Lumentum Holdings Inc. $LITE Shares Sold by Greenland Capital Management LP

Greenland Capital Management LP trimmed its holdings in Lumentum Holdings Inc. (NASDAQ:LITE) by 58.2% in the 2nd quarter, HoldingsChannel reports. The fund owned 510 shares of the technology company’s stock after selling 711 shares during the quarter. Greenland Capital Management LP’s holdings in Lumentum were worth $438,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Washington Trust Advisors Inc. purchased a new stake in Lumentum in the second quarter valued at $61,000. Ameritas Advisory Services LLC purchased a new position in shares of Lumentum during the 2nd quarter worth $616,000. Wedmont Private Capital grew its holdings in shares of Lumentum by 16.2% during the 2nd quarter. Wedmont Private Capital now owns 1,586 shares of the technology company’s stock worth $1,272,000 after purchasing an additional 221 shares during the period. HB Wealth Management LLC increased its position in shares of Lumentum by 16.8% during the 2nd quarter. HB Wealth Management LLC now owns 2,527 shares of the technology company’s stock worth $2,168,000 after purchasing an additional 364 shares during the last quarter. Finally, Saudi Central Bank increased its position in shares of Lumentum by 91.0% during the 2nd quarter. Saudi Central Bank now owns 4,998 shares of the technology company’s stock worth $4,289,000 after purchasing an additional 2,381 shares during the last quarter. Institutional investors and hedge funds own 94.05% of the company’s stock.

Analysts Set New Price Targets

LITE has been the topic of a number of recent analyst reports. Mizuho upped their target price on shares of Lumentum from $1,100.00 to $1,140.00 and gave the company an “outperform” rating in a research report on Wednesday, August 12th. Rosenblatt Securities reiterated a “buy” rating and set a $1,300.00 price target on shares of Lumentum in a research report on Wednesday, August 12th. Raymond James Financial reissued an “outperform” rating and issued a $1,036.00 price target on shares of Lumentum in a research note on Wednesday, August 12th. Weiss Ratings lowered shares of Lumentum from a “hold (c-)” rating to a “sell (d-)” rating in a report on Wednesday, August 19th. Finally, Citic Securities increased their price objective on shares of Lumentum from $620.00 to $1,186.00 in a research report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $1,053.83.

Insider Buying and Selling

In other news, CEO Michael Hurlston sold 548 shares of Lumentum stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $958.66, for a total value of $525,345.68. Following the completion of the transaction, the chief executive officer owned 186,951 shares in the company, valued at approximately $179,222,445.66. This trade represents a 0.29% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Jae Kim sold 12,000 shares of the business’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $852.58, for a total value of $10,230,960.00. Following the transaction, the senior vice president directly owned 37,804 shares of the company’s stock, valued at approximately $32,230,934.32. This represents a 24.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 65,147 shares of company stock worth $55,812,856 over the last 90 days. 0.43% of the stock is currently owned by company insiders.

Lumentum Stock Performance

NASDAQ:LITE opened at $881.26 on Tuesday. Lumentum Holdings Inc. has a 52 week low of $144.20 and a 52 week high of $1,085.68. The company has a fifty day simple moving average of $815.21 and a two-hundred day simple moving average of $819.50. The company has a quick ratio of 1.40, a current ratio of 1.68 and a debt-to-equity ratio of 0.01. The company has a market cap of $79.05 billion, a price-to-earnings ratio of -10.72 and a beta of 1.53.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Tuesday, August 11th. The technology company reported $3.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.97 by $0.26. The business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $987.70 million. Lumentum had a positive return on equity of 26.34% and a negative net margin of 230.15%.The company’s revenue for the quarter was up 109.3% compared to the same quarter last year. During the same period last year, the firm earned $0.88 earnings per share. Lumentum has set its Q1 2027 guidance at 4.050-4.350 EPS. As a group, equities analysts anticipate that Lumentum Holdings Inc. will post 19.78 earnings per share for the current fiscal 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.