Principal Financial Group Inc. Increases Stake in Lumen Technologies, Inc. (NYSE:LUMN)

Principal Financial Group Inc. grew its position in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 2.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. 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 made changes to their positions in the company. Wealth Enhancement Advisory Services LLC increased its stake in Lumen Technologies by 3.0% in the 4th 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 during the period. O Shaughnessy Asset Management LLC increased its stake in Lumen Technologies by 7.7% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 34,225 shares of the technology company's stock worth $182,000 after buying an additional 2,457 shares during the period. Envestnet Portfolio Solutions Inc. increased its stake in Lumen Technologies by 15.8% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 20,852 shares of the technology company's stock worth $111,000 after buying an additional 2,844 shares during the period. Bank of Nova Scotia increased its stake in Lumen Technologies by 28.6% in the 4th quarter. Bank of Nova Scotia now owns 13,788 shares of the technology company's stock worth $73,000 after buying an additional 3,069 shares during the period. Finally, Avior Wealth Management LLC increased its stake in Lumen Technologies by 9.8% in the 1st quarter. Avior Wealth Management LLC now owns 45,960 shares of the technology company's stock worth $180,000 after buying an additional 4,115 shares during the period. Hedge funds and other institutional investors own 66.19% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Raymond James Financial raised shares of 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 shares of Lumen Technologies to a "hold" rating in a research report on Wednesday, June 25th. Two 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 stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $4.58.

Lumen Technologies Stock Down 0.3%

NYSE:LUMN opened at $4.52 on Friday. The company's 50-day simple moving average is $4.17 and its 200-day simple moving average is $4.47. The stock has a market capitalization of $4.63 billion, a P/E ratio of -14.56 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, Inc. has a fifty-two week low of $1.07 and a fifty-two week high of $10.33.

Lumen Technologies (NYSE:LUMN - Get Free Report) last released its earnings results on Thursday, May 1st. The technology company reported ($0.13) EPS for the quarter, topping analysts' consensus estimates of ($0.29) by $0.16. The company had revenue of $3.18 billion during the quarter, compared to analysts' expectations of $3.12 billion. Lumen Technologies had a negative net margin of 2.41% and a negative return on equity of 75.08%. Lumen Technologies's revenue for the quarter was down 3.3% on a year-over-year basis. During the same period last year, the business earned ($0.04) EPS. On average, equities analysts anticipate that Lumen Technologies, Inc. will post -0.87 earnings per share for the current fiscal year.

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.

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