Principal Financial Group Inc. lessened its position in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 30.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 157,159 shares of the technology company's stock after selling 68,000 shares during the period. Principal Financial Group Inc. owned 0.23% of Lumentum worth $9,961,000 at the end of the most recent reporting period.
A number of other large investors have also recently modified their holdings of LITE. Swedbank AB purchased a new position in Lumentum during the 1st quarter valued at about $71,025,000. Van Lanschot Kempen Investment Management N.V. raised its holdings in Lumentum by 17.8% in the second quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,154,805 shares of the technology company's stock worth $58,803,000 after buying an additional 174,828 shares during the last quarter. Pinnacle Associates Ltd. raised its holdings in Lumentum by 50.4% in the third quarter. Pinnacle Associates Ltd. now owns 407,789 shares of the technology company's stock worth $25,846,000 after buying an additional 136,659 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Lumentum by 8.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company's stock worth $86,760,000 after buying an additional 130,838 shares during the last quarter. Finally, Hodges Capital Management Inc. purchased a new position in Lumentum in the second quarter worth about $5,642,000. Institutional investors own 94.05% of the company's stock.
Insider Transactions at Lumentum
In related news, Director Harold L. Covert sold 15,000 shares of the company's stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $87.17, for a total transaction of $1,307,550.00. Following the sale, the director now owns 8,761 shares of the company's stock, valued at $763,696.37. This represents a 63.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Matthew Joseph Sepe sold 8,172 shares of the company's stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $87.60, for a total transaction of $715,867.20. Following the sale, the chief accounting officer now directly owns 21,138 shares in the company, valued at approximately $1,851,688.80. The trade was a 27.88 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.19% of the company's stock.
Analyst Ratings Changes
LITE has been the subject of several recent analyst reports. B. Riley lifted their target price on shares of Lumentum from $40.00 to $50.00 and gave the stock a "neutral" rating in a report on Thursday, August 15th. JPMorgan Chase & Co. boosted their price objective on shares of Lumentum from $57.00 to $65.00 and gave the company an "overweight" rating in a report on Monday, August 12th. Northland Securities boosted their price objective on shares of Lumentum from $45.00 to $60.00 and gave the company a "market perform" rating in a report on Friday, November 8th. Barclays boosted their price objective on shares of Lumentum from $40.00 to $80.00 and gave the company an "underweight" rating in a report on Monday, November 11th. Finally, Needham & Company LLC boosted their price objective on shares of Lumentum from $65.00 to $70.00 and gave the company a "buy" rating in a report on Thursday, August 15th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $74.85.
Check Out Our Latest Stock Analysis on LITE
Lumentum Trading Up 2.8 %
Shares of LITE stock traded up $2.24 during mid-day trading on Tuesday, hitting $82.78. The company had a trading volume of 628,875 shares, compared to its average volume of 1,470,463. Lumentum Holdings Inc. has a 52-week low of $38.28 and a 52-week high of $89.70. The stock's 50 day moving average price is $66.94 and its 200-day moving average price is $55.81. The company has a debt-to-equity ratio of 2.87, a current ratio of 5.36 and a quick ratio of 4.04.
Lumentum Profile
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Free Report)
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.
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