Lumen Technologies, Inc. (NYSE:LUMN) Stock Holdings Lowered by Covestor Ltd

Covestor Ltd cut its position in Lumen Technologies, Inc. (NYSE:LUMN) by 80.4% during the 3rd quarter, HoldingsChannel reports. The firm owned 7,705 shares of the technology company’s stock after selling 31,694 shares during the quarter. Covestor Ltd’s holdings in Lumen Technologies were worth $55,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of LUMN. Millennium Management LLC boosted its position in shares of Lumen Technologies by 129.8% during the second quarter. Millennium Management LLC now owns 7,854,906 shares of the technology company’s stock worth $8,640,000 after buying an additional 4,436,710 shares during the period. Front Street Capital Management Inc. raised its stake in Lumen Technologies by 30.1% during the 2nd quarter. Front Street Capital Management Inc. now owns 11,661,112 shares of the technology company’s stock valued at $12,827,000 after acquiring an additional 2,697,423 shares in the last quarter. Vanguard Group Inc. increased its stake in Lumen Technologies by 1.7% during 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 period. Sequoia Financial Advisors LLC acquired a new stake in shares of Lumen Technologies in the 3rd quarter worth approximately $10,062,000. Finally, AQR Capital Management LLC boosted its holdings in shares of Lumen Technologies by 52.5% in the second quarter. AQR Capital Management LLC now owns 3,621,874 shares of the technology company’s stock valued at $3,712,000 after acquiring an additional 1,246,289 shares in the last quarter. Institutional investors own 66.19% of the company’s stock.

Wall Street Analyst Weigh In

LUMN has been the subject of a number of research analyst reports. TD Cowen cut their target price on Lumen Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a research report on Wednesday, November 6th. Wells Fargo & Company cut Lumen Technologies from an “equal weight” rating to an “underweight” rating and raised their target price for the company from $1.75 to $4.00 in a research note on Friday, August 16th. The Goldman Sachs Group upped their price target on shares of Lumen Technologies from $4.50 to $5.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Bank of America lifted their price objective on shares of 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. upgraded Lumen Technologies from an “underweight” rating to a “neutral” rating in a report on Wednesday, August 7th. Three 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 currently has a consensus rating of “Hold” and an average price target of $4.02.

Lumen Technologies Price Performance

Shares of NYSE:LUMN opened at $8.64 on Friday. The company has a market cap of $8.76 billion, a P/E ratio of -3.98 and a beta of 1.21. The company’s fifty day moving average is $6.88 and its two-hundred day moving average is $3.95. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 53.05. Lumen Technologies, Inc. has a 12-month low of $0.97 and a 12-month high of $10.33.

Lumen Technologies (NYSE:LUMN) last announced its quarterly earnings data on Tuesday, November 5th. The technology company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.04). The business had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.21 billion. Lumen Technologies had a negative return on equity of 49.74% and a negative net margin of 16.06%. The company’s revenue was down 11.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.09) earnings per share. Equities analysts expect that Lumen Technologies, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Activity at Lumen Technologies

In other news, Director James Fowler purchased 10,000 shares of Lumen Technologies stock in a transaction dated 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 acquisition, the director now directly owns 384,056 shares in the company, valued at $1,805,063.20. This represents a 2.67 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.68% of the stock is currently owned by insiders.

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.