Principal Financial Group Inc. Reduces Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

Principal Financial Group Inc. lowered its position in Lumentum Holdings Inc. (NASDAQ:LITE) by 30.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 157,159 shares of the technology company’s stock after selling 68,000 shares during the quarter. Principal Financial Group Inc.’s holdings in Lumentum were worth $9,961,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in LITE. Synovus Financial Corp raised its position in Lumentum by 1.5% in the 3rd quarter. Synovus Financial Corp now owns 13,225 shares of the technology company’s stock worth $838,000 after purchasing an additional 200 shares during the period. Tidal Investments LLC grew its stake in shares of Lumentum by 35.6% during the third quarter. Tidal Investments LLC now owns 18,669 shares of the technology company’s stock valued at $1,183,000 after buying an additional 4,899 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Lumentum by 1.3% during the third quarter. Geode Capital Management LLC now owns 1,186,163 shares of the technology company’s stock valued at $75,198,000 after buying an additional 15,799 shares during the last quarter. M&T Bank Corp raised its holdings in shares of Lumentum by 69.1% in the third quarter. M&T Bank Corp now owns 11,743 shares of the technology company’s stock worth $745,000 after buying an additional 4,798 shares during the period. Finally, Nomura Asset Management Co. Ltd. lifted its stake in shares of Lumentum by 67.5% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock worth $42,000 after acquiring an additional 270 shares during the last quarter. Institutional investors own 94.05% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Rosenblatt Securities increased their target price on Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Morgan Stanley raised their price target on shares of Lumentum from $76.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Raymond James boosted their price objective on shares of Lumentum from $70.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Barclays raised their target price on shares of Lumentum from $40.00 to $80.00 and gave the stock an “underweight” rating in a research report on Monday, November 11th. Finally, Northland Securities boosted their price target on Lumentum from $45.00 to $60.00 and gave the company a “market perform” rating in a report on Friday, November 8th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Lumentum has a consensus rating of “Hold” and an average target price of $75.38.

Insider Activity

In other news, CFO Wajid Ali sold 29,887 shares of the stock in a transaction on Friday, November 29th. The stock was sold at an average price of $85.06, for a total transaction of $2,542,188.22. Following the completion of the sale, the chief financial officer now owns 56,492 shares in the company, valued at approximately $4,805,209.52. This represents a 34.60 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Vincent Retort sold 41,710 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $89.52, for a total value of $3,733,879.20. Following the transaction, the insider now owns 147,515 shares in the company, valued at approximately $13,205,542.80. This trade represents a 22.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 101,797 shares of company stock worth $8,881,428. Corporate insiders own 0.19% of the company’s stock.

Lumentum Price Performance

Shares of LITE stock opened at $83.84 on Tuesday. The stock’s 50-day moving average is $80.97 and its 200 day moving average is $64.44. Lumentum Holdings Inc. has a 1-year low of $38.28 and a 1-year high of $96.25. The company has a debt-to-equity ratio of 2.87, a current ratio of 5.36 and a quick ratio of 4.04. The company has a market cap of $5.76 billion, a P/E ratio of -10.13 and a beta of 0.95.

About Lumentum

Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. The company operates through two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers). The OpComms segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and data over high-capacity fiber optic cables.