Advisors Asset Management Inc. Sells 22,714 Shares of Lumen Technologies, Inc. (NYSE:LUMN)

Advisors Asset Management Inc. reduced its holdings in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 44.5% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 28,372 shares of the technology company’s stock after selling 22,714 shares during the quarter. Advisors Asset Management Inc.’s holdings in Lumen Technologies were worth $201,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Lumen Technologies by 9.9% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,265,415 shares of the technology company’s stock worth $23,184,000 after buying an additional 294,679 shares during the last quarter. Prospera Private Wealth LLC bought a new stake in shares of Lumen Technologies during the 3rd quarter worth $87,000. Avior Wealth Management LLC lifted its position in shares of Lumen Technologies by 26.1% during the 3rd quarter. Avior Wealth Management LLC now owns 39,188 shares of the technology company’s stock worth $278,000 after buying an additional 8,120 shares during the last quarter. Pathstone Holdings LLC lifted its position in shares of Lumen Technologies by 7.0% during the 3rd quarter. Pathstone Holdings LLC now owns 442,441 shares of the technology company’s stock worth $3,141,000 after buying an additional 29,091 shares during the last quarter. Finally, Thrivent Financial for Lutherans lifted its position in shares of Lumen Technologies by 25.2% during the 3rd quarter. Thrivent Financial for Lutherans now owns 1,056,735 shares of the technology company’s stock worth $7,503,000 after buying an additional 212,407 shares during the last quarter. 66.19% of the stock is currently owned by institutional investors.

Lumen Technologies Trading Down 3.7 %

Shares of LUMN stock opened at $7.37 on Friday. The stock has a market cap of $7.48 billion, a price-to-earnings ratio of -3.40 and a beta of 1.21. The stock has a 50-day moving average of $7.22 and a 200-day moving average of $4.38. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 53.05. Lumen Technologies, Inc. has a 1-year low of $0.97 and a 1-year high of $10.33.

Lumen Technologies (NYSE:LUMN) last released its earnings results on Tuesday, November 5th. The technology company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.04). Lumen Technologies had a negative return on equity of 49.74% and a negative net margin of 16.06%. The business had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.21 billion. During the same period in the prior year, the business earned ($0.09) EPS. The company’s revenue for the quarter was down 11.5% on a year-over-year basis. On average, equities research analysts forecast that Lumen Technologies, Inc. will post -0.38 earnings per share for the current year.

Insider Buying and Selling

In other Lumen Technologies news, Director James Fowler bought 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average price 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 of the company’s stock, valued at approximately $1,805,063.20. This trade represents a 2.67 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 1.68% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have commented on LUMN shares. Bank of America increased their target price on Lumen Technologies from $1.00 to $2.00 and gave the company an “underperform” rating in a research report on Thursday, August 8th. Citigroup upgraded Lumen Technologies from a “sell” rating to a “neutral” rating and increased their target price for the company from $1.25 to $3.15 in a research report on Tuesday, August 6th. UBS Group increased their target price on Lumen Technologies from $1.50 to $5.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Wells Fargo & Company downgraded Lumen Technologies from an “equal weight” rating to an “underweight” rating and increased their target price for the company from $1.75 to $4.00 in a research report on Friday, August 16th. Finally, Moffett Nathanson increased their target price on Lumen Technologies from $1.00 to $3.00 and gave the company a “sell” rating in a research 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. According to MarketBeat.com, Lumen Technologies has a consensus rating of “Hold” and a consensus target price of $4.02.

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.