Raymond James Upgrades Lumen Technologies (NYSE:LUMN) to Outperform

Lumen Technologies (NYSE:LUMN) was upgraded by analysts at Raymond James from a “market perform” rating to an “outperform” rating in a research report issued on Monday, MarketBeat reports. The firm currently has a $4.50 price target on the technology company’s stock. Raymond James’ target price suggests a potential upside of 5.26% from the stock’s current price.

LUMN has been the subject of a number of other research reports. 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 research note on Friday, February 21st. Citigroup upgraded Lumen Technologies from a “neutral” rating to a “buy” rating and cut their price target for the company from $8.00 to $6.50 in a research note on Wednesday, February 26th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $4.25 price target on shares of Lumen Technologies in a research note on Monday, February 10th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Lumen Technologies currently has a consensus rating of “Hold” and an average target price of $4.58.

Lumen Technologies Stock Up 1.1 %

Shares of LUMN stock opened at $4.28 on Monday. The company has a market capitalization of $4.38 billion, a price-to-earnings ratio of -85.48 and a beta of 1.34. Lumen Technologies has a 12-month low of $0.97 and a 12-month high of $10.33. The firm has a fifty day moving average of $4.06 and a 200-day moving average of $5.44. 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 (NYSE:LUMN) last released its earnings results on Thursday, May 1st. The technology company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.29) by $0.16. The business had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.12 billion. Lumen Technologies had a negative return on equity of 46.17% and a negative net margin of 0.42%. Lumen Technologies’s revenue was down 3.3% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.04) earnings per share. As a group, equities research analysts predict that Lumen Technologies will post -0.87 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lumen Technologies

Several large investors have recently added to or reduced their stakes in the business. Franklin Resources Inc. boosted its holdings in Lumen Technologies by 66.8% during the 3rd quarter. Franklin Resources Inc. now owns 560,793 shares of the technology company’s stock worth $3,982,000 after acquiring an additional 224,506 shares during the last quarter. Diversified Trust Co purchased a new position in Lumen Technologies during the fourth quarter worth about $482,000. Assenagon Asset Management S.A. grew its position in Lumen Technologies by 8.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 935,386 shares of the technology company’s stock worth $4,967,000 after purchasing an additional 73,841 shares in the last quarter. Hennessy Advisors Inc. purchased a new stake in Lumen Technologies in the 4th quarter valued at about $45,089,000. Finally, Merit Financial Group LLC bought a new position in shares of Lumen Technologies during the 4th quarter worth approximately $111,000. Institutional investors own 66.19% of the company’s stock.

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.