State of New Jersey Common Pension Fund D Grows Stake in Lumen Technologies, Inc. (NYSE:LUMN)

Posted by Defense World Staff on Apr 23rd, 2023

State of New Jersey Common Pension Fund D increased its stake in Lumen Technologies, Inc. (NYSE:LUMN – Get Rating) by 10.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 589,237 shares of the technology company’s stock after acquiring an additional 55,658 shares during the period. State of New Jersey Common Pension Fund D owned approximately 0.06% of Lumen Technologies worth $3,076,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Parkside Financial Bank & Trust lifted its stake in Lumen Technologies by 47.0% in the third quarter. Parkside Financial Bank & Trust now owns 4,212 shares of the technology company’s stock worth $30,000 after purchasing an additional 1,347 shares during the last quarter. Private Trust Co. NA bought a new stake in Lumen Technologies in the second quarter worth about $31,000. Silvant Capital Management LLC lifted its stake in Lumen Technologies by 256.5% in the fourth quarter. Silvant Capital Management LLC now owns 5,907 shares of the technology company’s stock worth $31,000 after purchasing an additional 4,250 shares during the last quarter. Ellevest Inc. lifted its stake in Lumen Technologies by 489.7% in the third quarter. Ellevest Inc. now owns 4,830 shares of the technology company’s stock worth $35,000 after purchasing an additional 4,011 shares during the last quarter. Finally, EWG Elevate Inc. bought a new stake in Lumen Technologies in the fourth quarter worth about $41,000. Hedge funds and other institutional investors own 76.03% of the company’s stock.

Lumen Technologies Stock Performance

Shares of NYSE:LUMN opened at $2.23 on Friday. The company has a market capitalization of $2.23 billion, a price-to-earnings ratio of -1.41 and a beta of 1.01. Lumen Technologies, Inc. has a 52 week low of $2.06 and a 52 week high of $12.54. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 1.96. The firm has a 50 day moving average of $2.86 and a 200 day moving average of $4.78.

Lumen Technologies (NYSE:LUMN – Get Rating) last issued its quarterly earnings data on Tuesday, February 7th. The technology company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.31. The company had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.79 billion. Lumen Technologies had a negative net margin of 8.86% and a positive return on equity of 13.17%. Lumen Technologies’s revenue for the quarter was down 21.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.51 earnings per share. On average, sell-side analysts predict that Lumen Technologies, Inc. will post 0.37 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. The Goldman Sachs Group decreased their price objective on shares of Lumen Technologies from $6.00 to $4.00 and set a “neutral” rating for the company in a research note on Wednesday, February 8th. TheStreet downgraded shares of Lumen Technologies from a “c” rating to a “d” rating in a research note on Tuesday, February 7th. Citigroup downgraded shares of Lumen Technologies from a “neutral” rating to a “sell” rating and decreased their price target for the company from $6.25 to $3.50 in a research note on Wednesday, February 8th. Finally, Morgan Stanley decreased their price target on shares of Lumen Technologies from $6.00 to $2.50 and set an “underweight” rating for the company in a research note on Monday, March 13th. Three research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. According to data from MarketBeat, Lumen Technologies has an average rating of “Hold” and a consensus price target of $5.50.

Lumen Technologies Company Profile

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Lumen Technologies, Inc is an investment holding company, which engages in the provision of integrated communications to residential and business customers. It operates through the following segments: Business and Mass Markets. Business segment provides products and services under four sales channels to enterprise and commercial customers.

State of New Jersey Common Pension Fund D Grows Stake in Lumen Technologies, Inc. (NYSE:LUMN)

Lumen Technologies Stock Performance

Wall Street Analyst Weigh In

Lumen Technologies Company Profile

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