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

Principal Financial Group Inc. trimmed its stake in Lumentum Holdings Inc. (NASDAQ:LITE – Get Rating) by 0.6% during the fourth quarter, Holdings Channel reports. The fund owned 267,580 shares of the technology company’s stock after selling 1,489 shares during the period. Principal Financial Group Inc.’s holdings in Lumentum were worth $13,960,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Tompkins Financial Corp purchased a new position in Lumentum in the fourth quarter valued at about $26,000. Westside Investment Management Inc. raised its position in shares of Lumentum by 246.9% in the fourth quarter. Westside Investment Management Inc. now owns 562 shares of the technology company’s stock valued at $29,000 after purchasing an additional 400 shares during the period. Gibson Wealth Advisors LLC raised its position in shares of Lumentum by 6,200.0% in the fourth quarter. Gibson Wealth Advisors LLC now owns 504 shares of the technology company’s stock valued at $31,000 after purchasing an additional 496 shares during the period. Signaturefd LLC raised its position in shares of Lumentum by 187.3% in the fourth quarter. Signaturefd LLC now owns 793 shares of the technology company’s stock valued at $41,000 after purchasing an additional 517 shares during the period. Finally, Quadrant Capital Group LLC raised its position in shares of Lumentum by 249.0% in the third quarter. Quadrant Capital Group LLC now owns 726 shares of the technology company’s stock valued at $50,000 after purchasing an additional 518 shares during the period. 92.46% of the stock is currently owned by hedge funds and other institutional investors.

Lumentum Trading Down 3.3 %

NASDAQ:LITE opened at $45.53 on Thursday. The company has a 50-day moving average price of $48.09 and a 200-day moving average price of $53.06. Lumentum Holdings Inc. has a 12 month low of $42.00 and a 12 month high of $96.46. The company has a current ratio of 3.20, a quick ratio of 2.67 and a debt-to-equity ratio of 1.24. The stock has a market cap of $3.12 billion, a price-to-earnings ratio of -82.78, a P/E/G ratio of 3.12 and a beta of 1.10.

Lumentum (NASDAQ:LITE – Get Rating) last issued its quarterly earnings results on Tuesday, May 9th. The technology company reported $0.36 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.36. The company had revenue of $383.40 million during the quarter, compared to analyst estimates of $393.08 million. Lumentum had a negative net margin of 2.02% and a positive return on equity of 16.02%. Equities analysts predict that Lumentum Holdings Inc. will post 2.76 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. B. Riley lowered shares of Lumentum from a “buy” rating to a “neutral” rating and lowered their price target for the company from $90.00 to $66.00 in a research report on Friday, February 10th. Needham & Company LLC decreased their target price on shares of Lumentum from $72.00 to $59.00 and set a “buy” rating on the stock in a report on Thursday, April 6th. Stifel Nicolaus decreased their price target on shares of Lumentum from $67.00 to $62.00 in a report on Wednesday, May 10th. Barclays lowered shares of Lumentum from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $55.00 to $40.00 in a report on Wednesday, May 10th. Finally, StockNews.com assumed coverage on shares of Lumentum in a research note on Thursday, May 18th. They issued a “hold” rating for the company. Nine equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $58.27.

About Lumentum

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Lumentum Holdings, Inc engages in the provision of optical and photonic products. It operates through the Optical Communications (OpComms) and Commercial Lasers segments. The OpComms segment includes a range of components, modules, and subsystems to support customers including carrier networks of access (local), metro (intracity), long-haul (city-to-city and worldwide), and submarine (undersea) applications.