Lumentum Holdings Inc. $LITE Stock Sold by Fifth Third Bancorp

Fifth Third Bancorp trimmed its holdings in Lumentum Holdings Inc. (NASDAQ:LITE) by 16.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,109 shares of the technology company’s stock after selling 3,482 shares during the quarter. Fifth Third Bancorp’s holdings in Lumentum were worth $16,617,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Artemis Wealth Advisors LLC increased its holdings in shares of Lumentum by 28.6% during the third quarter. Artemis Wealth Advisors LLC now owns 4,500 shares of the technology company’s stock valued at $4,371,000 after purchasing an additional 1,000 shares during the period. FDx Advisors Inc. bought a new stake in shares of Lumentum during the third quarter valued at about $246,000. Maryland State Retirement & Pension System raised its stake in shares of Lumentum by 25.7% during the third quarter. Maryland State Retirement & Pension System now owns 4,761 shares of the technology company’s stock valued at $4,624,000 after purchasing an additional 974 shares in the last quarter. Joel Isaacson & Co. LLC acquired a new stake in Lumentum in the third quarter worth about $246,000. Finally, Jacobi Capital Management LLC acquired a new stake in Lumentum in the third quarter worth about $140,000. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have commented on LITE shares. Raymond James Financial raised shares of Lumentum from a “moderate buy” rating to a “strong-buy” rating and set a $1,328.00 target price on the stock in a research note on Monday, November 2nd. Zacks Research cut shares of Lumentum from a “strong-buy” rating to a “hold” rating in a report on Monday, October 12th. Wolfe Research reiterated an “outperform” rating on shares of Lumentum in a report on Friday, August 21st. Weiss Ratings lowered shares of Lumentum from a “hold (c-)” rating to a “sell (d-)” rating in a research note on Wednesday, August 19th. Finally, Stonex Financial raised Lumentum to a “strong-buy” rating in a report on Monday, October 26th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $1,053.17.

Lumentum Stock Down 4.5%

LITE stock opened at $596.62 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.61 and a quick ratio of 1.27. The firm has a market capitalization of $54.11 billion, a P/E ratio of -7.58 and a beta of 1.64. Lumentum Holdings Inc. has a 52-week low of $215.35 and a 52-week high of $1,143.00. The company’s 50 day simple moving average is $867.22 and its 200-day simple moving average is $808.06.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Monday, November 2nd. The technology company reported $4.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.22 by $0.35. The firm had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.26 billion. Lumentum had a positive return on equity of 28.85% and a negative net margin of 175.82%. The business’s revenue for the quarter was up 136.5% on a year-over-year basis. During the same period in the prior year, the business earned $1.10 EPS. As a group, equities research analysts anticipate that Lumentum Holdings Inc. will post 19.93 EPS for the current year.

Key Headlines Impacting Lumentum

Investors following LITE have been watching these headlines:

• Positive Sentiment: An analyst upgrade was followed by a reported 10.7% rise in LITE shares, while Sanford C. Bernstein also increased its price target—potential signs of improved analyst sentiment. Lumentum stock price up following analyst upgrade Sanford C. Bernstein increases price target
• Neutral Sentiment: Marvell, which has proposed acquiring Lumentum, added three independent directors to its board. The move adds governance context to the proposed deal, though the headline does not indicate a change in its terms. Another article frames Marvell as a key reference point for Lumentum’s valuation, but offers no specific deal update. Marvell adds independent directors Marvell and Lumentum valuation
• Negative Sentiment: Bearish signals include a UBS pessimistic forecast and a separate analyst downgrade that was associated with a decline in LITE shares. One report says the stock has fallen about 40% in a month, underscoring the pressure investors may want to see overcome before a recovery toward $1,000. UBS issues pessimistic forecast Lumentum shares fall on analyst downgrade Lumentum’s recent decline and recovery prospects

Insider Activity

In related news, CFO Wajid Ali sold 24,542 shares of Lumentum stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $1,048.50, for a total value of $25,732,287.00. Following the transaction, the chief financial officer owned 75,074 shares in the company, valued at $78,715,089. This trade represents a 24.64% 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. Also, SVP Jae Kim sold 12,000 shares of the business’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $852.58, for a total value of $10,230,960.00. Following the transaction, the senior vice president directly owned 37,804 shares of the company’s stock, valued at $32,230,934.32. This represents a 24.09% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 94,496 shares of company stock valued at $85,978,498. 0.28% of the stock is currently owned by company insiders.

Lumentum Company Profile

Lumentum Holdings Inc. develops and manufactures optical and photonic products used in communications networks and industrial applications. Its offerings include optical components, modules and lasers that help transmit and process data across telecommunications and data center networks. The company also supplies lasers and related technologies for industrial uses, including precision manufacturing and semiconductor production. Its products serve customers in markets around the world. Lumentum became an independent public company in 2015 through a spin-off from JDSU, now Viavi Solutions.