Lumen Technologies, Inc. (NYSE:LUMN) Given Consensus Rating of “Reduce” by Brokerages

Lumen Technologies, Inc. (NYSE:LUMN) has been given an average rating of “Reduce” by the eight analysts that are currently covering the stock, Marketbeat reports. Three equities research analysts have rated the stock with a sell recommendation and five have assigned a hold recommendation to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $4.09.

A number of brokerages have recently commented on LUMN. JPMorgan Chase & Co. upgraded shares of Lumen Technologies from an “underweight” rating to a “neutral” rating in a report on Wednesday, August 7th. TD Cowen upped their price target on Lumen Technologies from $2.50 to $7.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Citigroup upgraded Lumen Technologies from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $1.25 to $3.15 in a research report on Tuesday, August 6th. Wells Fargo & Company cut Lumen Technologies from an “equal weight” rating to an “underweight” rating and upped their target price for the company from $1.75 to $4.00 in a report on Friday, August 16th. Finally, The Goldman Sachs Group raised their price target on shares of Lumen Technologies from $4.00 to $4.50 and gave the stock a “neutral” rating in a report on Friday, October 4th.

Lumen Technologies Price Performance

Shares of LUMN opened at $6.74 on Monday. 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 stock has a market cap of $6.84 billion, a PE ratio of -0.62 and a beta of 1.19. Lumen Technologies has a 12-month low of $0.78 and a 12-month high of $7.83. The business has a 50-day simple moving average of $6.10 and a two-hundred day simple moving average of $3.14.

Lumen Technologies (NYSE:LUMN) last released its quarterly earnings data on Tuesday, August 6th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.25 billion. During the same period in the prior year, the company earned $0.10 EPS. The business’s quarterly revenue was down 10.7% compared to the same quarter last year. Analysts anticipate that Lumen Technologies will post -0.18 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director James Fowler purchased 10,000 shares of Lumen Technologies stock in a transaction on Tuesday, September 3rd. The stock was acquired at an average cost of $4.70 per share, for a total transaction of $47,000.00. Following the completion of the acquisition, the director now owns 384,056 shares of the company’s stock, valued at $1,805,063.20. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.68% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Sawgrass Asset Management LLC increased its holdings in shares of Lumen Technologies by 68.5% during the second quarter. Sawgrass Asset Management LLC now owns 22,786 shares of the technology company’s stock valued at $25,000 after acquiring an additional 9,263 shares in the last quarter. Sanctuary Advisors LLC bought a new stake in Lumen Technologies during the 2nd quarter valued at $25,000. ANTIPODES PARTNERS Ltd acquired a new position in Lumen Technologies during the second quarter worth $26,000. HighPoint Advisor Group LLC bought a new position in shares of Lumen Technologies in the fourth quarter valued at $27,000. Finally, Fifth Third Wealth Advisors LLC acquired a new position in shares of Lumen Technologies during the second quarter valued at about $33,000. 66.19% of the stock is owned by institutional investors and hedge funds.

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.