Hennessy Advisors Inc. Sells 756,300 Shares of Lumen Technologies, Inc. (NYSE:LUMN)

Hennessy Advisors Inc. trimmed its stake in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 8.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,735,100 shares of the technology company's stock after selling 756,300 shares during the quarter. Hennessy Advisors Inc. owned 0.75% of Lumen Technologies worth $30,322,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in LUMN. Norges Bank acquired a new stake in shares of Lumen Technologies in the 4th quarter valued at about $63,638,000. Dimensional Fund Advisors LP grew its holdings in 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 valued at $52,111,000 after buying an additional 7,717,596 shares during the last quarter. Renaissance Technologies LLC grew its holdings in Lumen Technologies by 76.3% during 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 last quarter. Millennium Management LLC boosted its holdings in shares of Lumen Technologies by 474.8% during the fourth quarter. Millennium Management LLC now owns 5,744,368 shares of the technology company's stock worth $30,503,000 after purchasing an additional 4,745,040 shares during the last quarter. Finally, Trexquant Investment LP acquired a new stake in shares of Lumen Technologies during the fourth quarter worth $12,930,000. 66.19% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

LUMN has been the topic of several research reports. Wells Fargo & Company raised Lumen Technologies from an "underweight" rating to an "equal weight" rating and set a $5.00 price objective on the stock in a research report on Friday, February 21st. Citigroup upgraded Lumen Technologies from a "neutral" rating to a "buy" rating and decreased their target price for the company from $8.00 to $6.50 in a research note on Wednesday, February 26th. Finally, Raymond James upgraded Lumen Technologies from a "market perform" rating to an "outperform" rating and set a $4.50 price objective for the company in a research report on Monday, May 5th. Two analysts have rated the stock with a sell rating, six have given a hold rating and two have issued 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.

Lumen Technologies Price Performance

Shares of NYSE:LUMN traded down $0.17 during trading on Friday, reaching $4.04. The stock had a trading volume of 9,224,668 shares, compared to its average volume of 19,580,742. Lumen Technologies, Inc. has a 52 week low of $0.97 and a 52 week high of $10.33. The business's 50-day moving average price is $3.82 and its 200 day moving average price is $4.74. The company has a debt-to-equity ratio of 37.70, a current ratio of 1.21 and a quick ratio of 1.20. The stock has a market capitalization of $4.14 billion, a PE ratio of -80.68 and a beta of 1.38.

Lumen Technologies (NYSE:LUMN - Get Free Report) last issued its earnings results on Thursday, May 1st. The technology company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.29) by $0.16. Lumen Technologies had a negative net margin of 0.42% and a negative return on equity of 46.17%. The company had revenue of $3.18 billion during the quarter, compared to analysts' expectations of $3.12 billion. During the same quarter in the previous year, the company posted ($0.04) EPS. The business's revenue for the quarter was down 3.3% compared to the same quarter last year. As a group, equities analysts predict that Lumen Technologies, Inc. will post -0.87 earnings per share for the current 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.