Patten Group Inc. Buys Shares of 824 Lumentum Holdings Inc. $LITE

Patten Group Inc. bought a new position in Lumentum Holdings Inc. (NASDAQ:LITE) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 824 shares of the technology company’s stock, valued at approximately $579,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Hilton Head Capital Partners LLC purchased a new stake in Lumentum in the first quarter worth about $25,000. Wiser Advisor Group LLC grew its holdings in Lumentum by 6,000.0% during the 1st quarter. Wiser Advisor Group LLC now owns 61 shares of the technology company’s stock worth $43,000 after acquiring an additional 60 shares in the last quarter. SJS Investment Consulting Inc. increased its position in Lumentum by 687.5% during the 1st quarter. SJS Investment Consulting Inc. now owns 63 shares of the technology company’s stock valued at $44,000 after purchasing an additional 55 shares during the period. Truvestments Capital LLC increased its position in Lumentum by 300.0% during the 4th 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 period. Finally, V Square Quantitative Management LLC bought a new stake in shares of Lumentum in the 4th quarter valued at about $28,000. Institutional investors own 94.05% of the company’s stock.

Insider Activity

In other news, Director Brian Lillie sold 11,951 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $981.64, for a total transaction of $11,731,579.64. Following the transaction, the director directly owned 13,959 shares in the company, valued at $13,702,712.76. The trade was a 46.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Vincent Retort sold 3,183 shares of Lumentum stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $953.95, for a total transaction 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 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. Insiders sold a total of 41,260 shares of company stock valued at $38,859,220 in the last ninety days. 0.43% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Citic Securities upped their price target on shares of Lumentum from $620.00 to $1,186.00 in a research report on Monday, May 11th. Jefferies Financial Group reissued a “buy” rating and set a $1,200.00 price objective on shares of Lumentum in a report on Wednesday, May 6th. TD Cowen upped their target price on Lumentum from $875.00 to $995.00 and gave the stock a “hold” rating in a report on Wednesday, May 6th. Stifel Nicolaus upped their target price on Lumentum from $800.00 to $1,100.00 and gave the stock a “buy” rating in a report on Tuesday, May 5th. Finally, Mizuho set a $1,100.00 target price on Lumentum in a research report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,021.95.

Lumentum Price Performance

NASDAQ:LITE opened at $728.32 on Friday. The firm has a market capitalization of $56.66 billion, a P/E ratio of 134.87 and a beta of 1.48. Lumentum Holdings Inc. has a 1-year low of $88.93 and a 1-year high of $1,085.68. The company’s fifty day moving average price is $892.56 and its 200-day moving average price is $683.79. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.14 and a quick ratio of 0.97.

Lumentum (NASDAQ:LITE) last posted its earnings results on Tuesday, May 5th. The technology company reported $2.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.27 by $0.10. The firm 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%. The business’s revenue was up 90.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.57 EPS. Lumentum has set its Q4 2026 guidance at 2.850-3.050 EPS. As a group, equities research analysts anticipate that Lumentum Holdings Inc. will post 6.4 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.