Sequoia Financial Advisors LLC Acquires New Position in Lumen Technologies, Inc. (NYSE:LUMN)

Sequoia Financial Advisors LLC acquired a new stake in Lumen Technologies, Inc. (NYSE:LUMN) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,417,142 shares of the technology company’s stock, valued at approximately $10,062,000.

A number of other hedge funds have also recently added to or reduced their stakes in LUMN. Vanguard Group Inc. lifted its position in shares of Lumen Technologies by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 118,327,820 shares of the technology company’s stock valued at $216,540,000 after acquiring an additional 927,331 shares during the period. Commonwealth Equity Services LLC lifted its position in shares of Lumen Technologies by 28.7% during the 1st quarter. Commonwealth Equity Services LLC now owns 531,792 shares of the technology company’s stock valued at $830,000 after acquiring an additional 118,572 shares during the period. Argent Advisors Inc. increased its stake in shares of Lumen Technologies by 98.7% during the 1st quarter. Argent Advisors Inc. now owns 83,537 shares of the technology company’s stock worth $130,000 after purchasing an additional 41,504 shares in the last quarter. Choreo LLC increased its stake in shares of Lumen Technologies by 73.6% during the 1st quarter. Choreo LLC now owns 167,511 shares of the technology company’s stock worth $261,000 after purchasing an additional 71,000 shares in the last quarter. Finally, Fidelis Capital Partners LLC increased its stake in shares of Lumen Technologies by 94.6% during the 1st quarter. Fidelis Capital Partners LLC now owns 22,142 shares of the technology company’s stock worth $35,000 after purchasing an additional 10,764 shares in the last quarter. Institutional investors and hedge funds own 66.19% of the company’s stock.

Lumen Technologies Price Performance

Shares of NYSE:LUMN opened at $6.14 on Wednesday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 39.51. Lumen Technologies, Inc. has a fifty-two week low of $0.78 and a fifty-two week high of $7.83. The firm has a 50-day simple moving average of $6.14 and a 200 day simple moving average of $3.19. The company has a market cap of $6.23 billion, a PE ratio of -0.56 and a beta of 1.19.

Lumen Technologies (NYSE:LUMN) last announced its quarterly earnings data on Tuesday, August 6th. The technology company reported ($0.13) earnings per share 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 the consensus estimate of $3.25 billion. During the same period in the prior year, the company earned $0.10 EPS. Lumen Technologies’s quarterly revenue was down 10.7% on a year-over-year basis. On average, sell-side analysts anticipate that Lumen Technologies, Inc. will post -0.18 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have recently weighed in on LUMN shares. UBS Group raised their price objective on shares of Lumen Technologies from $1.50 to $5.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Moffett Nathanson boosted their price objective on shares of Lumen Technologies from $1.00 to $3.00 and gave the company a “sell” rating in a research note on Wednesday, August 7th. Citigroup upgraded shares of Lumen Technologies from a “sell” rating to a “neutral” rating and lifted their target price for the company from $1.25 to $3.15 in a report on Tuesday, August 6th. Bank of America lifted their target price on shares of Lumen Technologies from $1.00 to $2.00 and gave the company an “underperform” rating in a report on Thursday, August 8th. Finally, 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. Three research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $4.09.

Insider Activity at Lumen Technologies

In other Lumen Technologies news, Director James Fowler bought 10,000 shares of the business’s stock in a transaction on 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 purchase, the director now directly owns 384,056 shares of the company’s stock, valued at approximately $1,805,063.20. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 1.68% of the stock is owned by insiders.

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.