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

Lumen Technologies, Inc. (NYSE:LUMN) has been assigned an average recommendation of “Reduce” from the eight research firms that are presently covering the firm, Marketbeat.com reports. Three equities research analysts have rated the stock with a sell recommendation and five have given a hold recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $4.02.

Several brokerages have issued reports on LUMN. The Goldman Sachs Group raised shares of Lumen Technologies from a “sell” rating to a “neutral” rating and upped their price target for the company from $1.00 to $4.00 in a report on Wednesday, August 7th. Moffett Nathanson boosted their target price on shares of Lumen Technologies from $1.00 to $3.00 and gave the company a “sell” rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. upgraded shares of Lumen Technologies from an “underweight” rating to a “neutral” rating in a report on Wednesday, August 7th. Wells Fargo & Company lowered shares of Lumen Technologies from an “equal weight” rating to an “underweight” rating and raised their target price for the stock from $1.75 to $4.00 in a research report on Friday, August 16th. Finally, 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.

Lumen Technologies Stock Performance

Shares of LUMN opened at $5.50 on Friday. The company has a market capitalization of $5.58 billion, a PE ratio of -0.50 and a beta of 1.14. Lumen Technologies has a 52-week low of $0.78 and a 52-week high of $7.83. The company has a 50-day simple moving average of $3.42 and a 200-day simple moving average of $2.09. 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 (NYSE:LUMN) last announced its quarterly earnings results 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). Lumen Technologies had a negative net margin of 15.06% and a negative return on equity of 18.52%. The firm had revenue of $3.27 billion during the quarter, compared to analysts’ expectations of $3.25 billion. During the same quarter in the prior year, the business earned $0.10 EPS. The company’s quarterly revenue was down 10.7% compared to the same quarter last year. Equities research analysts predict that Lumen Technologies will post -0.17 earnings per share for the current fiscal year.

Insider Buying and Selling at Lumen Technologies

In other Lumen Technologies news, Director James Fowler bought 10,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were acquired at an average cost of $4.70 per share, with a total value of $47,000.00. Following the completion of the transaction, the director now owns 384,056 shares in the company, valued at $1,805,063.20. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.68% of the stock is currently owned by corporate insiders.

Institutional Trading of Lumen Technologies

Several institutional investors and hedge funds have recently bought and sold shares of LUMN. Charles Schwab Investment Management Inc. increased its holdings in shares of Lumen Technologies by 28.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 26,304,001 shares of the technology company’s stock valued at $48,136,000 after acquiring an additional 5,782,249 shares during the last quarter. Palestra Capital Management LLC raised its holdings in shares of Lumen Technologies by 71.0% during the fourth quarter. Palestra Capital Management LLC now owns 11,167,585 shares of the technology company’s stock worth $20,437,000 after purchasing an additional 4,637,585 shares during the period. Millennium Management LLC lifted its position in shares of Lumen Technologies by 129.8% in the 2nd 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 last quarter. Front Street Capital Management Inc. boosted its holdings in shares of Lumen Technologies by 30.1% in 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 buying an additional 2,697,423 shares during the period. Finally, Vanguard Group Inc. grew its position in shares of 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 last quarter. Institutional investors and hedge funds own 66.19% of the company’s stock.

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.