Handelsbanken Fonder AB Sells 13,900 Shares of Lumen Technologies, Inc. (NYSE:LUMN)

Handelsbanken Fonder AB lessened its position in Lumen Technologies, Inc. (NYSE:LUMN) by 6.3% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 207,600 shares of the technology company’s stock after selling 13,900 shares during the quarter. Handelsbanken Fonder AB’s holdings in Lumen Technologies were worth $1,474,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in LUMN. Vanguard Group Inc. boosted 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 worth $187,673,000 after purchasing an additional 1,975,400 shares in the last quarter. Front Street Capital Management Inc. boosted its holdings in Lumen Technologies by 30.1% in the second quarter. Front Street Capital Management Inc. now owns 11,661,112 shares of the technology company’s stock worth $12,827,000 after acquiring an additional 2,697,423 shares in the last quarter. Palestra Capital Management LLC grew its stake in shares of Lumen Technologies by 71.0% in the fourth quarter. Palestra Capital Management LLC now owns 11,167,585 shares of the technology company’s stock worth $20,437,000 after acquiring an additional 4,637,585 shares during the last quarter. Renaissance Technologies LLC increased its holdings in shares of Lumen Technologies by 11.6% during the second quarter. Renaissance Technologies LLC now owns 8,873,803 shares of the technology company’s stock valued at $9,761,000 after acquiring an additional 919,300 shares in the last quarter. Finally, Millennium Management LLC raised its position in shares of Lumen Technologies by 129.8% in the 2nd quarter. Millennium Management LLC now owns 7,854,906 shares of the technology company’s stock worth $8,640,000 after purchasing an additional 4,436,710 shares during the last quarter. 66.19% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

LUMN has been the topic of several recent analyst reports. The Goldman Sachs Group increased their price objective on shares of Lumen Technologies from $4.00 to $4.50 and gave the company a “neutral” rating in a research report on Friday, October 4th. Wells Fargo & Company lowered shares of Lumen Technologies from an “equal weight” rating to an “underweight” rating and boosted their price objective for the stock from $1.75 to $4.00 in a report on Friday, August 16th. UBS Group increased their target price on Lumen Technologies from $1.50 to $5.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Bank of America boosted their price target on Lumen Technologies from $1.00 to $2.00 and gave the stock an “underperform” rating in a research note on Thursday, August 8th. Finally, JPMorgan Chase & Co. raised Lumen Technologies from an “underweight” rating to a “neutral” rating in a research report on Wednesday, August 7th. Three equities research analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $4.09.

Lumen Technologies Trading Down 3.1 %

Lumen Technologies stock opened at $6.28 on Friday. Lumen Technologies, Inc. has a 52-week low of $0.78 and a 52-week high of $7.83. The company has a market cap of $6.37 billion, a P/E ratio of -0.57 and a beta of 1.19. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 39.51. The business has a 50-day simple moving average of $5.91 and a two-hundred day simple moving average of $2.93.

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

Insider Buying and Selling at Lumen Technologies

In related news, Director James Fowler acquired 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were purchased at an average price of $4.70 per share, with a total value of $47,000.00. Following the completion of the purchase, the director now directly owns 384,056 shares of the company’s stock, valued at $1,805,063.20. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.68% of the stock is currently owned by corporate insiders.

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.