Lumen Technologies, Inc. (NYSE:LUMN) Shares Sold by Ameriprise Financial Inc.

Ameriprise Financial Inc. reduced its stake in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 9.1% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 2,347,728 shares of the technology company's stock after selling 233,884 shares during the quarter. Ameriprise Financial Inc. owned 0.23% of Lumen Technologies worth $12,466,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Northern Trust Corp boosted its stake in shares of Lumen Technologies by 8.6% in the fourth quarter. Northern Trust Corp now owns 12,354,499 shares of the technology company's stock valued at $65,602,000 after purchasing an additional 982,206 shares during the period. Norges Bank acquired a new stake in Lumen Technologies during the 4th quarter worth approximately $63,638,000. Renaissance Technologies LLC boosted its position in Lumen Technologies by 76.3% in the 4th quarter. Renaissance Technologies LLC now owns 11,664,009 shares of the technology company's stock valued at $61,936,000 after buying an additional 5,049,709 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of 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 worth $52,111,000 after acquiring an additional 7,717,596 shares in the last quarter. Finally, Allianz Asset Management GmbH increased its position in shares of Lumen Technologies by 28.1% during the fourth quarter. Allianz Asset Management GmbH now owns 7,790,277 shares of the technology company's stock worth $41,366,000 after acquiring an additional 1,710,373 shares during the period. Hedge funds and other institutional investors own 66.19% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on LUMN. Raymond James upgraded Lumen Technologies from a "market perform" rating to an "outperform" rating and set a $4.50 target price for the company in a report on Monday, May 5th. Wells Fargo & Company upgraded Lumen Technologies from an "underweight" rating to an "equal weight" rating and set a $5.00 price objective for the company in a research note on Friday, February 21st. Citigroup upgraded shares of Lumen Technologies from a "neutral" rating to a "buy" rating and cut their target price for the stock from $8.00 to $6.50 in a research note on Wednesday, February 26th. Finally, Royal Bank of Canada reiterated a "sector perform" rating and issued a $4.25 price target on shares of Lumen Technologies in a research note on Monday, February 10th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $4.58.

Lumen Technologies Price Performance

LUMN stock opened at $4.11 on Monday. The business has a 50 day moving average price of $3.95 and a 200 day moving average price of $5.31. The company has a quick ratio of 1.20, a current ratio of 1.21 and a debt-to-equity ratio of 37.70. The stock has a market cap of $4.21 billion, a price-to-earnings ratio of -82.08 and a beta of 1.34. Lumen Technologies, Inc. has a fifty-two week low of $0.97 and a fifty-two week high of $10.33.

Lumen Technologies (NYSE:LUMN - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The technology company reported ($0.13) earnings per share for the quarter, topping analysts' consensus estimates of ($0.29) by $0.16. The company had revenue of $3.18 billion for the quarter, compared to analysts' expectations of $3.12 billion. Lumen Technologies had a negative net margin of 0.42% and a negative return on equity of 46.17%. The firm's revenue for the quarter was down 3.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.04) earnings per share. Equities research analysts anticipate that Lumen Technologies, Inc. will post -0.87 earnings per share for the current fiscal year.

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.

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