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

Principal Financial Group Inc. trimmed its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 2.9% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 246,050 shares of the technology company’s stock after selling 7,348 shares during the period. Principal Financial Group Inc. owned 0.37% of Lumentum worth $12,898,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Headlands Technologies LLC purchased a new position in shares of Lumentum during the third quarter valued at about $26,000. Ramirez Asset Management Inc. bought a new stake in Lumentum in the 3rd quarter worth approximately $32,000. Neo Ivy Capital Management purchased a new stake in shares of Lumentum during the 3rd quarter worth approximately $32,000. Principal Securities Inc. bought a new position in shares of Lumentum during the 4th quarter valued at approximately $55,000. Finally, Whittier Trust Co. grew its holdings in shares of Lumentum by 697.7% in the fourth quarter. Whittier Trust Co. now owns 1,715 shares of the technology company’s stock valued at $90,000 after purchasing an additional 1,500 shares in the last quarter. 94.05% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on LITE. B. Riley decreased their target price on shares of Lumentum from $41.00 to $40.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 7th. Needham & Company LLC dropped their target price on Lumentum from $60.00 to $55.00 and set a “buy” rating for the company in a report on Monday, May 20th. StockNews.com upgraded Lumentum to a “sell” rating in a report on Monday, May 6th. Barclays lowered their price target on Lumentum from $40.00 to $38.00 and set an “underweight” rating for the company in a research report on Tuesday, May 7th. Finally, Susquehanna reduced their target price on shares of Lumentum from $65.00 to $60.00 and set a “positive” rating on the stock in a research note on Friday, February 9th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $52.25.

Lumentum Price Performance

Shares of Lumentum stock opened at $46.28 on Friday. Lumentum Holdings Inc. has a 1 year low of $35.35 and a 1 year high of $65.16. The company has a current ratio of 5.20, a quick ratio of 3.87 and a debt-to-equity ratio of 2.13. The firm’s 50-day moving average is $45.29 and its two-hundred day moving average is $47.69.

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.