Bank of New York Mellon Corp Sells 1,465,646 Shares of Lumen Technologies, Inc. (NYSE:LUMN)

Bank of New York Mellon Corp cut its stake in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 17.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,036,283 shares of the technology company's stock after selling 1,465,646 shares during the period. Bank of New York Mellon Corp owned approximately 0.69% of Lumen Technologies worth $37,363,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in LUMN. Geode Capital Management LLC lifted its holdings in Lumen Technologies by 1.7% during the third quarter. Geode Capital Management LLC now owns 23,344,313 shares of the technology company's stock worth $165,776,000 after acquiring an additional 383,693 shares in the last quarter. Hennessy Advisors Inc. bought a new position in Lumen Technologies during the fourth quarter worth about $45,089,000. Allianz Asset Management GmbH lifted its holdings in Lumen Technologies by 28.1% during the fourth quarter. Allianz Asset Management GmbH now owns 7,790,277 shares of the technology company's stock worth $41,366,000 after acquiring an additional 1,710,373 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Lumen Technologies by 2.7% in the fourth quarter. Principal Financial Group Inc. now owns 4,921,381 shares of the technology company's stock valued at $26,133,000 after purchasing an additional 128,172 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Lumen Technologies by 9.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,265,415 shares of the technology company's stock valued at $23,184,000 after purchasing an additional 294,679 shares in the last quarter. 66.19% of the stock is owned by institutional investors and hedge funds.

Remove Ads

Lumen Technologies Stock Performance

NYSE LUMN traded up $0.30 during trading on Friday, reaching $5.33. 13,925,150 shares of the company's stock were exchanged, compared to its average volume of 12,305,056. The business has a 50 day moving average price of $5.12 and a 200-day moving average price of $6.13. The stock has a market capitalization of $5.40 billion, a P/E ratio of -106.48 and a beta of 1.28. The company has a debt-to-equity ratio of 37.70, a current ratio of 1.21 and a quick ratio of 1.20. Lumen Technologies, Inc. has a fifty-two week low of $0.97 and a fifty-two week high of $10.33.

Lumen Technologies (NYSE:LUMN - Get Free Report) last announced its quarterly earnings results on Tuesday, February 4th. The technology company reported $0.09 earnings per share for the quarter, topping analysts' consensus estimates 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%. Sell-side analysts forecast that Lumen Technologies, Inc. will post -0.87 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

LUMN has been the topic of a number of research reports. Wells Fargo & Company upgraded Lumen Technologies from an "underweight" rating to an "equal weight" rating and set a $5.00 price target on the stock in a report on Friday, February 21st. Royal Bank of Canada reiterated a "sector perform" rating and set a $4.25 target price on shares of Lumen Technologies in a report on Monday, February 10th. Finally, Citigroup upgraded Lumen Technologies from a "neutral" rating to a "buy" rating and dropped their target price for the stock from $8.00 to $6.50 in a report on Wednesday, February 26th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat.com, Lumen Technologies currently has an average rating of "Hold" and an average target price 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.