Massachusetts Financial Services Co. MA Raises Stock Holdings in Lumen Technologies, Inc. (NYSE:LUMN)

Massachusetts Financial Services Co. MA increased its stake in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 94.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 587,251 shares of the technology company's stock after buying an additional 285,110 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 0.06% of Lumen Technologies worth $2,302,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Stratos Wealth Advisors LLC bought a new position in Lumen Technologies during the 1st quarter worth $44,000. OneDigital Investment Advisors LLC bought a new position in Lumen Technologies during the 1st quarter worth $41,000. Conning Inc. bought a new position in Lumen Technologies during the 1st quarter worth $39,000. Principal Financial Group Inc. increased its position in Lumen Technologies by 2.7% during the 1st quarter. Principal Financial Group Inc. now owns 5,053,232 shares of the technology company's stock worth $19,809,000 after buying an additional 131,851 shares during the period. Finally, Straight Path Wealth Management increased its position in Lumen Technologies by 100.0% during the 1st quarter. Straight Path Wealth Management now owns 40,000 shares of the technology company's stock worth $157,000 after buying an additional 20,000 shares during the period. Institutional investors and hedge funds own 66.19% of the company's stock.

Lumen Technologies Trading Up 3.1%

Shares of LUMN stock traded up $0.14 during trading hours on Tuesday, reaching $4.45. The company's stock had a trading volume of 10,345,032 shares, compared to its average volume of 12,117,777. The stock has a market capitalization of $4.56 billion, a P/E ratio of -14.34 and a beta of 1.39. Lumen Technologies, Inc. has a one year low of $1.43 and a one year high of $10.33. The firm's fifty day simple moving average is $4.20 and its 200 day simple moving average is $4.41. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 59.98.

Lumen Technologies (NYSE:LUMN - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The technology company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.16. Lumen Technologies had a negative return on equity of 75.08% and a negative net margin of 2.41%. The company had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same period in the previous year, the company posted ($0.04) earnings per share. The firm's revenue was down 3.3% on a year-over-year basis. Equities research analysts expect that Lumen Technologies, Inc. will post -0.87 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have issued reports on LUMN. BNP Paribas upgraded Lumen Technologies to a "hold" rating in a research report on Wednesday, June 25th. Raymond James Financial upgraded Lumen Technologies from a "market perform" rating to an "outperform" rating and set a $4.50 target price on the stock in a research report on Monday, May 5th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, Lumen Technologies has an average rating of "Hold" and a consensus price target of $4.58.

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.