PNC Financial Services Group Inc. Sells 1,423 Shares of Lumentum Holdings Inc. $LITE

PNC Financial Services Group Inc. cut its position in Lumentum Holdings Inc. (NASDAQ:LITE) by 15.3% in the 4th quarter, Holdings Channel.com reports. The firm owned 7,854 shares of the technology company’s stock after selling 1,423 shares during the period. PNC Financial Services Group Inc.’s holdings in Lumentum were worth $2,895,000 at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Morgan Stanley boosted their price target on shares of Lumentum from $710.00 to $900.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 6th. Raymond James Financial restated an “outperform” rating and issued a $1,014.00 target price on shares of Lumentum in a report on Wednesday, May 6th. Northland Securities set a $1,000.00 price target on shares of Lumentum in a research report on Monday, April 20th. JPMorgan Chase & Co. boosted their price objective on Lumentum from $950.00 to $1,130.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Finally, Mizuho set a $1,100.00 price objective on shares of Lumentum in a research report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $1,012.43.

Insider Activity

In other news, CFO Wajid Ali sold 2,487 shares of the stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $953.95, for a total value of $2,372,473.65. Following the completion of the sale, the chief financial officer directly owned 60,951 shares of the company’s stock, valued at $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 SEC, which is available through this hyperlink. 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 company’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $953.95, for a total value of $1,356,516.90. Following the sale, the senior vice president owned 32,333 shares of the company’s stock, valued at $30,844,065.35. This trade represents a 4.21% decrease in their position. 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. In the last three months, insiders sold 41,146 shares of company stock worth $37,667,478. Company insiders own 0.43% of the company’s stock.

Lumentum Trading Down 3.8%

NASDAQ LITE opened at $910.81 on Wednesday. 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 52 week low of $71.04 and a 52 week high of $1,085.68. The business has a 50 day moving average price of $849.55 and a 200-day moving average price of $572.68. The company has a market cap of $70.86 billion, a price-to-earnings ratio of 168.67 and a beta of 1.53.

Lumentum (NASDAQ:LITE) last posted its quarterly 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. Lumentum had a net margin of 17.61% and a return on equity of 24.81%. The business had revenue of $808.40 million during the quarter, compared to the consensus estimate of $810.21 million. During the same quarter last year, the firm posted $0.57 EPS. Lumentum’s revenue was up 90.1% compared to the same quarter last year. Lumentum has set its Q4 2026 guidance at 2.850-3.050 EPS. As a group, equities analysts expect that Lumentum Holdings Inc. will post 6.49 earnings per share for the current fiscal 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.