Federated Hermes Inc. Raises Stock Holdings in Lumen Technologies, Inc. (NYSE:LUMN)

Key Points

• Federated Hermes Inc. increased its stake in Lumen Technologies by 96.4%, acquiring a total of 932,856 shares, which brings its total ownership to approximately 1.9 million shares valued at $7.45 million.
• Analysts have upgraded Lumen Technologies from a "sell" to a "hold" rating, with a consensus target price of **$4.64** and predictions of **-0.87 EPS** for the current fiscal year.
• Lumen Technologies reported a quarterly earnings of **($0.03) EPS**, beating expectations but showing a revenue decline of **5.4%** compared to the same quarter last year.

Federated Hermes Inc. boosted its position in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 96.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,900,477 shares of the technology company's stock after acquiring an additional 932,856 shares during the quarter. Federated Hermes Inc. owned 0.19% of Lumen Technologies worth $7,450,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of LUMN. Wealth Enhancement Advisory Services LLC raised its position in Lumen Technologies by 3.0% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 76,905 shares of the technology company's stock valued at $408,000 after purchasing an additional 2,220 shares in the last quarter. O Shaughnessy Asset Management LLC raised its position in shares of Lumen Technologies by 7.7% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 34,225 shares of the technology company's stock worth $182,000 after acquiring an additional 2,457 shares in the last quarter. HB Wealth Management LLC raised its position in shares of Lumen Technologies by 23.6% during the 1st quarter. HB Wealth Management LLC now owns 13,715 shares of the technology company's stock worth $54,000 after acquiring an additional 2,619 shares in the last quarter. Bank of Nova Scotia raised its position in shares of Lumen Technologies by 28.6% during the 4th quarter. Bank of Nova Scotia now owns 13,788 shares of the technology company's stock worth $73,000 after acquiring an additional 3,069 shares in the last quarter. Finally, LPL Financial LLC raised its position in shares of Lumen Technologies by 1.0% during the 1st quarter. LPL Financial LLC now owns 380,016 shares of the technology company's stock worth $1,490,000 after acquiring an additional 3,927 shares in the last quarter. 66.19% of the stock is currently owned by hedge funds and other institutional investors.

Lumen Technologies Price Performance

LUMN traded down $0.03 during trading on Wednesday, reaching $3.73. 5,412,559 shares of the stock were exchanged, compared to its average volume of 12,195,152. The business's 50 day moving average price is $4.26 and its two-hundred day moving average price is $4.31. The company has a debt-to-equity ratio of 59.98, a current ratio of 2.13 and a quick ratio of 2.13. The company has a market capitalization of $3.82 billion, a price-to-earnings ratio of -3.16 and a beta of 1.43. Lumen Technologies, Inc. has a 1 year low of $3.01 and a 1 year high of $10.33.

Lumen Technologies (NYSE:LUMN - Get Free Report) last posted its earnings results on Thursday, July 31st. The technology company reported ($0.03) EPS for the quarter, topping analysts' consensus estimates of ($0.24) by $0.21. The company had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.11 billion. Lumen Technologies had a negative return on equity of 158.40% and a negative net margin of 9.19%. Lumen Technologies's quarterly revenue was down 5.4% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.13) earnings per share. As a group, equities research analysts anticipate that Lumen Technologies, Inc. will post -0.87 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have commented on LUMN. BNP Paribas raised Lumen Technologies to a "hold" rating in a research report on Wednesday, June 25th. Wall Street Zen raised Lumen Technologies from a "sell" rating to a "hold" rating in a report on Sunday. Finally, Raymond James Financial boosted their target price on Lumen Technologies from $4.50 to $5.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $4.64.

Lumen Technologies Company 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.