Maryland State Retirement & Pension System Has $389,000 Stock Position in Lumen Technologies, Inc. (NYSE:LUMN)

Maryland State Retirement & Pension System lessened its holdings in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 3.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 353,902 shares of the technology company’s stock after selling 12,774 shares during the period. Maryland State Retirement & Pension System’s holdings in Lumen Technologies were worth $389,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of LUMN. Vanguard Group Inc. grew its position in shares of Lumen Technologies by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 120,303,220 shares of the technology company’s stock valued at $187,673,000 after buying an additional 1,975,400 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Lumen Technologies by 28.2% in the 4th 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 last quarter. Palestra Capital Management LLC increased its position in shares of Lumen Technologies by 71.0% during the fourth 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 period. Front Street Capital Management Inc. raised its stake in Lumen Technologies by 30.9% during the first 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, Allianz Asset Management GmbH lifted its holdings in Lumen Technologies by 27.8% in the fourth quarter. Allianz Asset Management GmbH now owns 4,084,580 shares of the technology company’s stock valued at $7,475,000 after buying an additional 888,581 shares during the period. 66.19% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director James Fowler acquired 10,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were acquired at an average cost of $4.70 per share, for a total transaction of $47,000.00. Following the purchase, the director now owns 384,056 shares in the company, valued at $1,805,063.20. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 1.68% of the stock is currently owned by corporate insiders.

Lumen Technologies Stock Down 10.4 %

Shares of NYSE LUMN opened at $4.71 on Wednesday. The company has a debt-to-equity ratio of 39.51, a current ratio of 1.01 and a quick ratio of 1.01. Lumen Technologies, Inc. has a 1 year low of $0.78 and a 1 year high of $7.83. The stock has a market capitalization of $4.78 billion, a P/E ratio of -0.43 and a beta of 1.14. The company has a 50-day moving average price of $3.24 and a 200-day moving average price of $2.04.

Lumen Technologies (NYSE:LUMN) last released its quarterly earnings results on Tuesday, August 6th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.07). The company had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.25 billion. Lumen Technologies had a negative net margin of 15.06% and a negative return on equity of 18.52%. Lumen Technologies’s revenue for the quarter was down 10.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.10 EPS. On average, equities research analysts forecast that Lumen Technologies, Inc. will post -0.17 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. UBS Group raised their target price on Lumen Technologies from $1.50 to $5.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Bank of America lifted their price objective on shares of Lumen Technologies from $1.00 to $2.00 and gave the company an “underperform” rating in a research note on Thursday, August 8th. Wells Fargo & Company lowered shares of Lumen Technologies from an “equal weight” rating to an “underweight” rating and increased their target price for the stock from $1.75 to $4.00 in a research note on Friday, August 16th. JPMorgan Chase & Co. raised shares of Lumen Technologies from an “underweight” rating to a “neutral” rating in a research note on Wednesday, August 7th. Finally, Citigroup raised shares of Lumen Technologies from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $1.25 to $3.15 in a research report on Tuesday, August 6th. Four equities research analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $3.74.

Lumen Technologies 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.