State of Alaska Department of Revenue Sells 15,698 Shares of Lumen Technologies, Inc. (NYSE:LUMN)

State of Alaska Department of Revenue trimmed its stake in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 2.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 580,247 shares of the technology company’s stock after selling 15,698 shares during the quarter. State of Alaska Department of Revenue’s holdings in Lumen Technologies were worth $4,119,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in LUMN. Xponance Inc. raised its holdings in Lumen Technologies by 4.0% during the 2nd quarter. Xponance Inc. now owns 64,444 shares of the technology company’s stock worth $71,000 after purchasing an additional 2,487 shares during the last quarter. Arkadios Wealth Advisors increased its position in shares of Lumen Technologies by 23.6% during the third quarter. Arkadios Wealth Advisors now owns 13,367 shares of the technology company’s stock worth $95,000 after buying an additional 2,554 shares during the period. Cornerstone Wealth Management LLC raised its stake in Lumen Technologies by 25.8% during the third quarter. Cornerstone Wealth Management LLC now owns 21,936 shares of the technology company’s stock worth $156,000 after buying an additional 4,500 shares during the last quarter. CWM LLC lifted its holdings in Lumen Technologies by 49.6% in the third quarter. CWM LLC now owns 15,692 shares of the technology company’s stock valued at $111,000 after buying an additional 5,202 shares during the period. Finally, Arizona State Retirement System boosted its position in Lumen Technologies by 2.0% during the second quarter. Arizona State Retirement System now owns 282,687 shares of the technology company’s stock valued at $311,000 after acquiring an additional 5,418 shares during the last quarter. 66.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on LUMN shares. JPMorgan Chase & Co. raised Lumen Technologies from an “underweight” rating to a “neutral” rating in a research report on Wednesday, August 7th. Bank of America lifted their target price on Lumen Technologies from $1.00 to $2.00 and gave the stock an “underperform” rating in a report on Thursday, August 8th. Moffett Nathanson increased their price target on Lumen Technologies from $1.00 to $3.00 and gave the stock a “sell” rating in a report on Wednesday, August 7th. Citigroup upgraded shares of Lumen Technologies from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $1.25 to $3.15 in a research note on Tuesday, August 6th. Finally, TD Cowen increased their target price on shares of Lumen Technologies from $2.50 to $7.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Three equities research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $4.09.

Insider Buying and Selling at Lumen Technologies

In related news, Director James Fowler acquired 10,000 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average cost 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 in the company, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.68% of the company’s stock.

Lumen Technologies Price Performance

Shares of LUMN opened at $6.61 on Wednesday. The stock has a market cap of $6.70 billion, a P/E ratio of -0.60 and a beta of 1.19. The business’s fifty day moving average is $6.21 and its 200 day moving average is $3.40. 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 12-month low of $0.78 and a 12-month high of $7.83.

Lumen Technologies (NYSE:LUMN) last released 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). The business had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.25 billion. Lumen Technologies had a negative net margin of 15.06% and a negative return on equity of 18.52%. The firm’s quarterly revenue was down 10.7% on a year-over-year basis. During the same period last year, the business posted $0.10 earnings per share. Sell-side analysts anticipate that Lumen Technologies, Inc. will post -0.18 earnings per share for the current fiscal year.

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.