Lumen Technologies (NYSE:LUMN) Hits New 1-Year High Following Analyst Upgrade

Lumen Technologies, Inc. (NYSE:LUMN)’s stock price hit a new 52-week high on Wednesday after The Goldman Sachs Group raised their price target on the stock from $4.50 to $5.00. The Goldman Sachs Group currently has a neutral rating on the stock. Lumen Technologies traded as high as $7.83 and last traded at $7.68, with a volume of 4309542 shares changing hands. The stock had previously closed at $7.61.

A number of other brokerages have also issued reports on LUMN. Bank of America increased their price target on Lumen Technologies from $1.00 to $2.00 and gave the stock an “underperform” rating in a research note 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. TD Cowen boosted their price objective on shares of Lumen Technologies from $2.50 to $7.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Wells Fargo & Company lowered Lumen Technologies from an “equal weight” rating to an “underweight” rating and raised their price target for the company from $1.75 to $4.00 in a research note on Friday, August 16th. Finally, Citigroup raised shares of Lumen Technologies from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $1.25 to $3.15 in a research note on Tuesday, August 6th. Three research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, Lumen Technologies currently has an average rating of “Hold” and an average price target of $4.02.

Insider Transactions at Lumen Technologies

In other Lumen Technologies news, Director James Fowler acquired 10,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were acquired at an average price of $4.70 per share, for a total transaction of $47,000.00. Following the acquisition, the director now owns 384,056 shares in the company, valued at $1,805,063.20. The trade was a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.68% of the company’s stock.

Hedge Funds Weigh In On Lumen Technologies

A number of large investors have recently modified their holdings of LUMN. Vanguard Group Inc. raised its holdings in Lumen Technologies by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 120,303,220 shares of the technology company’s stock valued at $187,673,000 after acquiring an additional 1,975,400 shares during the last quarter. Front Street Capital Management Inc. lifted its holdings 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 worth $12,827,000 after buying an additional 2,697,423 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Lumen Technologies by 11.6% in the 2nd quarter. Renaissance Technologies LLC now owns 8,873,803 shares of the technology company’s stock valued at $9,761,000 after buying an additional 919,300 shares during the period. Millennium Management LLC boosted its stake in 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 grew its stake in Lumen Technologies by 52.5% during the 2nd quarter. AQR Capital Management LLC now owns 3,621,874 shares of the technology company’s stock worth $3,712,000 after buying an additional 1,246,289 shares during the last quarter. 66.19% of the stock is owned by hedge funds and other institutional investors.

Lumen Technologies Stock Performance

The company has a debt-to-equity ratio of 39.51, a quick ratio of 1.01 and a current ratio of 1.01. The stock’s fifty day moving average is $6.47 and its two-hundred day moving average is $3.67. The firm has a market cap of $9.34 billion, a price-to-earnings ratio of -4.37 and a beta of 1.21.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings results on Tuesday, November 5th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.04). Lumen Technologies had a negative net margin of 15.06% and a negative return on equity of 18.52%. The company had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.21 billion. During the same period in the prior year, the company posted ($0.09) EPS. Lumen Technologies’s quarterly revenue was down 11.5% on a year-over-year basis. On average, analysts expect that Lumen Technologies, Inc. will post -0.59 earnings per share for the current fiscal year.

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.