LPL Financial LLC Trims Stock Holdings in Lumen Technologies, Inc. (NYSE:LUMN)

LPL Financial LLC cut its holdings in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 43.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 376,089 shares of the technology company's stock after selling 285,987 shares during the quarter. LPL Financial LLC's holdings in Lumen Technologies were worth $1,997,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of LUMN. Y Intercept Hong Kong Ltd purchased a new stake in Lumen Technologies in the third quarter valued at $86,000. Coldstream Capital Management Inc. purchased a new position in shares of Lumen Technologies in the 3rd quarter valued at $125,000. Virtu Financial LLC purchased a new position in Lumen Technologies during the 3rd quarter worth approximately $473,000. Franklin Resources Inc. increased its position in Lumen Technologies by 66.8% during the third quarter. Franklin Resources Inc. now owns 560,793 shares of the technology company's stock worth $3,982,000 after buying an additional 224,506 shares during the period. Finally, Diversified Trust Co purchased a new stake in Lumen Technologies in the fourth quarter valued at approximately $482,000. Institutional investors and hedge funds own 66.19% of the company's stock.

Lumen Technologies Trading Down 0.2 %

NYSE:LUMN traded down $0.01 on Friday, hitting $3.28. 8,949,564 shares of the stock were exchanged, compared to its average volume of 19,140,805. The stock has a fifty day moving average of $4.35 and a 200-day moving average of $5.71. The stock has a market cap of $3.36 billion, a PE ratio of -65.49 and a beta of 1.29. 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.

Lumen Technologies (NYSE:LUMN - Get Free Report) last issued its quarterly earnings data on Tuesday, February 4th. The technology company reported $0.09 EPS 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%. As a group, equities analysts expect that Lumen Technologies, Inc. will post -0.87 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Citigroup raised shares of Lumen Technologies from a "neutral" rating to a "buy" rating and cut their target price for the company from $8.00 to $6.50 in a report on Wednesday, February 26th. 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 research report on Friday, February 21st. Finally, Royal Bank of Canada reissued a "sector perform" rating and issued a $4.25 target price on shares of Lumen Technologies in a report on Monday, February 10th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, Lumen Technologies presently has a consensus rating of "Hold" and an average price target of $4.59.

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.