California State Teachers Retirement System lessened its stake in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 20.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 906,722 shares of the technology company's stock after selling 234,831 shares during the period. California State Teachers Retirement System owned approximately 0.09% of Lumen Technologies worth $4,815,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in the stock. Norges Bank purchased a new position in shares of Lumen Technologies during the 4th quarter worth $63,638,000. Dimensional Fund Advisors LP boosted its stake in shares of Lumen Technologies by 368.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,812,495 shares of the technology company's stock worth $52,111,000 after acquiring an additional 7,717,596 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of Lumen Technologies by 76.3% during the 4th quarter. Renaissance Technologies LLC now owns 11,664,009 shares of the technology company's stock worth $61,936,000 after acquiring an additional 5,049,709 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Lumen Technologies by 474.8% during the 4th quarter. Millennium Management LLC now owns 5,744,368 shares of the technology company's stock worth $30,503,000 after acquiring an additional 4,745,040 shares during the last quarter. Finally, Trexquant Investment LP purchased a new position in shares of Lumen Technologies during the 4th quarter worth $12,930,000. Institutional investors own 66.19% of the company's stock.
Lumen Technologies Price Performance
Shares of LUMN traded down $0.01 during trading hours on Friday, reaching $3.95. 7,861,727 shares of the stock traded hands, compared to its average volume of 19,490,196. The company has a current ratio of 1.21, a quick ratio of 1.20 and a debt-to-equity ratio of 37.70. The company has a market cap of $4.05 billion, a P/E ratio of -78.98 and a beta of 1.34. The company's 50-day moving average price is $3.75 and its two-hundred day moving average price is $4.88. Lumen Technologies, Inc. has a 52-week low of $0.97 and a 52-week high of $10.33.
Lumen Technologies (NYSE:LUMN - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The technology company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.29) by $0.16. The company had revenue of $3.18 billion for the quarter, compared to the consensus estimate of $3.12 billion. Lumen Technologies had a negative net margin of 0.42% and a negative return on equity of 46.17%. Lumen Technologies's revenue for the quarter was down 3.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.04) EPS. On average, analysts anticipate that Lumen Technologies, Inc. will post -0.87 earnings per share for the current year.
Analyst Upgrades and Downgrades
Several research analysts have recently weighed in on the stock. Raymond James upgraded shares of Lumen Technologies from a "market perform" rating to an "outperform" rating and set a $4.50 price target on the stock in a research note on Monday, May 5th. Citigroup upgraded shares of Lumen Technologies from a "neutral" rating to a "buy" rating and dropped their price target for the stock from $8.00 to $6.50 in a research note on Wednesday, February 26th. Wells Fargo & Company upgraded shares of Lumen Technologies from an "underweight" rating to an "equal weight" rating and set a $5.00 target price on the stock in a research note on Friday, February 21st. Finally, Royal Bank of Canada restated a "sector perform" rating and set a $4.25 target price on shares of Lumen Technologies in a research note on Monday, February 10th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $4.58.
Get Our Latest Analysis on LUMN
Lumen Technologies Profile
(
Free Report)
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.
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