Lumentum Holdings Inc. (NASDAQ:LITE) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 30.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 157,159 shares of the technology company’s stock after selling 68,000 shares during the period. Principal Financial Group Inc. owned about 0.23% of Lumentum worth $9,961,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in LITE. Point72 DIFC Ltd acquired a new stake in Lumentum during the 2nd quarter worth approximately $36,000. GAMMA Investing LLC boosted its holdings in Lumentum by 141.6% in the third quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock valued at $57,000 after purchasing an additional 524 shares during the period. Signaturefd LLC increased its holdings in Lumentum by 93.9% during the 2nd quarter. Signaturefd LLC now owns 1,144 shares of the technology company’s stock worth $58,000 after purchasing an additional 554 shares during the period. EntryPoint Capital LLC acquired a new stake in Lumentum in the 1st quarter valued at about $112,000. Finally, nVerses Capital LLC boosted its stake in shares of Lumentum by 416.7% in the 2nd quarter. nVerses Capital LLC now owns 3,100 shares of the technology company’s stock valued at $158,000 after buying an additional 2,500 shares during the period. Institutional investors and hedge funds own 94.05% of the company’s stock.

Analyst Upgrades and Downgrades

LITE has been the subject of a number of analyst reports. Morgan Stanley boosted their price objective on Lumentum from $61.00 to $76.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 14th. JPMorgan Chase & Co. lifted their price objective on shares of Lumentum from $57.00 to $65.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. Rosenblatt Securities increased their target price on Lumentum from $69.00 to $110.00 and gave the company a “buy” rating in a report on Friday, November 8th. Jefferies Financial Group raised their price target on Lumentum from $53.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Finally, B. Riley upped their price objective on Lumentum from $40.00 to $50.00 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Lumentum presently has an average rating of “Hold” and a consensus price target of $74.85.

Lumentum Price Performance

Shares of NASDAQ LITE opened at $80.54 on Tuesday. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87. The stock has a market cap of $5.53 billion, a P/E ratio of -9.73, a P/E/G ratio of 8.30 and a beta of 0.88. The stock has a 50 day moving average of $66.94 and a two-hundred day moving average of $55.81. Lumentum Holdings Inc. has a twelve month low of $38.28 and a twelve month high of $89.70.

Insider Activity

In other Lumentum news, Director Harold L. Covert sold 15,000 shares of Lumentum stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $87.17, for a total value of $1,307,550.00. Following the transaction, the director now directly owns 8,761 shares in the company, valued at approximately $763,696.37. The trade was a 63.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Matthew Joseph Sepe sold 8,172 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $87.60, for a total transaction of $715,867.20. Following the completion of the sale, the chief accounting officer now directly owns 21,138 shares of the company’s stock, valued at $1,851,688.80. The trade was a 27.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.19% of the company’s stock.

Lumentum Profile

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.