325,875 Shares in Lumen Technologies, Inc. (NYSE:LUMN) Bought by BI Asset Management Fondsmaeglerselskab A S

BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 325,875 shares of the technology company's stock, valued at approximately $1,730,000.

A number of other hedge funds have also recently modified their holdings of the company. Norges Bank acquired a new position in Lumen Technologies in the fourth quarter valued at approximately $63,638,000. Hennessy Advisors Inc. acquired a new position in Lumen Technologies in the fourth quarter valued at approximately $45,089,000. Dimensional Fund Advisors LP lifted its holdings in Lumen Technologies by 368.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,812,495 shares of the technology company's stock valued at $52,111,000 after acquiring an additional 7,717,596 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in Lumen Technologies by 76.3% in the fourth quarter. Renaissance Technologies LLC now owns 11,664,009 shares of the technology company's stock valued at $61,936,000 after acquiring an additional 5,049,709 shares during the last quarter. Finally, Trexquant Investment LP acquired a new position in Lumen Technologies in the fourth quarter valued at approximately $12,930,000. Hedge funds and other institutional investors own 66.19% of the company's stock.

Lumen Technologies Stock Up 0.3 %

NYSE:LUMN traded up $0.01 during trading hours on Friday, hitting $3.35. The company's stock had a trading volume of 7,319,281 shares, compared to its average volume of 19,231,216. Lumen Technologies, Inc. has a 52-week low of $0.97 and a 52-week high of $10.33. The stock has a market capitalization of $3.43 billion, a P/E ratio of -66.99 and a beta of 1.29. The stock has a fifty day moving average of $4.17 and a 200-day moving average of $5.56. The company has a current ratio of 1.21, a quick ratio of 1.20 and a debt-to-equity ratio of 37.70.

Lumen Technologies (NYSE:LUMN - Get Free Report) last announced its earnings results on Tuesday, February 4th. The technology company reported $0.09 earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.14. Lumen Technologies had a negative net margin of 0.42% and a negative return on equity of 46.17%. On average, equities analysts forecast that Lumen Technologies, Inc. will post -0.87 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have commented on LUMN. Wells Fargo & Company upgraded Lumen Technologies from an "underweight" rating to an "equal weight" rating and set a $5.00 price target on the stock in a research note on Friday, February 21st. Royal Bank of Canada restated a "sector perform" rating and set a $4.25 price target on shares of Lumen Technologies in a research note on Monday, February 10th. Finally, Citigroup upgraded Lumen Technologies from a "neutral" rating to a "buy" rating and decreased their price target for the stock from $8.00 to $6.50 in a research note on Wednesday, February 26th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $4.59.

Lumen Technologies Profile

Lumen Technologies, Inc, a facilities-based technology and communications company, provides various integrated products and services to business and residential customers in the United States and internationally. The company operates in two segments, Business and Mass Markets. It offers dark fiber, edge cloud services, internet protocol, managed security, software-defined wide area networks, secure access service edge, unified communications and collaboration, and optical wavelengths services; ethernet and VPN data networks services; and legacy services to manage cash flow, including time division multiplexing voice, private line, and other legacy services, as well as sells communication equipment, and IT solutions.