Mercer Global Advisors Inc. ADV Reduces Stock Holdings in Lumen Technologies, Inc. (NYSE:LUMN)

Mercer Global Advisors Inc. ADV lowered its position in Lumen Technologies, Inc. (NYSE:LUMN) by 46.2% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 63,329 shares of the technology company’s stock after selling 54,437 shares during the period. Mercer Global Advisors Inc. ADV’s holdings in Lumen Technologies were worth $336,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in LUMN. Smartleaf Asset Management LLC increased its position in shares of 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 buying an additional 4,277 shares in the last quarter. R Squared Ltd purchased a new position in shares of Lumen Technologies in the fourth quarter valued at $48,000. Seeds Investor LLC acquired a new stake in shares of Lumen Technologies during the fourth quarter valued at $57,000. HB Wealth Management LLC acquired a new stake in shares of Lumen Technologies during the fourth quarter valued at $59,000. Finally, Marshall Wace LLP acquired a new stake in shares of Lumen Technologies during the fourth quarter valued at $61,000. Hedge funds and other institutional investors own 66.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on LUMN shares. Citigroup raised Lumen Technologies from a “neutral” rating to a “buy” rating and decreased their price objective for the company from $8.00 to $6.50 in a research note on Wednesday, February 26th. Raymond James raised Lumen Technologies from a “market perform” rating to an “outperform” rating and set a $4.50 price objective on the stock in a research note on Monday, May 5th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $4.25 price objective on shares of Lumen Technologies in a research note on Monday, February 10th. Finally, Wells Fargo & Company raised Lumen Technologies from an “underweight” rating to an “equal weight” rating and set a $5.00 price objective on the stock in a research note on Friday, February 21st. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Lumen Technologies presently has a consensus rating of “Hold” and a consensus price target of $4.58.

Lumen Technologies Stock Down 2.1%

Shares of NYSE:LUMN opened at $4.30 on Thursday. The stock’s 50-day moving average price is $3.98 and its two-hundred day moving average price is $5.36. 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, Inc. has a 12-month low of $0.97 and a 12-month high of $10.33. The firm has a market cap of $4.41 billion, a price-to-earnings ratio of -85.98 and a beta of 1.34.

Lumen Technologies (NYSE:LUMN) last issued its quarterly earnings results on Thursday, May 1st. The technology company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.16. Lumen Technologies had a negative return on equity of 46.17% and a negative net margin of 0.42%. The firm had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same period last year, the company earned ($0.04) EPS. The firm’s quarterly revenue was down 3.3% on a year-over-year basis. On average, research analysts forecast 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.