Handelsbanken Fonder AB Increases Stake in Lumen Technologies, Inc. (NYSE:LUMN)

Handelsbanken Fonder AB lifted its stake in Lumen Technologies, Inc. (NYSE:LUMN) by 20.3% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 249,700 shares of the technology company’s stock after buying an additional 42,100 shares during the quarter. Handelsbanken Fonder AB’s holdings in Lumen Technologies were worth $1,326,000 at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

LUMN has been the topic of a number of recent research reports. Wells Fargo & Company raised 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 note on Friday, February 21st. The Goldman Sachs Group raised their price target on Lumen Technologies from $4.50 to $5.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Royal Bank of Canada reissued a “sector perform” rating and issued a $4.25 target price on shares of Lumen Technologies in a research note on Monday, February 10th. TD Cowen dropped their price target on shares of Lumen Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a research note on Wednesday, November 6th. Finally, Citigroup raised shares of Lumen Technologies from a “neutral” rating to a “buy” rating and reduced their price objective for the stock from $8.00 to $6.50 in a research report on Wednesday. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $4.59.

Lumen Technologies Stock Up 6.0 %

Shares of NYSE LUMN opened at $4.71 on Thursday. Lumen Technologies, Inc. has a 12-month low of $0.97 and a 12-month high of $10.33. The stock’s fifty day simple moving average is $5.25 and its two-hundred day simple moving average is $6.16. The stock has a market capitalization of $4.77 billion, a PE ratio of -94.08 and a beta of 1.28. The company has a current ratio of 1.21, a quick ratio of 1.20 and a debt-to-equity ratio of 37.70.

Lumen Technologies (NYSE:LUMN) last issued its quarterly earnings data on Tuesday, February 4th. The technology company reported $0.09 EPS for the quarter, beating the consensus estimate of ($0.05) by $0.14. Lumen Technologies had a negative return on equity of 46.17% and a negative net margin of 0.42%. As a group, analysts expect that Lumen Technologies, Inc. will post -0.87 EPS 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.