Raymond James Financial Inc. Takes Position in Lumen Technologies, Inc. (NYSE:LUMN)

Raymond James Financial Inc. purchased a new stake in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 305,867 shares of the technology company's stock, valued at approximately $1,624,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Empowered Funds LLC acquired a new position in Lumen Technologies during the 4th quarter valued at about $1,139,000. Strategic Financial Concepts LLC lifted its position in Lumen Technologies by 430.7% in the fourth quarter. Strategic Financial Concepts LLC now owns 179,335 shares of the technology company's stock worth $952,000 after purchasing an additional 145,542 shares during the period. Polianta Ltd bought a new stake in shares of Lumen Technologies in the 4th quarter worth $692,000. Mariner Investment Group LLC acquired a new stake in shares of Lumen Technologies in the fourth quarter valued at $531,000. Finally, Assenagon Asset Management S.A. boosted its stake in Lumen Technologies by 8.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 935,386 shares of the technology company's stock valued at $4,967,000 after buying an additional 73,841 shares in the last quarter. 66.19% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on LUMN. Royal Bank of Canada restated a "sector perform" rating and set a $4.25 price objective on shares of Lumen Technologies in a research report on Monday, February 10th. Raymond James upgraded shares of Lumen Technologies from a "market perform" rating to an "outperform" rating and set a $4.50 price target on the stock in a research report on Monday. 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 research report on Friday, February 21st. Finally, Citigroup upgraded Lumen Technologies from a "neutral" rating to a "buy" rating and decreased their target price for the stock from $8.00 to $6.50 in a report on Wednesday, February 26th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $4.58.

Lumen Technologies Stock Up 1.1 %

Lumen Technologies stock traded up $0.05 during mid-day trading on Tuesday, hitting $4.28. The company's stock had a trading volume of 13,135,055 shares, compared to its average volume of 19,146,522. The company has a debt-to-equity ratio of 37.70, a current ratio of 1.21 and a quick ratio of 1.20. Lumen Technologies, Inc. has a 52-week low of $0.97 and a 52-week high of $10.33. The firm's 50 day moving average is $4.06 and its 200 day moving average is $5.45. The company has a market cap of $4.38 billion, a PE ratio of -85.48 and a beta of 1.34.

Lumen Technologies (NYSE:LUMN - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The technology company reported ($0.13) 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 firm had revenue of $3.18 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the previous year, the firm posted ($0.04) earnings per share. The firm's revenue was down 3.3% on a year-over-year basis. On average, analysts anticipate that Lumen Technologies, Inc. will post -0.87 earnings per share for the current 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.