Raymond James & Associates Sells 486,256 Shares of Lumen Technologies, Inc. (NYSE:LUMN)

Posted by on May 20th, 2023

Raymond James & Associates lessened its holdings in shares of Lumen Technologies, Inc. (NYSE:LUMN – Get Rating) by 23.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,612,226 shares of the technology company’s stock after selling 486,256 shares during the period. Raymond James & Associates owned 0.16% of Lumen Technologies worth $8,416,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ellevest Inc. raised its stake in Lumen Technologies by 489.7% during the third quarter. Ellevest Inc. now owns 4,830 shares of the technology company’s stock valued at $35,000 after buying an additional 4,011 shares during the last quarter. Silvant Capital Management LLC raised its position in shares of Lumen Technologies by 256.5% in the 4th 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. Blume Capital Management Inc. bought a new position in Lumen Technologies in the 4th quarter worth about $39,000. Covestor Ltd increased its stake in Lumen Technologies by 359.2% during the 1st quarter. Covestor Ltd now owns 7,875 shares of the technology company’s stock valued at $89,000 after purchasing an additional 6,160 shares in the last quarter. Finally, EWG Elevate Inc. purchased a new position in Lumen Technologies in the fourth quarter worth about $41,000. 76.03% of the stock is owned by hedge funds and other institutional investors.

Lumen Technologies Trading Down 6.4 %

Shares of NYSE:LUMN opened at $2.35 on Friday. Lumen Technologies, Inc. has a 52-week low of $2.06 and a 52-week high of $12.54. The stock has a market capitalization of $2.36 billion, a price-to-earnings ratio of -1.42 and a beta of 1.01. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.11 and a current ratio of 1.11. The stock’s 50-day simple moving average is $2.42 and its two-hundred day simple moving average is $4.16.

Lumen Technologies (NYSE:LUMN – Get Rating) last announced its earnings results on Tuesday, May 2nd. The technology company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.02). Lumen Technologies had a negative net margin of 9.89% and a positive return on equity of 8.87%. The business had revenue of $3.74 billion for the quarter, compared to the consensus estimate of $3.73 billion. During the same quarter last year, the firm posted $0.63 earnings per share. The business’s quarterly revenue was down 20.1% compared to the same quarter last year. Analysts expect that Lumen Technologies, Inc. will post 0.44 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Bank of America cut their price target on shares of Lumen Technologies from $4.00 to $2.00 in a report on Thursday, May 4th. Morgan Stanley decreased their price target on Lumen Technologies from $6.00 to $2.50 and set an “underweight” rating for the company in a research note on Monday, March 13th. Citigroup cut Lumen Technologies from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $6.25 to $3.50 in a research report on Wednesday, February 8th. TheStreet lowered Lumen Technologies from a “c” rating to a “d” rating in a research report on Tuesday, February 7th. Finally, The Goldman Sachs Group dropped their price target on shares of Lumen Technologies from $6.00 to $4.00 and set a “neutral” rating on the stock in a report on Wednesday, February 8th. Three research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $5.11.

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.

See Also

Institutional Ownership by Quarter for Lumen Technologies (NYSE:LUMN)

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