8,491,400 Shares in Lumen Technologies, Inc. (NYSE:LUMN) Acquired by Hennessy Advisors Inc.

Hennessy Advisors Inc. bought a new position in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 8,491,400 shares of the technology company's stock, valued at approximately $45,089,000. Lumen Technologies makes up about 1.3% of Hennessy Advisors Inc.'s holdings, making the stock its 24th biggest position. Hennessy Advisors Inc. owned about 0.84% of Lumen Technologies as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Texas Permanent School Fund Corp raised its stake in Lumen Technologies by 0.9% in the second quarter. Texas Permanent School Fund Corp now owns 888,228 shares of the technology company's stock valued at $977,000 after purchasing an additional 7,922 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Lumen Technologies by 11.6% in the 2nd quarter. Renaissance Technologies LLC now owns 8,873,803 shares of the technology company's stock valued at $9,761,000 after buying an additional 919,300 shares during the period. Mercer Global Advisors Inc. ADV raised its position in shares of Lumen Technologies by 88.9% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 107,081 shares of the technology company's stock valued at $118,000 after buying an additional 50,381 shares in the last quarter. XTX Topco Ltd bought a new stake in shares of Lumen Technologies during the 2nd quarter worth approximately $74,000. Finally, Intech Investment Management LLC acquired a new stake in shares of Lumen Technologies during the 2nd quarter worth approximately $146,000. Institutional investors own 66.19% of the company's stock.

Lumen Technologies Trading Up 2.1 %

NYSE:LUMN traded up $0.12 during trading hours on Friday, hitting $5.65. 7,134,986 shares of the company were exchanged, compared to its average volume of 10,382,054. The stock has a market capitalization of $5.73 billion, a price-to-earnings ratio of -2.60 and a beta of 1.28. Lumen Technologies, Inc. has a one year low of $0.97 and a one year high of $10.33. The company has a fifty day simple moving average of $6.58 and a 200 day simple moving average of $5.62. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 53.05.

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

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on LUMN shares. The Goldman Sachs Group upped their target price on Lumen Technologies from $4.50 to $5.00 and gave the stock a "neutral" rating in a research note on Wednesday, November 6th. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $4.25 price objective (up from $4.00) on shares of Lumen Technologies in a research note on Friday, December 20th. Citigroup boosted their target price on Lumen Technologies from $6.50 to $8.00 and gave the stock a "neutral" rating in a research note on Friday, November 29th. Finally, TD Cowen reduced their price target on shares of Lumen Technologies from $7.00 to $6.00 and set a "hold" rating on the stock in a research note on Wednesday, November 6th. Three equities research analysts have rated the stock with a sell rating and six have issued a hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $4.66.

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.