Kovack Advisors Inc. Takes Position in Lumen Technologies, Inc. (NYSE:LUMN)

Posted by Defense World Staff on Jul 8th, 2023

Kovack Advisors Inc. bought a new stake in Lumen Technologies, Inc. (NYSE:LUMN – Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 11,992 shares of the technology company’s stock, valued at approximately $32,000.

A number of other institutional investors have also recently bought and sold shares of LUMN. Cambridge Investment Research Advisors Inc. grew its holdings in Lumen Technologies by 7.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 106,727 shares of the technology company’s stock valued at $1,203,000 after purchasing an additional 7,501 shares during the period. D.A. Davidson & CO. grew its stake in Lumen Technologies by 11.2% during the first quarter. D.A. Davidson & CO. now owns 18,167 shares of the technology company’s stock worth $205,000 after buying an additional 1,837 shares during the period. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Lumen Technologies during the first quarter worth approximately $1,037,000. MetLife Investment Management LLC grew its stake in Lumen Technologies by 24.1% during the first quarter. MetLife Investment Management LLC now owns 252,689 shares of the technology company’s stock worth $2,848,000 after buying an additional 49,091 shares during the period. Finally, Rhumbline Advisers grew its stake in Lumen Technologies by 2.9% during the first quarter. Rhumbline Advisers now owns 1,567,942 shares of the technology company’s stock worth $17,671,000 after buying an additional 44,169 shares during the period. 71.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have issued reports on LUMN. Morgan Stanley decreased 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 note on Monday, March 13th. Raymond James upgraded shares of Lumen Technologies from an “underperform” rating to a “market perform” rating in a research note on Tuesday, June 6th. They noted that the move was a valuation call. Finally, Bank of America decreased their price objective on shares of Lumen Technologies from $4.00 to $2.00 in a research note on Thursday, May 4th. Three research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to MarketBeat, Lumen Technologies has an average rating of “Hold” and a consensus price target of $5.11.

Lumen Technologies Price Performance

Shares of LUMN stock opened at $2.19 on Friday. The company has a market capitalization of $2.20 billion, a PE ratio of -1.33, a price-to-earnings-growth ratio of 0.11 and a beta of 1.05. The firm has a fifty day simple moving average of $2.14 and a 200-day simple moving average of $3.24. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 1.80. Lumen Technologies, Inc. has a twelve month low of $1.74 and a twelve month high of $11.38.

Lumen Technologies (NYSE:LUMN – Free Report) last posted its quarterly 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). The company had revenue of $3.74 billion during the quarter, compared to analyst estimates of $3.73 billion. Lumen Technologies had a negative net margin of 9.89% and a positive return on equity of 8.87%. The company’s revenue was down 20.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.63 earnings per share. Equities research analysts anticipate that Lumen Technologies, Inc. will post 0.35 earnings per share for the current fiscal year.

Lumen Technologies Profile

(Free Report)

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.