Rhumbline Advisers lifted its holdings in shares of Lumen Technologies, Inc. (NYSE:LUMN – Free Report) by 41.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,706,963 shares of the technology company’s stock after acquiring an additional 796,515 shares during the quarter. Rhumbline Advisers owned approximately 0.27% of Lumen Technologies worth $7,173,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in LUMN. Arrowstreet Capital Limited Partnership grew its stake in Lumen Technologies by 289.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 21,507,098 shares of the technology company’s stock worth $112,267,000 after purchasing an additional 15,989,152 shares during the period. Renaissance Technologies LLC purchased a new stake in shares of Lumen Technologies in the fourth quarter worth $63,655,000. AQR Capital Management LLC increased its holdings in shares of Lumen Technologies by 32,449.8% during the fourth quarter. AQR Capital Management LLC now owns 11,525,887 shares of the technology company’s stock valued at $60,165,000 after acquiring an additional 11,490,477 shares in the last quarter. Norges Bank bought a new position in shares of Lumen Technologies during the fourth quarter valued at $33,324,000. Finally, Jupiter Asset Management Ltd. increased its holdings in shares of Lumen Technologies by 102.1% during the first quarter. Jupiter Asset Management Ltd. now owns 8,818,004 shares of the technology company’s stock valued at $23,368,000 after acquiring an additional 4,455,020 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several equities analysts have recently weighed in on the company. Raymond James upgraded Lumen Technologies from an “underperform” rating to a “market perform” rating in a report on Tuesday, June 6th. They noted that the move was a valuation call. Morgan Stanley reduced their price target on Lumen Technologies from $2.50 to $1.80 and set an “underweight” rating for the company in a report on Tuesday. Royal Bank of Canada reduced their price target on Lumen Technologies from $2.75 to $2.25 and set a “sector perform” rating for the company in a report on Thursday, August 17th. Finally, The Goldman Sachs Group reduced their price objective on Lumen Technologies from $3.50 to $3.00 and set a “neutral” rating for the company in a report on Thursday, August 3rd. Three equities research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. According to data from MarketBeat, Lumen Technologies presently has an average rating of “Hold” and a consensus target price of $4.51.
Lumen Technologies Trading Down 5.1 %
Lumen Technologies stock opened at $1.50 on Wednesday. The business has a 50-day simple moving average of $1.83 and a two-hundred day simple moving average of $2.24. The company has a market cap of $1.51 billion, a P/E ratio of -0.14 and a beta of 1.01. Lumen Technologies, Inc. has a 52-week low of $1.40 and a 52-week high of $10.17. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 8.71.
Lumen Technologies (NYSE:LUMN – Get Free Report) last released its quarterly earnings results on Tuesday, August 1st. The technology company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. The business had revenue of $3.66 billion during the quarter, compared to the consensus estimate of $3.67 billion. Lumen Technologies had a positive return on equity of 8.44% and a negative net margin of 68.74%. The business’s quarterly revenue was down 20.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.35 EPS. Analysts predict that Lumen Technologies, Inc. will post 0.22 EPS for the current year.
Lumen Technologies Company Profile
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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