Renaissance Technologies LLC bought a new stake in Lumentum Holdings Inc. (NASDAQ:LITE – Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 202,838 shares of the technology company’s stock, valued at approximately $142,546,000. Renaissance Technologies LLC owned about 0.26% of Lumentum at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership lifted its stake in shares of Lumentum by 18.7% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,854,801 shares of the technology company’s stock valued at $683,661,000 after buying an additional 291,591 shares during the period. Geode Capital Management LLC lifted its position in Lumentum by 9.6% during the fourth quarter. Geode Capital Management LLC now owns 1,412,213 shares of the technology company’s stock worth $521,563,000 after buying an additional 123,265 shares during the period. Situational Awareness LP grew its holdings in Lumentum by 210.9% in the 4th quarter. Situational Awareness LP now owns 1,298,400 shares of the technology company’s stock valued at $478,577,000 after buying an additional 880,800 shares during the period. Norges Bank acquired a new position in shares of Lumentum during the 4th quarter valued at about $474,495,000. Finally, Value Aligned Research Advisors LLC acquired a new position in shares of Lumentum during the 4th quarter valued at about $432,062,000. 94.05% of the stock is currently owned by hedge funds and other institutional investors.
Lumentum Trading Down 8.5%
Shares of LITE stock opened at $762.99 on Friday. The stock has a market cap of $59.36 billion, a price-to-earnings ratio of 141.29 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. Lumentum Holdings Inc. has a fifty-two week low of $101.22 and a fifty-two week high of $1,085.68. The firm’s 50 day moving average price is $844.69 and its two-hundred day moving average price is $725.88.
Insider Buying and Selling at Lumentum
In related news, insider Yuen Wupen sold 3,210 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 transaction of $3,062,179.50. Following the completion of the sale, the insider directly owned 81,488 shares of the company’s stock, valued at approximately $77,735,477.60. This represents a 3.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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, Director Ian Small sold 4,954 shares of the stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $868.07, for a total value of $4,300,418.78. Following the completion of the sale, the director owned 21,008 shares of the company’s stock, valued at approximately $18,236,414.56. This represents a 19.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 41,260 shares of company stock worth $38,859,220. Corporate insiders own 0.43% of the company’s stock.
Analyst Upgrades and Downgrades
LITE has been the topic of a number of research analyst reports. Raymond James Financial reiterated an “outperform” rating and issued a $1,014.00 price target on shares of Lumentum in a report on Wednesday, May 6th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $1,200.00 target price on shares of Lumentum in a research report on Wednesday, May 6th. Stifel Nicolaus lifted their target price on Lumentum from $800.00 to $1,100.00 and gave the company a “buy” rating in a report on Tuesday, May 5th. Rosenblatt Securities lifted their target price on Lumentum from $900.00 to $1,300.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Finally, Zacks Research downgraded Lumentum from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Fourteen equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, Lumentum presently has an average rating of “Moderate Buy” and a consensus target price of $1,012.67.
Get Our Latest Research Report on Lumentum
Trending Headlines about Lumentum
Here are the key news stories impacting Lumentum this week:
- Positive Sentiment: Barclays recently upgraded Lumentum and cited expectations for continued earnings strength, keeping the photonics maker in focus ahead of its next earnings report.
- Positive Sentiment: Zacks highlighted Lumentum as one of three stocks worth buying after recent broker rating upgrades, reinforcing the bullish analyst backdrop.
- Positive Sentiment: Analysts now describe Lumentum as a “Moderate Buy,” reflecting broad Street confidence in the company’s outlook.
- Positive Sentiment: Recent coverage has tied Lumentum to AI and data-center spending themes, with investors expecting optical networking suppliers to benefit from ongoing infrastructure buildout.
- Neutral Sentiment: Investors are also watching Lumentum’s upcoming quarterly earnings preview, with results likely to be a key catalyst for the stock.
- Negative Sentiment: Short interest data showed 0 shares reported, so there is no meaningful bearish signal from the latest short-interest update.
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.
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