Lumen Technologies, Inc. (NYSE:LUMN) Given Average Recommendation of “Reduce” by Analysts

Lumen Technologies, Inc. (NYSE:LUMN) has been given a consensus recommendation of “Reduce” by the nine analysts that are presently covering the company, Marketbeat Ratings reports. Four analysts have rated the stock with a sell recommendation and five have given a hold recommendation to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $3.74.

A number of analysts have recently issued reports on LUMN shares. Bank of America lifted their price objective 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. Wells Fargo & Company downgraded shares of Lumen Technologies from an “equal weight” rating to an “underweight” rating and boosted their target price for the stock from $1.75 to $4.00 in a report on Friday, August 16th. JPMorgan Chase & Co. upgraded shares of Lumen Technologies from an “underweight” rating to a “neutral” rating in a report on Wednesday, August 7th. The Goldman Sachs Group upgraded shares of Lumen Technologies from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $1.00 to $4.00 in a report on Wednesday, August 7th. Finally, Moffett Nathanson boosted their target price on shares of Lumen Technologies from $1.00 to $3.00 and gave the stock a “sell” rating in a report on Wednesday, August 7th.

Lumen Technologies Stock Performance

Shares of LUMN opened at $5.25 on Friday. The company has a debt-to-equity ratio of 36.89, a quick ratio of 1.03 and a current ratio of 1.03. Lumen Technologies has a twelve month low of $0.78 and a twelve month high of $7.83. The firm has a market cap of $5.33 billion, a P/E ratio of -0.48 and a beta of 1.14. The firm’s 50 day moving average price is $3.08 and its two-hundred day moving average price is $1.99.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings data on Tuesday, August 6th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.07). Lumen Technologies had a negative net margin of 76.21% and a positive return on equity of 4.06%. The business had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.25 billion. During the same quarter last year, the business earned $0.10 earnings per share. Lumen Technologies’s revenue for the quarter was down 10.7% on a year-over-year basis. On average, analysts forecast that Lumen Technologies will post -0.23 EPS for the current fiscal year.

Hedge Funds Weigh In On Lumen Technologies

Several institutional investors and hedge funds have recently modified their holdings of the stock. Algert Global LLC bought a new stake in shares of Lumen Technologies in the second quarter valued at about $112,000. Mackenzie Financial Corp boosted its position in shares of Lumen Technologies by 267.4% in the second quarter. Mackenzie Financial Corp now owns 236,390 shares of the technology company’s stock valued at $260,000 after acquiring an additional 172,040 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of Lumen Technologies by 2.0% in the second quarter. The Manufacturers Life Insurance Company now owns 509,861 shares of the technology company’s stock valued at $561,000 after acquiring an additional 9,922 shares during the period. Millennium Management LLC boosted its position in shares of Lumen Technologies by 129.8% in the second quarter. Millennium Management LLC now owns 7,854,906 shares of the technology company’s stock valued at $8,640,000 after acquiring an additional 4,436,710 shares during the period. Finally, AQR Capital Management LLC boosted its position 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 during the period. 66.19% of the stock is currently owned by institutional investors and hedge funds.

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.