,100.00 and gave the stock a "buy" rating in a research report on Tuesday, April 21st. B. Riley Financial reissued a "buy" rating on shares of Lumentum in a research note on Friday, May 1st. Finally, Zacks Research upgraded Lumentum from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $1,021.95.

Lumentum Price Performance

NASDAQ:LITE opened at $728.32 on Friday. Lumentum Holdings Inc. has a twelve month low of $88.93 and a twelve month high of $1,085.68. The company has a market cap of $56.66 billion, a price-to-earnings ratio of 134.87 and a beta of 1.48. The stock has a fifty day simple moving average of $892.56 and a 200-day simple moving average of $683.79. The company has a current ratio of 1.14, a quick ratio of 0.97 and a debt-to-equity ratio of 0.01.

Lumentum (NASDAQ:LITE - Get Free Report) last issued its earnings results on Tuesday, May 5th. The technology company reported $2.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.27 by $0.10. The firm had revenue of $808.40 million during 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%. The business's revenue was up 90.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.57 earnings per share. Lumentum has set its Q4 2026 guidance at 2.850-3.050 EPS. Analysts anticipate that Lumentum Holdings Inc. will post 6.4 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.

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