Bank of New York Mellon Corp Sells 359,104 Shares of Lumen Technologies, Inc. (NYSE:LUMN)

Bank of New York Mellon Corp cut its position in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 5.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,677,179 shares of the technology company's stock after selling 359,104 shares during the quarter. Bank of New York Mellon Corp owned about 0.65% of Lumen Technologies worth $26,175,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Lazard Asset Management LLC grew its holdings in shares of Lumen Technologies by 3,825.7% in the 4th quarter. Lazard Asset Management LLC now owns 7,498 shares of the technology company's stock worth $39,000 after acquiring an additional 7,307 shares during the last quarter. Conning Inc. bought a new stake in shares of Lumen Technologies during the 1st quarter valued at $39,000. OneDigital Investment Advisors LLC bought a new position in Lumen Technologies during the 1st quarter worth about $41,000. Ritholtz Wealth Management acquired a new position in shares of Lumen Technologies during the 1st quarter worth about $43,000. Finally, Quantinno Capital Management LP acquired a new stake in Lumen Technologies in the 4th quarter valued at about $54,000. Hedge funds and other institutional investors own 66.19% of the company's stock.

Lumen Technologies Stock Performance

NYSE LUMN traded down $0.03 during trading hours on Friday, hitting $4.36. The company had a trading volume of 7,072,548 shares, compared to its average volume of 19,516,796. The firm has a market cap of $4.47 billion, a P/E ratio of -14.06 and a beta of 1.39. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 59.98. Lumen Technologies, Inc. has a fifty-two week low of $1.39 and a fifty-two week high of $10.33. The business has a fifty day simple moving average of $4.20 and a 200-day simple moving average of $4.42.

Lumen Technologies (NYSE:LUMN - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The technology company reported ($0.13) EPS for the quarter, topping analysts' consensus estimates of ($0.29) by $0.16. Lumen Technologies had a negative return on equity of 75.08% and a negative net margin of 2.41%. The firm had revenue of $3.18 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same period last year, the company posted ($0.04) EPS. The business's quarterly revenue was down 3.3% compared to the same quarter last year. Equities analysts predict that Lumen Technologies, Inc. will post -0.87 EPS for the current year.

Analysts Set New Price Targets

Several research firms recently issued reports on LUMN. Raymond James Financial upgraded shares of Lumen Technologies from a "market perform" rating to an "outperform" rating and set a $4.50 target price on the stock in a report on Monday, May 5th. BNP Paribas raised shares of Lumen Technologies to a "hold" rating in a report on Wednesday, June 25th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $4.58.

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.