Parkway Wealth Management Group LLC Acquires 4,047 Shares of Lumentum Holdings Inc. $LITE

Parkway Wealth Management Group LLC bought a new stake in Lumentum Holdings Inc. (NASDAQ:LITE) during the third quarter, HoldingsChannel.com reports. The firm bought 4,047 shares of the technology company’s stock, valued at approximately $3,931,000.

Other hedge funds also recently made changes to their positions in the company. Jupiter Topco LLC bought a new stake in shares of Lumentum during the 2nd quarter valued at approximately $1,621,396,000. Amundi lifted its stake in Lumentum by 188.7% in the 2nd quarter. Amundi now owns 658,427 shares of the technology company’s stock valued at $564,970,000 after purchasing an additional 430,355 shares during the last quarter. WT Asset Management Ltd bought a new position in Lumentum in the 2nd quarter valued at approximately $494,688,000. Janus Henderson Group PLC boosted its position in Lumentum by 163.2% in the first quarter. Janus Henderson Group PLC now owns 567,182 shares of the technology company’s stock valued at $398,590,000 after buying an additional 351,676 shares in the last quarter. Finally, Legal & General Group Plc acquired a new stake in Lumentum in the second quarter valued at approximately $376,539,000. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Zacks Research cut shares of Lumentum from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 12th. TD Cowen raised their price objective on Lumentum from $800.00 to $820.00 and gave the company a “hold” rating in a report on Wednesday, August 12th. Stifel Nicolaus boosted their price objective on Lumentum from $1,100.00 to $1,232.00 and gave the stock a “buy” rating in a research report on Monday, October 5th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $1,300.00 target price on shares of Lumentum in a report on Monday, October 5th. Finally, Raymond James Financial reiterated an “outperform” rating and issued a $1,036.00 target price on shares of Lumentum in a research report on Wednesday, August 12th. Sixteen analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $1,078.75.

Insider Activity

In related news, CFO Wajid Ali sold 24,542 shares of Lumentum stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $1,048.50, for a total value of $25,732,287.00. Following the transaction, the chief financial officer directly owned 75,074 shares of the company’s stock, valued at $78,715,089. The trade was a 24.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Yuen Wupen sold 307 shares of the company’s stock in a transaction that occurred on Tuesday, September 29th. The shares were sold at an average price of $945.00, for a total value of $290,115.00. Following the completion of the sale, the insider owned 108,320 shares in the company, valued at $102,362,400. The trade was a 0.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 94,496 shares of company stock valued at $85,978,498. Insiders own 0.28% of the company’s stock.

Lumentum Stock Performance

Shares of Lumentum stock opened at $834.51 on Tuesday. The company has a quick ratio of 1.40, a current ratio of 1.68 and a debt-to-equity ratio of 0.01. Lumentum Holdings Inc. has a twelve month low of $152.54 and a twelve month high of $1,143.00. The stock has a market cap of $75.59 billion, a price-to-earnings ratio of -10.15 and a beta of 1.53. The company’s fifty day moving average is $931.90 and its 200 day moving average is $878.55.

Lumentum (NASDAQ:LITE) last announced its earnings results on Tuesday, August 11th. The technology company reported $3.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.97 by $0.26. The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $987.70 million. Lumentum had a positive return on equity of 26.34% and a negative net margin of 230.15%. Lumentum’s revenue for the quarter was up 109.3% compared to the same quarter last year. During the same period last year, the company earned $0.88 EPS. Lumentum has set its Q1 2027 guidance at 4.050-4.350 EPS. Sell-side analysts forecast that Lumentum Holdings Inc. will post 19.79 EPS for the current year.

Lumentum Profile

Lumentum Holdings Inc is a technology company that designs and manufactures optical and photonic products for communications networks, industrial applications, and consumer electronics. Its portfolio includes optical components, modules, and subsystems used in fiber-optic networks, data centers, cloud computing infrastructure, telecommunications equipment, and high-speed connectivity systems.

The company also develops laser products for applications such as industrial processing, sensing, three-dimensional imaging, and other specialized commercial and consumer uses.