Lumen Technologies (NYSE:LUMN) Coverage Initiated by Analysts at The Goldman Sachs Group

The Goldman Sachs Group assumed coverage on shares of Lumen Technologies (NYSE:LUMN) in a research note released on Monday, MarketBeat reports. The brokerage issued a sell rating and a $1.00 price target on the technology company’s stock.

Lumen Technologies Price Performance

Shares of LUMN opened at $1.10 on Monday. The business’s 50-day moving average is $1.23 and its two-hundred day moving average is $1.44. The company has a debt-to-equity ratio of 36.89, a quick ratio of 1.03 and a current ratio of 1.03. The company has a market capitalization of $1.12 billion, a P/E ratio of -0.10 and a beta of 1.15. Lumen Technologies has a fifty-two week low of $0.78 and a fifty-two week high of $2.34.

Lumen Technologies (NYSE:LUMN) last posted its earnings results on Tuesday, April 30th. The technology company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.01). The business had revenue of $3.29 billion for the quarter, compared to analyst estimates of $3.38 billion. Lumen Technologies had a negative net margin of 76.21% and a positive return on equity of 4.06%. Lumen Technologies’s revenue was down 12.0% on a year-over-year basis. During the same quarter last year, the business earned $0.10 earnings per share. Research analysts predict that Lumen Technologies will post -0.16 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Kathleen E. Johnson bought 750,000 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was bought at an average cost of $1.28 per share, for a total transaction of $960,000.00. Following the acquisition, the chief executive officer now directly owns 7,756,290 shares in the company, valued at $9,928,051.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.68% of the stock is owned by company insiders.

Hedge Funds Weigh In On Lumen Technologies

Large investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. boosted its stake in shares of Lumen Technologies by 28.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 26,304,001 shares of the technology company’s stock valued at $48,136,000 after purchasing an additional 5,782,249 shares during the period. Palestra Capital Management LLC boosted its stake in Lumen Technologies by 71.0% during the 4th quarter. Palestra Capital Management LLC now owns 11,167,585 shares of the technology company’s stock worth $20,437,000 after purchasing an additional 4,637,585 shares during the period. Vanguard Group Inc. grew its stake in shares of Lumen Technologies by 2.1% in the 3rd quarter. Vanguard Group Inc. now owns 117,400,489 shares of the technology company’s stock valued at $166,709,000 after purchasing an additional 2,404,674 shares during the last quarter. Front Street Capital Management Inc. raised its position in Lumen Technologies by 30.9% during the 1st quarter. Front Street Capital Management Inc. now owns 8,963,689 shares of the technology company’s stock worth $13,983,000 after buying an additional 2,114,866 shares during the last quarter. Finally, Federated Hermes Inc. increased its position in Lumen Technologies by 798.6% during the 4th quarter. Federated Hermes Inc. now owns 1,438,386 shares of the technology company’s stock worth $2,632,000 after purchasing an additional 1,278,319 shares during the period. Institutional investors and hedge funds own 66.19% of the company’s stock.

Lumen Technologies Company Profile

Lumen Technologies, Inc, a facilities-based technology and communications company, provides various integrated products and services to business and residential customers in the United States and internationally. The company operates in two segments, Business and Mass Markets. It offers dark fiber, edge cloud services, internet protocol, managed security, software-defined wide area networks, secure access service edge, unified communications and collaboration, and optical wavelengths services; ethernet and VPN data networks services; and legacy services to manage cash flow, including time division multiplexing voice, private line, and other legacy services, as well as sells communication equipment, and IT solutions.