New York State Teachers Retirement System Trims Stock Position in Lumen Technologies, Inc. (NYSE:LUMN)

New York State Teachers Retirement System lowered its stake in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 6.4% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 1,009,058 shares of the technology company's stock after selling 69,100 shares during the period. New York State Teachers Retirement System owned approximately 0.10% of Lumen Technologies worth $3,956,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in LUMN. Northern Trust Corp boosted its position in Lumen Technologies by 8.6% in the 4th quarter. Northern Trust Corp now owns 12,354,499 shares of the technology company's stock valued at $65,602,000 after buying an additional 982,206 shares during the period. Norges Bank acquired a new stake in Lumen Technologies in the fourth quarter valued at $63,638,000. Renaissance Technologies LLC raised its stake in Lumen Technologies by 76.3% in the fourth 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 in the last quarter. Dimensional Fund Advisors LP raised its stake in Lumen Technologies by 368.4% in the fourth 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 in the last quarter. Finally, Millennium Management LLC raised its stake in Lumen Technologies by 474.8% in the fourth quarter. Millennium Management LLC now owns 5,744,368 shares of the technology company's stock valued at $30,503,000 after buying an additional 4,745,040 shares in the last quarter. Hedge funds and other institutional investors own 66.19% of the company's stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. BNP Paribas upgraded Lumen Technologies to a "hold" rating in a research note on Wednesday, June 25th. Raymond James Financial upgraded Lumen Technologies from a "market perform" rating to an "outperform" rating and set a $4.50 price target on the stock in a research note on Monday, May 5th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $4.58.

Lumen Technologies Stock Performance

NYSE LUMN traded down $0.18 during trading on Monday, reaching $4.42. The company's stock had a trading volume of 9,916,892 shares, compared to its average volume of 19,588,233. The company has a debt-to-equity ratio of 59.98, a quick ratio of 1.21 and a current ratio of 1.21. The firm has a market cap of $4.53 billion, a price-to-earnings ratio of -14.26 and a beta of 1.39. Lumen Technologies, Inc. has a twelve month low of $1.02 and a twelve month high of $10.33. The business's fifty day moving average price is $4.09 and its 200-day moving average price is $4.49.

Lumen Technologies (NYSE:LUMN - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The technology company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.29) by $0.16. Lumen Technologies had a negative net margin of 2.41% and a negative return on equity of 75.08%. The business 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 business posted ($0.04) earnings per share. The business's revenue was down 3.3% compared to the same quarter last year. As a group, analysts anticipate that Lumen Technologies, Inc. will post -0.87 EPS 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.