PNC Financial Services Group Inc. Sells 1,423 Shares of Lumentum Holdings Inc. $LITE

Key Points

• PNC Financial Services Group trimmed its Lumentum stake by 15.3% in the fourth quarter, selling 1,423 shares and leaving it with 7,854 shares valued at about $2.9 million.
• Several other institutional investors made large moves in Lumentum, and hedge funds/institutions now own about 94.05% of the company.
• Analysts remain generally bullish: Lumentum has a Moderate Buy consensus rating with an average price target of $1,012.43, while the company also posted strong quarterly results and raised guidance.

PNC Financial Services Group Inc. reduced its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 15.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,854 shares of the technology company's stock after selling 1,423 shares during the period. PNC Financial Services Group Inc.'s holdings in Lumentum were worth $2,895,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Arrowstreet Capital Limited Partnership grew its stake in shares of Lumentum by 8,579.2% in the third quarter. Arrowstreet Capital Limited Partnership now owns 1,563,210 shares of the technology company's stock worth $254,350,000 after acquiring an additional 1,545,199 shares during the last quarter. Assenagon Asset Management S.A. raised its position in Lumentum by 707.0% in the fourth quarter. Assenagon Asset Management S.A. now owns 994,478 shares of the technology company's stock worth $366,555,000 after purchasing an additional 871,249 shares in the last quarter. Holocene Advisors LP acquired a new position in shares of Lumentum in the 3rd quarter worth approximately $136,401,000. WT Asset Management Ltd lifted its holdings in shares of Lumentum by 170.0% during the third quarter. WT Asset Management Ltd now owns 710,208 shares of the technology company's stock valued at $115,558,000 after acquiring an additional 447,208 shares during the period. Finally, Federated Hermes Inc. lifted its holdings in Lumentum by 7,168.8% during the 3rd quarter. Federated Hermes Inc. now owns 362,352 shares of the technology company's stock valued at $58,958,000 after purchasing an additional 357,367 shares during the last quarter. Institutional investors and hedge funds own 94.05% of the company's stock.

Analyst Ratings Changes

LITE has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. boosted their price objective on Lumentum from $950.00 to $1,130.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 6th. UBS Group upped their target price on shares of Lumentum from $455.00 to $960.00 and gave the company a "neutral" rating in a research report on Wednesday, May 6th. Weiss Ratings reiterated a "hold (c)" rating on shares of Lumentum in a research report on Tuesday, April 21st. TD Cowen raised their price objective on Lumentum from $875.00 to $995.00 and gave the stock a "hold" rating in a research note on Wednesday, May 6th. Finally, Jefferies Financial Group restated a "buy" rating and set a $1,200.00 target price on shares of Lumentum in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $1,012.43.

Insider Buying and Selling

In other Lumentum news, insider Yuen Wupen sold 3,210 shares of the firm's stock in a transaction on Monday, May 18th. The stock was sold at an average price of $953.95, for a total transaction of $3,062,179.50. Following the transaction, the insider owned 81,488 shares in the company, valued at $77,735,477.60. This trade represents a 3.79% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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, CFO Wajid Ali sold 2,487 shares of the company's stock in a transaction on Monday, May 18th. The shares were sold at an average price of $953.95, for a total value of $2,372,473.65. Following the sale, the chief financial officer owned 60,951 shares of the company's stock, valued at approximately $58,144,206.45. The trade was a 3.92% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 41,146 shares of company stock valued at $37,667,478 in the last quarter. Corporate insiders own 0.43% of the company's stock.

Lumentum Trading Down 3.8%

Shares of Lumentum stock opened at $910.81 on Wednesday. The business has a fifty day simple moving average of $849.55 and a two-hundred day simple moving average of $572.68. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.14 and a quick ratio of 0.97. The company has a market capitalization of $70.86 billion, a price-to-earnings ratio of 168.67 and a beta of 1.53. Lumentum Holdings Inc. has a 1 year low of $71.04 and a 1 year 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. Lumentum had a net margin of 17.61% and a return on equity of 24.81%. The business had revenue of $808.40 million for the quarter, compared to analyst estimates of $810.21 million. During the same quarter in the prior year, the business earned $0.57 EPS. Lumentum's quarterly revenue was up 90.1% on a year-over-year basis. Lumentum has set its Q4 2026 guidance at 2.850-3.050 EPS. Research analysts forecast that Lumentum Holdings Inc. will post 6.49 EPS for the current year.

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.

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