Rhumbline Advisers Cuts Position in Lumen Technologies, Inc. (NYSE:LUMN)

Rhumbline Advisers lessened its holdings in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 5.9% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,092,677 shares of the technology company's stock after selling 192,381 shares during the period. Rhumbline Advisers owned approximately 0.30% of Lumen Technologies worth $12,123,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Smartleaf Asset Management LLC increased its holdings in Lumen Technologies by 173.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 6,745 shares of the technology company's stock valued at $36,000 after buying an additional 4,277 shares during the last quarter. Lazard Asset Management LLC boosted its holdings in Lumen Technologies by 3,825.7% in the fourth quarter. Lazard Asset Management LLC now owns 7,498 shares of the technology company's stock valued at $39,000 after purchasing an additional 7,307 shares in the last quarter. Quantinno Capital Management LP purchased a new position in Lumen Technologies in the fourth quarter valued at approximately $54,000. Seeds Investor LLC acquired a new stake in Lumen Technologies during the fourth quarter worth approximately $57,000. Finally, Raiffeisen Bank International AG purchased a new stake in shares of Lumen Technologies during the 4th quarter worth approximately $62,000. 66.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently commented on LUMN. Wells Fargo & Company upgraded shares of Lumen Technologies from an "underweight" rating to an "equal weight" rating and set a $5.00 price target on the stock in a research note on Friday, February 21st. Citigroup upgraded 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 report on Wednesday, February 26th. Finally, Raymond James raised Lumen Technologies from a "market perform" rating to an "outperform" rating and set a $4.50 target price for the company in a research report on Monday, May 5th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Lumen Technologies presently has a consensus rating of "Hold" and an average price target of $4.58.

Lumen Technologies Stock Performance

Shares of LUMN stock traded up $0.05 during midday trading on Thursday, hitting $4.20. The company had a trading volume of 6,998,742 shares, compared to its average volume of 19,503,255. The stock has a market cap of $4.31 billion, a price-to-earnings ratio of -83.98 and a beta of 1.38. 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 company's 50 day simple moving average is $3.79 and its 200 day simple moving average is $4.81. 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 data on Thursday, May 1st. The technology company reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate 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%. Lumen Technologies's revenue was down 3.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.04) EPS. Research analysts anticipate that Lumen Technologies, Inc. will post -0.87 earnings per share for the current fiscal year.

About Lumen Technologies

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.