Lumen Technologies, Inc. (NYSE:LUMN) Shares Sold by State Board of Administration of Florida Retirement System

Posted by Defense World Staff on Sep 20th, 2023

State Board of Administration of Florida Retirement System trimmed its position in Lumen Technologies, Inc. (NYSE:LUMN – Free Report) by 3.9% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,143,468 shares of the technology company’s stock after selling 46,888 shares during the period. State Board of Administration of Florida Retirement System owned 0.11% of Lumen Technologies worth $3,030,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. raised its holdings in shares of Lumen Technologies by 43.7% during the first quarter. BlackRock Inc. now owns 111,878,156 shares of the technology company’s stock worth $296,477,000 after purchasing an additional 34,020,726 shares during the period. Arrowstreet Capital Limited Partnership boosted 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 valued at $112,267,000 after acquiring an additional 15,989,152 shares during the period. Renaissance Technologies LLC bought a new position in shares of Lumen Technologies during the fourth quarter valued at approximately $63,655,000. AQR Capital Management LLC raised its position in shares of Lumen Technologies by 32,449.8% during the 4th quarter. AQR Capital Management LLC now owns 11,525,887 shares of the technology company’s stock worth $60,165,000 after purchasing an additional 11,490,477 shares during the period. Finally, Two Sigma Investments LP bought a new stake in shares of Lumen Technologies in the 1st quarter worth approximately $25,611,000. 69.72% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on LUMN shares. Raymond James upgraded 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. Morgan Stanley cut their price objective on shares of Lumen Technologies from $2.50 to $1.80 and set an “underweight” rating on the stock in a research report on Tuesday, September 5th. Royal Bank of Canada dropped their price target on shares of Lumen Technologies from $2.75 to $2.25 and set a “sector perform” rating on the stock in a research note 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 research report on Thursday, August 3rd. Three equities 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, the company currently has a consensus rating of “Hold” and an average price target of $4.51.

Check Out Our Latest Stock Analysis on LUMN

Lumen Technologies Stock Up 6.6 %

Shares of LUMN stock opened at $1.62 on Wednesday. The company has a debt-to-equity ratio of 8.71, a quick ratio of 1.23 and a current ratio of 1.23. The stock has a market cap of $1.63 billion, a PE ratio of -0.15 and a beta of 1.01. The business’s fifty day moving average is $1.67 and its 200-day moving average is $2.08. Lumen Technologies, Inc. has a 1 year low of $1.35 and a 1 year high of $8.73.

Lumen Technologies (NYSE:LUMN – Get Free Report) last issued its quarterly earnings results on Tuesday, August 1st. The technology company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.08 by $0.02. The firm had revenue of $3.66 billion for the quarter, compared to analysts’ expectations of $3.67 billion. Lumen Technologies had a negative net margin of 68.74% and a positive return on equity of 8.44%. Lumen Technologies’s revenue for the quarter was down 20.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.35 earnings per share. Equities analysts expect that Lumen Technologies, Inc. will post 0.28 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.