Principal Financial Group Inc. Has $9.92 Million Stock Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

Principal Financial Group Inc. lifted its holdings in Lumentum Holdings Inc. (NASDAQ:LITE) by 1.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 159,154 shares of the technology company’s stock after buying an additional 1,660 shares during the quarter. Principal Financial Group Inc. owned about 0.23% of Lumentum worth $9,922,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Oregon Public Employees Retirement Fund raised its holdings in shares of Lumentum by 1.3% in the first quarter. Oregon Public Employees Retirement Fund now owns 14,130 shares of the technology company’s stock valued at $881,000 after buying an additional 176 shares during the last quarter. Teacher Retirement System of Texas bought a new position in shares of Lumentum in the first quarter valued at about $626,000. Peregrine Capital Management LLC raised its holdings in shares of Lumentum by 0.7% in the first quarter. Peregrine Capital Management LLC now owns 116,408 shares of the technology company’s stock valued at $7,257,000 after buying an additional 825 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its holdings in shares of Lumentum by 43.7% in the first quarter. Robeco Institutional Asset Management B.V. now owns 11,059 shares of the technology company’s stock valued at $689,000 after buying an additional 3,362 shares during the last quarter. Finally, Golden State Wealth Management LLC raised its holdings in Lumentum by 103.2% during the 1st quarter. Golden State Wealth Management LLC now owns 512 shares of the technology company’s stock worth $32,000 after purchasing an additional 260 shares during the last quarter. 94.05% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, insider Yuen Wupen sold 4,716 shares of the business’s stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $76.87, for a total value of $362,518.92. Following the completion of the transaction, the insider directly owned 82,957 shares in the company, valued at approximately $6,376,904.59. The trade was a 5.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Jae Kim sold 4,577 shares of the company’s stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $77.98, for a total value of $356,914.46. Following the transaction, the senior vice president directly owned 31,534 shares of the company’s stock, valued at approximately $2,459,021.32. This trade represents a 12.67% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 66,520 shares of company stock valued at $5,742,078 over the last 90 days. 0.19% of the stock is owned by company insiders.

Lumentum Stock Performance

Shares of LITE stock opened at $92.24 on Tuesday. The company has a debt-to-equity ratio of 2.91, a current ratio of 4.72 and a quick ratio of 3.53. The stock has a 50-day moving average of $82.01 and a 200-day moving average of $75.26. Lumentum Holdings Inc. has a one year low of $38.29 and a one year high of $104.00. The stock has a market cap of $6.40 billion, a PE ratio of -14.30 and a beta of 1.34.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.07. Lumentum had a negative return on equity of 8.69% and a negative net margin of 29.87%. The business had revenue of $425.20 million during the quarter, compared to analyst estimates of $418.18 million. During the same period in the previous year, the firm earned $0.09 EPS. Lumentum’s quarterly revenue was up 16.0% compared to the same quarter last year. As a group, sell-side analysts expect that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have weighed in on LITE. Morgan Stanley boosted their price objective on Lumentum from $76.00 to $85.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 8th. Needham & Company LLC boosted their price objective on Lumentum from $100.00 to $105.00 and gave the stock a “buy” rating in a report on Wednesday, June 11th. UBS Group dropped their price objective on Lumentum from $96.00 to $78.00 and set a “neutral” rating for the company in a report on Wednesday, May 7th. Wolfe Research began coverage on Lumentum in a report on Tuesday, July 8th. They set an “outperform” rating for the company. Finally, JPMorgan Chase & Co. boosted their price objective on Lumentum from $87.00 to $100.00 and gave the stock an “overweight” rating in a report on Thursday, June 12th. One research analyst has rated the stock with a sell rating, three have given a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $85.53.

Lumentum Company 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.