ExodusPoint Capital Management LP Purchases 159,746 Shares of Lumen Technologies, Inc. (NYSE:LUMN)

Posted by on Jun 8th, 2023

ExodusPoint Capital Management LP boosted its position in shares of Lumen Technologies, Inc. (NYSE:LUMN – Get Rating) by 48.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 491,980 shares of the technology company’s stock after acquiring an additional 159,746 shares during the period. ExodusPoint Capital Management LP’s holdings in Lumen Technologies were worth $2,568,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Lumen Technologies by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 116,137,605 shares of the technology company’s stock worth $1,308,871,000 after buying an additional 2,726,090 shares in the last quarter. BlackRock Inc. raised its position in shares of Lumen Technologies by 1.0% during the 3rd quarter. BlackRock Inc. now owns 97,039,289 shares of the technology company’s stock valued at $706,445,000 after acquiring an additional 937,797 shares during the last quarter. State Street Corp raised its position in shares of Lumen Technologies by 2.8% during the 3rd quarter. State Street Corp now owns 61,929,635 shares of the technology company’s stock valued at $450,848,000 after acquiring an additional 1,711,464 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Lumen Technologies by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 20,703,388 shares of the technology company’s stock valued at $108,333,000 after acquiring an additional 193,711 shares during the last quarter. Finally, First Trust Advisors LP raised its position in shares of Lumen Technologies by 13.0% during the 4th quarter. First Trust Advisors LP now owns 17,817,368 shares of the technology company’s stock valued at $93,130,000 after acquiring an additional 2,051,682 shares during the last quarter. 76.03% of the stock is currently owned by institutional investors.

Lumen Technologies Stock Performance

Shares of Lumen Technologies stock opened at $1.84 on Thursday. The firm has a market capitalization of $1.85 billion, a P/E ratio of -1.12 and a beta of 1.02. The company’s 50 day moving average price is $2.27 and its two-hundred day moving average price is $3.76. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.11 and a quick ratio of 1.11. Lumen Technologies, Inc. has a fifty-two week low of $1.77 and a fifty-two week high of $11.89.

Lumen Technologies (NYSE:LUMN – Get Rating) last announced its earnings results on Tuesday, May 2nd. The technology company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.02). Lumen Technologies had a positive return on equity of 8.87% and a negative net margin of 9.89%. The firm had revenue of $3.74 billion for the quarter, compared to the consensus estimate of $3.73 billion. During the same period in the prior year, the business earned $0.63 EPS. Lumen Technologies’s quarterly revenue was down 20.1% on a year-over-year basis. On average, equities analysts forecast that Lumen Technologies, Inc. will post 0.4 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. The Goldman Sachs Group dropped their target price on shares of Lumen Technologies from $6.00 to $4.00 and set a “neutral” rating for the company in a research report on Wednesday, February 8th. Morgan Stanley lowered their price objective on shares of Lumen Technologies from $6.00 to $2.50 and set an “underweight” rating for the company in a research report on Monday, March 13th. Citigroup cut shares of Lumen Technologies from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $6.25 to $3.50 in a research report on Wednesday, February 8th. Bank of America lowered their price objective on shares of Lumen Technologies from $4.00 to $2.00 in a research report on Thursday, May 4th. Finally, Raymond James upgraded shares of Lumen Technologies from an “underperform” rating to a “market perform” rating in a research report on Tuesday. They noted that the move was a valuation call. Three research analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. According to MarketBeat.com, Lumen Technologies presently has an average rating of “Hold” and a consensus price target of $5.11.

Lumen Technologies Company Profile

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Lumen Technologies, Inc, a facilities-based technology and communications company, provides various integrated products and services under the Lumen, Quantum Fiber, and CenturyLink brands to business and residential customers in the United States and internationally. The company operates in two segments, Business and Mass Markets.

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

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