Lumen Technologies, Inc. (NYSE:LUMN) Shares Sold by Vanguard Group Inc.

Vanguard Group Inc. decreased its stake in Lumen Technologies, Inc. (NYSE:LUMN) by 6.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 109,301,827 shares of the technology company’s stock after selling 7,474,123 shares during the period. Vanguard Group Inc. owned approximately 10.77% of Lumen Technologies worth $580,393,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Legacy Investment Solutions LLC acquired a new stake in shares of Lumen Technologies during the 3rd quarter valued at approximately $30,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Lumen Technologies during the third quarter worth $36,000. Smartleaf Asset Management LLC grew its holdings in Lumen Technologies by 173.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 6,745 shares of the technology company’s stock valued at $36,000 after purchasing an additional 4,277 shares during the last quarter. R Squared Ltd purchased a new position in shares of Lumen Technologies in the fourth quarter valued at $48,000. Finally, HB Wealth Management LLC acquired a new position in shares of Lumen Technologies during the 4th quarter worth $59,000. Hedge funds and other institutional investors own 66.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on LUMN shares. Wells Fargo & Company upgraded shares of Lumen Technologies from an “underweight” rating to an “equal weight” rating and set a $5.00 target price for the company in a report on Friday, February 21st. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $4.25 target price on shares of Lumen Technologies in a research note on Monday, February 10th. Finally, Citigroup raised Lumen Technologies from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $8.00 to $6.50 in a research report on Wednesday, February 26th. Two analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, Lumen Technologies presently has an average rating of “Hold” and an average price target of $4.59.

Lumen Technologies Price Performance

LUMN stock opened at $3.94 on Tuesday. The stock has a market capitalization of $4.04 billion, a price-to-earnings ratio of -78.78 and a beta of 1.28. 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. The stock’s fifty day simple moving average is $4.85 and its 200-day simple moving average is $6.03.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings results 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%. Equities research analysts expect that Lumen Technologies, Inc. will post -0.87 EPS for the current 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.