Geode Capital Management LLC Raises Holdings in Lumen Technologies, Inc. (NYSE:LUMN)

Geode Capital Management LLC grew its holdings in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 1.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 23,344,313 shares of the technology company's stock after purchasing an additional 383,693 shares during the period. Geode Capital Management LLC owned approximately 2.30% of Lumen Technologies worth $165,776,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Sanctuary Advisors LLC acquired a new stake in Lumen Technologies in the second quarter worth about $25,000. ANTIPODES PARTNERS Ltd acquired a new position in shares of Lumen Technologies in the 2nd quarter valued at $26,000. Concord Wealth Partners raised its stake in Lumen Technologies by 98.8% in the 3rd quarter. Concord Wealth Partners now owns 4,008 shares of the technology company's stock worth $28,000 after acquiring an additional 1,992 shares during the last quarter. Legacy Investment Solutions LLC acquired a new stake in Lumen Technologies during the 3rd quarter worth about $30,000. Finally, Fifth Third Wealth Advisors LLC purchased a new stake in Lumen Technologies during the 2nd quarter valued at about $33,000. 66.19% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

LUMN has been the subject of a number of research reports. The Goldman Sachs Group lifted their target price on Lumen Technologies from $4.50 to $5.00 and gave the stock a "neutral" rating in a report on Wednesday, November 6th. TD Cowen cut their price objective 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. Finally, Citigroup boosted their target price on shares of Lumen Technologies from $6.50 to $8.00 and gave the company a "neutral" rating in a research report on Friday, November 29th. Three analysts have rated the stock with a sell rating and five have issued a hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $4.71.

Lumen Technologies Price Performance

Shares of Lumen Technologies stock traded down $0.30 on Monday, hitting $6.21. The company's stock had a trading volume of 12,127,506 shares, compared to its average volume of 19,303,301. The company has a market capitalization of $6.30 billion, a price-to-earnings ratio of -2.90 and a beta of 1.21. The firm has a fifty day moving average price of $7.17 and a 200-day moving average price of $4.86. The company has a debt-to-equity ratio of 53.05, a quick ratio of 1.20 and a current ratio of 1.20. Lumen Technologies, Inc. has a 1 year low of $0.97 and a 1 year high of $10.33.

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

About Lumen Technologies

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.