Millennium Management LLC Grows Stake in Lumen Technologies, Inc. (NYSE:LUMN)

Millennium Management LLC boosted its position in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 474.8% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,744,368 shares of the technology company's stock after purchasing an additional 4,745,040 shares during the quarter. Millennium Management LLC owned about 0.57% of Lumen Technologies worth $30,503,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. O Shaughnessy Asset Management LLC boosted its stake in Lumen Technologies by 7.7% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 34,225 shares of the technology company's stock valued at $182,000 after buying an additional 2,457 shares in the last quarter. Los Angeles Capital Management LLC raised its stake in shares of Lumen Technologies by 20.3% during the 4th quarter. Los Angeles Capital Management LLC now owns 14,760 shares of the technology company's stock worth $78,000 after purchasing an additional 2,489 shares in the last quarter. Avior Wealth Management LLC boosted its stake in shares of Lumen Technologies by 6.8% during the 4th quarter. Avior Wealth Management LLC now owns 41,845 shares of the technology company's stock worth $222,000 after acquiring an additional 2,657 shares in the last quarter. Envestnet Portfolio Solutions Inc. increased its stake in shares of Lumen Technologies by 15.8% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 20,852 shares of the technology company's stock worth $111,000 after purchasing an additional 2,844 shares during the period. Finally, Bank of Nova Scotia raised its position in shares of Lumen Technologies by 28.6% during the fourth quarter. Bank of Nova Scotia now owns 13,788 shares of the technology company's stock valued at $73,000 after buying an additional 3,069 shares during the last quarter. 66.19% of the stock is currently owned by institutional investors and hedge funds.

Lumen Technologies Trading Down 4.4%

Shares of Lumen Technologies stock traded down $0.18 during trading on Wednesday, reaching $3.82. The company's stock had a trading volume of 14,540,270 shares, compared to its average volume of 19,240,530. The firm's 50-day moving average is $3.89 and its two-hundred day moving average is $5.27. Lumen Technologies, Inc. has a 52-week low of $0.97 and a 52-week high of $10.33. The company has a market cap of $3.91 billion, a price-to-earnings ratio of -76.28 and a beta of 1.34. The company has a quick ratio of 1.20, a current ratio of 1.21 and a debt-to-equity ratio of 37.70.

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

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on LUMN shares. Citigroup upgraded shares of Lumen Technologies from a "neutral" rating to a "buy" rating and reduced their price target for the company from $8.00 to $6.50 in a research report on Wednesday, February 26th. 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 report on Friday, February 21st. Royal Bank of Canada reissued a "sector perform" rating and set a $4.25 target price on shares of Lumen Technologies in a report on Monday, February 10th. Finally, 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 research note on Monday, May 5th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Lumen Technologies presently has a consensus rating of "Hold" and a consensus price target of $4.58.

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.