Prudential Financial Inc. trimmed its stake in Lumen Technologies, Inc. (NYSE:LUMN – Get Rating) by 1.4% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 1,340,389 shares of the technology company's stock after selling 19,381 shares during the period. Prudential Financial Inc. owned about 0.13% of Lumen Technologies worth $9,856,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Invesco Ltd. grew its holdings in shares of Lumen Technologies by 24.1% in the first quarter. Invesco Ltd. now owns 15,016,053 shares of the technology company's stock valued at $169,230,000 after purchasing an additional 2,919,199 shares in the last quarter. Vanguard Group Inc. grew its holdings in Lumen Technologies by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 116,137,605 shares of the technology company's stock worth $1,308,871,000 after acquiring an additional 2,726,090 shares in the last quarter. Northern Trust Corp grew its holdings in Lumen Technologies by 18.1% during the 2nd quarter. Northern Trust Corp now owns 13,972,016 shares of the technology company's stock worth $152,435,000 after acquiring an additional 2,144,757 shares in the last quarter. Barclays PLC grew its holdings in Lumen Technologies by 45.3% during the 3rd quarter. Barclays PLC now owns 5,876,007 shares of the technology company's stock worth $42,777,000 after acquiring an additional 1,830,754 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new position in Lumen Technologies during the 2nd quarter worth approximately $15,494,000. 76.03% of the stock is owned by hedge funds and other institutional investors.
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Lumen Technologies Price Performance
Lumen Technologies stock opened at $5.14 on Tuesday. The stock has a market capitalization of $5.32 billion, a P/E ratio of 2.57 and a beta of 0.99. Lumen Technologies, Inc. has a 12-month low of $4.96 and a 12-month high of $12.93. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.08 and a quick ratio of 1.08. The firm's 50-day moving average is $5.45 and its two-hundred day moving average is $7.57.
Lumen Technologies (NYSE:LUMN – Get Rating) last announced its quarterly earnings data on Wednesday, November 2nd. The technology company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.22). The company had revenue of $4.39 billion for the quarter, compared to analysts' expectations of $4.41 billion. Lumen Technologies had a return on equity of 13.58% and a net
margin of 10.95%. Equities analysts predict that Lumen Technologies, Inc. will post 1.18 earnings per share for the current year.
Insider Transactions at Lumen Technologies
In related news, Director Martha Helena Bejar acquired 12,500 shares of the business's stock in a transaction dated Tuesday, November 8th. The shares were acquired at an average cost of $6.36 per share, for a total transaction of $79,500.00. Following the acquisition, the director now directly owns 101,430 shares in the company, valued at approximately $645,094.80. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Lumen Technologies news, Director Martha Helena Bejar purchased 12,500 shares of the business's stock in a transaction that occurred on Tuesday, November 8th. The shares were purchased at an average price of $6.36 per share, for a total transaction of $79,500.00. Following the completion of the acquisition, the director now owns 101,430 shares of the company's stock, valued at approximately $645,094.80. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Steven T. Clontz purchased 5,000 shares of the business's stock in a transaction that occurred on Tuesday, November 29th. The stock was acquired at an average price of $5.34 per share, for a total transaction of $26,700.00. Following the acquisition, the director now directly owns 340,029 shares of the company's stock, valued at approximately $1,815,754.86. The disclosure for this purchase can be found here. Insiders have purchased a total of 37,500 shares of company stock worth $224,600 in the last three months. Company insiders own 0.76% of the company's stock.
Analyst Upgrades and Downgrades
Several research analysts have commented on the stock. Citigroup lowered their price target on shares of Lumen Technologies from $11.00 to $8.00 and set a "neutral" rating for the company in a report on Thursday, October 13th. Morgan Stanley reduced their price objective on shares of Lumen Technologies from $9.50 to $8.00 and set an "underweight" rating for the company in a research report on Monday, October 24th. JPMorgan Chase & Co. reduced their price objective on shares of Lumen Technologies from $10.00 to $7.00 and set an "underweight" rating for the company in a research report on Thursday, November 3rd. The Goldman Sachs Group reiterated a "neutral" rating and issued a $6.00 price target on shares of Lumen Technologies in a research report on Tuesday, December 6th. Finally, Royal Bank of Canada reduced their price target on shares of Lumen Technologies from $11.00 to $6.00 and set a "sector perform" rating for the company in a research report on Thursday, October 20th. Two investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the company's stock. Based on data from MarketBeat.com, Lumen Technologies currently has an average rating of "Hold" and a consensus price target of $7.00.
Lumen Technologies Company Profile
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Lumen Technologies, Inc is an investment holding company, which engages in the provision of integrated communications to residential and business customers. It operates through the following segments: Business and Mass Markets. Business segment provides products and services under four sales channels to enterprise and commercial customers.
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