Two Sigma Investments LP Reduces Stock Position in Lumen Technologies, Inc. (NYSE:LUMN)

Two Sigma Investments LP cut its stake in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 14.9% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 8,856,838 shares of the technology company's stock after selling 1,552,415 shares during the quarter. Two Sigma Investments LP owned about 0.87% of Lumen Technologies worth $47,030,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Norges Bank purchased a new position in Lumen Technologies during the 4th quarter valued at about $63,638,000. Dimensional Fund Advisors LP grew its stake in Lumen Technologies by 368.4% during 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 acquiring an additional 7,717,596 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Lumen Technologies by 76.3% during the 4th quarter. Renaissance Technologies LLC now owns 11,664,009 shares of the technology company's stock worth $61,936,000 after acquiring an additional 5,049,709 shares during the period. Millennium Management LLC boosted its holdings in Lumen Technologies by 474.8% in the 4th quarter. Millennium Management LLC now owns 5,744,368 shares of the technology company's stock valued at $30,503,000 after purchasing an additional 4,745,040 shares during the period. Finally, Trexquant Investment LP purchased a new position in shares of Lumen Technologies during the 4th quarter valued at $12,930,000. 66.19% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Citigroup raised Lumen Technologies from a "neutral" rating to a "buy" rating and dropped their price objective for the company from $8.00 to $6.50 in a research note on Wednesday, February 26th. Wells Fargo & Company upgraded shares of Lumen Technologies from an "underweight" rating to an "equal weight" rating and set a $5.00 price target on the stock in a research report on Friday, February 21st. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $4.25 price objective on shares of Lumen Technologies in a research note on Monday, February 10th. Finally, Raymond James upgraded shares of Lumen Technologies from a "market perform" rating to an "outperform" rating and set a $4.50 price target for the company in a report on Monday, May 5th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $4.58.

Lumen Technologies Trading Down 2.9%

NYSE:LUMN opened at $3.98 on Tuesday. The firm has a 50 day moving average of $3.93 and a 200 day moving average of $5.29. The stock has a market capitalization of $4.08 billion, a price-to-earnings ratio of -79.58 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, Inc. has a 52 week low of $0.97 and a 52 week high of $10.33.

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, beating analysts' consensus estimates of ($0.29) by $0.16. Lumen Technologies had a negative net margin of 0.42% and a negative return on equity of 46.17%. The business had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the prior year, the business posted ($0.04) EPS. Lumen Technologies's revenue for the quarter was down 3.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Lumen Technologies, Inc. will post -0.87 earnings per share 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.

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