Fmr LLC Sells 1,149,171 Shares of Lumen Technologies, Inc. (NYSE:LUMN)

FMR LLC reduced its stake in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 25.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,350,618 shares of the technology company's stock after selling 1,149,171 shares during the quarter. FMR LLC owned 0.33% of Lumen Technologies worth $23,789,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Front Street Capital Management Inc. grew its stake in shares of Lumen Technologies by 30.1% in the second quarter. Front Street Capital Management Inc. now owns 11,661,112 shares of the technology company's stock worth $12,827,000 after purchasing an additional 2,697,423 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Lumen Technologies by 11.6% in the second quarter. Renaissance Technologies LLC now owns 8,873,803 shares of the technology company's stock worth $9,761,000 after purchasing an additional 919,300 shares during the last quarter. Millennium Management LLC grew its stake in shares of Lumen Technologies by 129.8% in the second quarter. Millennium Management LLC now owns 7,854,906 shares of the technology company's stock worth $8,640,000 after purchasing an additional 4,436,710 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Lumen Technologies by 52.5% in the second quarter. AQR Capital Management LLC now owns 3,621,874 shares of the technology company's stock worth $3,712,000 after purchasing an additional 1,246,289 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake 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 worth $23,184,000 after purchasing an additional 294,679 shares during the last quarter. 66.19% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Wells Fargo & Company lowered shares of Lumen Technologies from an "equal weight" rating to an "underweight" rating and raised their price objective for the stock from $1.75 to $4.00 in a report on Friday, August 16th. The Goldman Sachs Group raised their price objective on shares of Lumen Technologies from $4.50 to $5.00 and gave the stock a "neutral" rating in a report on Wednesday, November 6th. TD Cowen lowered their price objective on shares of Lumen Technologies from $7.00 to $6.00 and set a "hold" rating for the company in a report on Wednesday, November 6th. Finally, Citigroup raised their price objective on shares of Lumen Technologies from $6.50 to $8.00 and gave the stock a "neutral" rating in a report on Friday, November 29th. Three equities research analysts have rated the stock with a sell rating and five have given a hold rating to the company. According to MarketBeat, Lumen Technologies has a consensus rating of "Hold" and a consensus price target of $4.71.

Lumen Technologies Stock Down 4.1 %

Shares of LUMN stock traded down $0.26 during trading hours on Tuesday, hitting $6.24. 10,097,682 shares of the company's stock traded hands, compared to its average volume of 19,453,977. The stock's fifty day simple moving average is $7.20 and its two-hundred day simple moving average is $4.72. Lumen Technologies, Inc. has a 12-month low of $0.97 and a 12-month high of $10.33. The stock has a market cap of $6.33 billion, a price-to-earnings ratio of -3.00 and a beta of 1.21. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 53.05.

Lumen Technologies (NYSE:LUMN - Get Free Report) last announced its quarterly earnings data on Tuesday, November 5th. The technology company reported ($0.13) earnings per share for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.04). Lumen Technologies had a negative return on equity of 49.74% and a negative net margin of 16.06%. The firm had revenue of $3.22 billion during the quarter, compared to analysts' expectations of $3.21 billion. During the same quarter in the previous year, the firm earned ($0.09) earnings per share. Lumen Technologies's revenue was down 11.5% on a year-over-year basis. On average, analysts expect that Lumen Technologies, Inc. will post -0.38 EPS for the current year.

Lumen Technologies 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.