Lumen Technologies, Inc. (NYSE:LUMN) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D decreased its stake in Lumen Technologies, Inc. (NYSE:LUMN) by 4.2% during the 4th quarter, Holdings Channel reports. The firm owned 365,696 shares of the technology company’s stock after selling 15,966 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Lumen Technologies were worth $1,942,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Concord Wealth Partners raised its position in shares of Lumen Technologies by 98.8% in the third quarter. Concord Wealth Partners now owns 4,008 shares of the technology company’s stock valued at $28,000 after buying an additional 1,992 shares during the last quarter. Legacy Investment Solutions LLC purchased a new stake in Lumen Technologies during the 3rd quarter valued at about $30,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Lumen Technologies in the 3rd quarter valued at about $36,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Lumen Technologies during the 3rd quarter worth approximately $46,000. Finally, R Squared Ltd acquired a new stake in shares of Lumen Technologies in the fourth quarter valued at approximately $48,000. Institutional investors and hedge funds own 66.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Citigroup raised their price target on shares of Lumen Technologies from $6.50 to $8.00 and gave the stock a “neutral” rating in a report on Friday, November 29th. Wells Fargo & Company upgraded Lumen Technologies from an “underweight” rating to an “equal weight” rating and set a $5.00 price target for the company in a report on Friday. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $4.25 target price on shares of Lumen Technologies in a research report on Monday, February 10th. The Goldman Sachs Group lifted their price target on shares of Lumen Technologies from $4.50 to $5.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Finally, TD Cowen decreased their price objective on shares of Lumen Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a report on Wednesday, November 6th. Two research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $4.78.

Lumen Technologies Price Performance

Shares of NYSE:LUMN opened at $4.34 on Tuesday. The company has a quick ratio of 1.20, a current ratio of 1.21 and a debt-to-equity ratio of 37.70. The company has a 50-day moving average price of $5.30 and a 200 day moving average price of $6.18. Lumen Technologies, Inc. has a 52 week low of $0.97 and a 52 week high of $10.33. The company has a market cap of $4.40 billion, a P/E ratio of -86.70 and a beta of 1.28.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings results on Tuesday, February 4th. The technology company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.14. Lumen Technologies had a negative net margin of 0.42% and a negative return on equity of 46.17%. Research analysts predict 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.