Lumen Technologies, Inc. (NYSE:LUMN) Shares Sold by Cidel Asset Management Inc.

Cidel Asset Management Inc. lowered its position in Lumen Technologies, Inc. (NYSE:LUMN) by 24.1% during the fourth quarter, HoldingsChannel reports. The firm owned 146,739 shares of the technology company’s stock after selling 46,626 shares during the period. Cidel Asset Management Inc.’s holdings in Lumen Technologies were worth $779,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Sanctuary Advisors LLC acquired a new position in Lumen Technologies during the second quarter worth about $25,000. Concord Wealth Partners lifted its stake in Lumen Technologies by 98.8% in the 3rd quarter. Concord Wealth Partners now owns 4,008 shares of the technology company’s stock worth $28,000 after purchasing an additional 1,992 shares in the last quarter. Legacy Investment Solutions LLC acquired a new position in shares of Lumen Technologies during the 3rd quarter worth approximately $30,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Lumen Technologies in the third quarter valued at approximately $36,000. Finally, Allspring Global Investments Holdings LLC acquired a new stake in shares of Lumen Technologies in the third quarter valued at approximately $46,000. Hedge funds and other institutional investors own 66.19% of the company’s stock.

Lumen Technologies Price Performance

Shares of LUMN opened at $4.98 on Friday. The company has a market cap of $5.05 billion, a P/E ratio of -2.29 and a beta of 1.28. Lumen Technologies, Inc. has a fifty-two week low of $0.97 and a fifty-two week high of $10.33. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 53.05. The firm’s 50 day moving average price is $5.71 and its 200 day moving average price is $6.01.

Lumen Technologies (NYSE:LUMN) last announced its quarterly earnings data on Tuesday, February 4th. The technology company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.14. Lumen Technologies had a negative return on equity of 49.74% and a negative net margin of 16.06%. On average, research analysts forecast that Lumen Technologies, Inc. will post -0.38 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have issued reports on LUMN shares. Citigroup upped their target price on Lumen Technologies from $6.50 to $8.00 and gave the company a “neutral” rating in a report on Friday, November 29th. TD Cowen cut their price objective on shares of Lumen Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a research report on Wednesday, November 6th. The Goldman Sachs Group lifted their price target on shares of Lumen Technologies from $4.50 to $5.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $4.25 target price (up previously from $4.00) on shares of Lumen Technologies in a research report on Friday, December 20th. Three analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, Lumen Technologies presently has an average rating of “Hold” and an average target price of $4.66.

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.