Arrowstreet Capital Limited Partnership Cuts Stock Position in Lumen Technologies, Inc. (NYSE:LUMN)

Arrowstreet Capital Limited Partnership cut its holdings in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 16.6% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 12,725,190 shares of the technology company's stock after selling 2,529,276 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 1.25% of Lumen Technologies worth $67,571,000 as of its most recent SEC filing.

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

Lumen Technologies Trading Down 13.1 %

Lumen Technologies stock traded down $0.53 during midday trading on Thursday, hitting $3.50. 14,394,906 shares of the stock were exchanged, compared to its average volume of 18,945,114. The stock's 50-day simple moving average is $4.78 and its 200 day simple moving average is $6.00. Lumen Technologies, Inc. has a fifty-two week low of $0.97 and a fifty-two week high of $10.33. The company has a current ratio of 1.21, a quick ratio of 1.20 and a debt-to-equity ratio of 37.70. The stock has a market capitalization of $3.58 billion, a price-to-earnings ratio of -69.89 and a beta of 1.29.

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Lumen Technologies (NYSE:LUMN - Get Free Report) last posted its earnings results on Tuesday, February 4th. The technology company reported $0.09 earnings per share (EPS) for the quarter, topping 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%. On average, equities analysts anticipate that Lumen Technologies, Inc. will post -0.87 EPS for the current year.

Wall Street Analyst Weigh In

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

Lumen Technologies Company 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.