OVERSEA CHINESE BANKING Corp Ltd Buys Shares of 12,228 Lumentum Holdings Inc. $LITE

OVERSEA CHINESE BANKING Corp Ltd purchased a new position in Lumentum Holdings Inc. (NASDAQ:LITE) in the second quarter, HoldingsChannel reports. The institutional investor purchased 12,228 shares of the technology company’s stock, valued at approximately $10,486,000.

Other institutional investors have also recently made changes to their positions in the company. Algebris UK Ltd. purchased a new stake in shares of Lumentum during the 2nd quarter valued at $924,000. E Fund Management Co. Ltd. bought a new stake in shares of Lumentum during the 2nd quarter worth $14,677,000. Westport Asset Management Inc. purchased a new position in Lumentum in the second quarter worth $8,152,000. Oriental Harbor Investment Master Fund purchased a new position in Lumentum in the second quarter worth $22,414,000. Finally, Csenge Advisory Group purchased a new position in Lumentum in the second quarter worth $508,000. Institutional investors own 94.05% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on LITE shares. Northland Securities raised their price target on Lumentum from $1,000.00 to $1,200.00 and gave the company an “outperform” rating in a research report on Wednesday, June 3rd. Morgan Stanley lifted their price target on Lumentum from $900.00 to $1,000.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 12th. JPMorgan Chase & Co. upped their price objective on Lumentum from $1,165.00 to $1,280.00 and gave the stock an “overweight” rating in a report on Wednesday, August 12th. Needham & Company LLC reiterated a “buy” rating and set a $1,040.00 price objective on shares of Lumentum in a research report on Wednesday, August 12th. Finally, Zacks Research cut Lumentum from a “strong-buy” rating to a “hold” rating in a report on Monday, July 6th. Thirteen analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, Lumentum currently has an average rating of “Moderate Buy” and an average price target of $1,044.67.

Insider Transactions at Lumentum

In related news, insider Vincent Retort sold 3,183 shares of the stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $909.43, for a total transaction of $2,894,715.69. Following the completion of the sale, the insider directly owned 114,495 shares in the company, valued at $104,125,187.85. This represents a 2.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available 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 1,366 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $909.43, for a total value of $1,242,281.38. Following the transaction, the senior vice president owned 45,973 shares in the company, valued at approximately $41,809,225.39. The trade was a 2.89% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 9,965 shares of company stock worth $8,993,110. Company insiders own 0.43% of the company’s stock.

Lumentum Price Performance

Shares of NASDAQ:LITE opened at $879.28 on Friday. The stock has a market cap of $78.87 billion, a PE ratio of -10.70 and a beta of 1.50. The company’s fifty day moving average is $810.86 and its 200 day moving average is $789.68. Lumentum Holdings Inc. has a 52 week low of $115.21 and a 52 week high of $1,085.68. The company has a quick ratio of 1.40, a current ratio of 1.68 and a debt-to-equity ratio of 0.01.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings results on Tuesday, August 11th. The technology company reported $3.23 earnings per share for the quarter, topping the consensus estimate of $2.97 by $0.26. Lumentum had a negative net margin of 230.15% and a positive return on equity of 26.34%. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $987.70 million. During the same period in the previous year, the firm posted $0.88 earnings per share. The firm’s revenue for the quarter was up 109.3% on a year-over-year basis. Lumentum has set its Q1 2027 guidance at 4.050-4.350 EPS. Research analysts anticipate that Lumentum Holdings Inc. will post 16.95 earnings per share for the current year.

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.