Rhumbline Advisers Sells 192,381 Shares of Lumen Technologies, Inc. (NYSE:LUMN)

Rhumbline Advisers trimmed its position in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 5.9% during the first quarter, according to its most recent disclosure 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 quarter. Rhumbline Advisers owned 0.30% of Lumen Technologies worth $12,123,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of LUMN. Wealth Enhancement Advisory Services LLC grew its holdings in Lumen Technologies by 3.0% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 76,905 shares of the technology company's stock worth $408,000 after buying an additional 2,220 shares in the last quarter. Siemens Fonds Invest GmbH bought a new stake in Lumen Technologies during the fourth quarter worth $62,000. Jefferies Financial Group Inc. bought a new stake in Lumen Technologies during the fourth quarter worth $398,000. Mackenzie Financial Corp grew its holdings in Lumen Technologies by 1,127.7% during the fourth quarter. Mackenzie Financial Corp now owns 790,031 shares of the technology company's stock worth $4,195,000 after buying an additional 725,681 shares in the last quarter. Finally, Forum Financial Management LP grew its holdings in Lumen Technologies by 72.5% during the fourth quarter. Forum Financial Management LP now owns 27,552 shares of the technology company's stock worth $146,000 after buying an additional 11,581 shares in the last quarter. 66.19% of the stock is owned by institutional investors and hedge funds.

Lumen Technologies Price Performance

Shares of Lumen Technologies stock traded down $0.17 during trading on Wednesday, hitting $4.17. 11,525,771 shares of the stock traded hands, compared to its average volume of 19,553,273. 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 $4.27 billion, a price-to-earnings ratio of -83.28 and a beta of 1.38. The firm's fifty day moving average is $3.79 and its 200-day 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) EPS for the quarter, beating the consensus estimate of ($0.29) by $0.16. The firm had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.12 billion. Lumen Technologies had a negative return on equity of 46.17% and a negative net margin of 0.42%. The company's revenue was down 3.3% on a year-over-year basis. During the same period in the prior year, the company earned ($0.04) EPS. Research analysts expect that Lumen Technologies, Inc. will post -0.87 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on LUMN shares. Raymond James upgraded Lumen Technologies from a "market perform" rating to an "outperform" rating and set a $4.50 price target 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. Finally, Citigroup upgraded Lumen Technologies from a "neutral" rating to a "buy" rating and reduced their price objective for the company from $8.00 to $6.50 in a research note on Wednesday, February 26th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $4.58.

Lumen Technologies 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.