Principal Financial Group Inc. Has $19.81 Million Position in Lumen Technologies, Inc. (NYSE:LUMN)

Principal Financial Group Inc. lifted its stake in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 2.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,053,232 shares of the technology company's stock after acquiring an additional 131,851 shares during the quarter. Principal Financial Group Inc. owned about 0.49% of Lumen Technologies worth $19,809,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in LUMN. Lazard Asset Management LLC grew its stake in shares of Lumen Technologies by 3,825.7% in the 4th quarter. Lazard Asset Management LLC now owns 7,498 shares of the technology company's stock worth $39,000 after purchasing an additional 7,307 shares during the last quarter. Ritholtz Wealth Management bought a new stake in Lumen Technologies during the first quarter worth approximately $43,000. Quantinno Capital Management LP acquired a new position in Lumen Technologies in the fourth quarter worth approximately $54,000. Seeds Investor LLC bought a new position in shares of Lumen Technologies in the fourth quarter valued at $57,000. Finally, Marshall Wace LLP acquired a new stake in shares of Lumen Technologies during the 4th quarter valued at $61,000. Institutional investors own 66.19% of the company's stock.

Lumen Technologies Stock Up 3.0%

Shares of NYSE LUMN traded up $0.14 during mid-day trading on Monday, reaching $4.61. The company had a trading volume of 8,334,560 shares, compared to its average volume of 19,545,977. The stock has a fifty day moving average of $4.18 and a two-hundred day moving average of $4.44. Lumen Technologies, Inc. has a 12-month low of $1.16 and a 12-month high of $10.33. The company has a market capitalization of $4.72 billion, a price-to-earnings ratio of -14.85 and a beta of 1.39. The company has a debt-to-equity ratio of 59.98, a quick ratio of 1.21 and a current ratio of 1.21.

Lumen Technologies (NYSE:LUMN - Get Free Report) last issued its 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. Lumen Technologies had a negative net margin of 2.41% and a negative return on equity of 75.08%. The company had revenue of $3.18 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same quarter last year, the business posted ($0.04) EPS. The company's revenue for the quarter was down 3.3% on a year-over-year basis. As a group, equities research analysts expect that Lumen Technologies, Inc. will post -0.87 EPS for the current year.

Wall Street Analyst Weigh In

LUMN has been the topic of a number of recent analyst reports. Raymond James Financial raised 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. BNP Paribas raised Lumen Technologies to a "hold" rating in a research note on Wednesday, June 25th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price 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.