Smith Group Asset Management LLC Sells 2,755 Shares of Lumentum Holdings Inc. $LITE

Smith Group Asset Management LLC cut its stake in Lumentum Holdings Inc. (NASDAQ:LITE) by 71.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,096 shares of the technology company’s stock after selling 2,755 shares during the quarter. Smith Group Asset Management LLC’s holdings in Lumentum were worth $770,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Sunbelt Securities Inc. bought a new stake in Lumentum during the first quarter valued at about $79,000. EverSource Wealth Advisors LLC raised its holdings in Lumentum by 270.5% in the first quarter. EverSource Wealth Advisors LLC now owns 415 shares of the technology company’s stock worth $292,000 after purchasing an additional 303 shares in the last quarter. California State Teachers Retirement System raised its holdings in Lumentum by 21.9% in the first quarter. California State Teachers Retirement System now owns 82,030 shares of the technology company’s stock worth $57,647,000 after purchasing an additional 14,737 shares in the last quarter. Regal Partners Ltd purchased a new stake in shares of Lumentum during the first quarter valued at about $1,415,000. Finally, Empowered Funds LLC lifted its position in shares of Lumentum by 21.5% during the first quarter. Empowered Funds LLC now owns 5,075 shares of the technology company’s stock valued at $3,567,000 after buying an additional 899 shares during the last quarter. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

Lumentum Stock Performance

LITE opened at $651.93 on Wednesday. The company has a market cap of $50.72 billion, a P/E ratio of 120.73 and a beta of 1.48. The company has a quick ratio of 0.97, a current ratio of 1.14 and a debt-to-equity ratio of 0.01. The firm’s 50-day moving average price is $836.46 and its 200-day moving average price is $732.51. Lumentum Holdings Inc. has a 52-week low of $101.61 and a 52-week high of $1,085.68.

Lumentum (NASDAQ:LITE) last released its earnings results on Tuesday, May 5th. The technology company reported $2.37 EPS for the quarter, topping analysts’ consensus estimates of $2.27 by $0.10. The company had revenue of $808.40 million during the quarter, compared to analysts’ expectations of $810.21 million. Lumentum had a net margin of 17.61% and a return on equity of 24.81%. Lumentum’s revenue for the quarter was up 90.1% on a year-over-year basis. During the same period last year, the business earned $0.57 EPS. Lumentum has set its Q4 2026 guidance at 2.850-3.050 EPS. As a group, equities analysts anticipate that Lumentum Holdings Inc. will post 6.42 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on LITE shares. Raymond James Financial reaffirmed an “outperform” rating and issued a $1,014.00 price objective on shares of Lumentum in a research report on Wednesday, May 6th. Zacks Research cut shares of Lumentum from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Barclays lifted their price target on shares of Lumentum from $750.00 to $1,000.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 6th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Lumentum in a research report on Friday, July 17th. Finally, Northland Securities increased their price objective on Lumentum from $1,000.00 to $1,200.00 and gave the company an “outperform” rating in a report on Wednesday, June 3rd. Fourteen research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,012.67.

Insiders Place Their Bets

In other news, Director Isaac Hosojiro Harris sold 4,000 shares of Lumentum stock in a transaction on Friday, May 29th. The shares were sold at an average price of $860.00, for a total transaction of $3,440,000.00. Following the completion of the sale, the director directly owned 8,400 shares in the company, valued at approximately $7,224,000. The trade was a 32.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Vincent Retort sold 3,183 shares of the business’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $953.95, for a total transaction of $3,036,422.85. Following the sale, the insider directly owned 89,563 shares in the company, valued at $85,438,623.85. This trade represents a 3.43% 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. In the last quarter, insiders have sold 41,260 shares of company stock valued at $38,859,220. Corporate insiders own 0.43% of the company’s stock.

About Lumentum

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.