Lumen Technologies (NYSE:LUMN) Trading Down 3.6%

Lumen Technologies, Inc. (NYSE:LUMN) traded down 3.6% during mid-day trading on Tuesday . The company traded as low as $1.07 and last traded at $1.07. 886,296 shares were traded during mid-day trading, a decline of 92% from the average session volume of 11,695,714 shares. The stock had previously closed at $1.11.

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group initiated coverage on shares of Lumen Technologies in a research report on Monday. They set a “sell” rating and a $1.00 price objective on the stock.

Lumen Technologies Stock Performance

The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 36.89. The stock has a fifty day moving average of $1.22 and a 200 day moving average of $1.43.

Lumen Technologies (NYSE:LUMN) last released its earnings results on Tuesday, April 30th. The technology company reported ($0.04) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.01). Lumen Technologies had a positive return on equity of 4.06% and a negative net margin of 76.21%. The company had revenue of $3.29 billion during the quarter, compared to analysts’ expectations of $3.38 billion. During the same period last year, the firm posted $0.10 EPS. Lumen Technologies’s quarterly revenue was down 12.0% compared to the same quarter last year. As a group, equities analysts forecast that Lumen Technologies, Inc. will post -0.16 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Kathleen E. Johnson bought 750,000 shares of Lumen Technologies stock in a transaction dated Thursday, May 2nd. The shares were purchased at an average cost of $1.28 per share, with a total value of $960,000.00. Following the completion of the acquisition, the chief executive officer now owns 7,756,290 shares of the company’s stock, valued at approximately $9,928,051.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.68% of the company’s stock.

Institutional Inflows and Outflows

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

About Lumen Technologies

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.