Castleark Management LLC Cuts Stock Holdings in Lumentum Holdings Inc. $LITE

Castleark Management LLC lowered its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 97.5% during the first quarter, HoldingsChannel.com reports. The firm owned 770 shares of the technology company’s stock after selling 30,383 shares during the period. Castleark Management LLC’s holdings in Lumentum were worth $541,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in LITE. Advisors Asset Management Inc. grew its stake in shares of Lumentum by 36.8% during the 1st quarter. Advisors Asset Management Inc. now owns 945 shares of the technology company’s stock valued at $59,000 after buying an additional 254 shares during the period. NewEdge Advisors LLC raised its position in shares of Lumentum by 109.9% in the 1st quarter. NewEdge Advisors LLC now owns 11,986 shares of the technology company’s stock worth $747,000 after buying an additional 6,275 shares during the period. Empowered Funds LLC raised its position in shares of Lumentum by 9.1% in the 1st quarter. Empowered Funds LLC now owns 8,139 shares of the technology company’s stock worth $507,000 after buying an additional 680 shares during the period. Hsbc Holdings PLC acquired a new position in Lumentum in the second quarter valued at $298,000. Finally, Arrowstreet Capital Limited Partnership acquired a new position in Lumentum in the second quarter valued at $1,712,000. Institutional investors and hedge funds own 94.05% of the company’s stock.

Lumentum Price Performance

Shares of NASDAQ LITE opened at $711.96 on Tuesday. 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 Holdings Inc. has a 1-year low of $101.61 and a 1-year high of $1,085.68. The company has a market capitalization of $55.39 billion, a price-to-earnings ratio of 131.84 and a beta of 1.48. The business has a 50-day moving average of $841.23 and a 200-day moving average of $730.69.

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

Analyst Ratings Changes

LITE has been the subject of several research analyst reports. JPMorgan Chase & Co. upped their price target 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 lifted their price objective on Lumentum from $455.00 to $960.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Citigroup reissued a “buy” rating on shares of Lumentum in a research report on Thursday, July 16th. Barclays lifted their price target on shares of Lumentum from $750.00 to $1,000.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 6th. Finally, Rosenblatt Securities increased their price objective on shares of Lumentum from $900.00 to $1,300.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Fourteen research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,012.67.

Insider Activity at Lumentum

In other news, 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 completion of the transaction, the chief financial officer directly owned 60,951 shares in the company, valued at approximately $58,144,206.45. This represents a 3.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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, SVP Jae Kim sold 1,422 shares of the firm’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 $1,356,516.90. Following the sale, the senior vice president directly owned 32,333 shares of the company’s stock, valued at approximately $30,844,065.35. The trade was a 4.21% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 41,260 shares of company stock valued at $38,859,220. 0.43% of the stock is currently owned by corporate insiders.

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.