Vanguard Group Inc. Reduces Holdings in Lumen Technologies, Inc. (NYSE:LUMN)

Vanguard Group Inc. reduced its stake in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 6.4% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 109,301,827 shares of the technology company's stock after selling 7,474,123 shares during the period. Vanguard Group Inc. owned about 10.77% of Lumen Technologies worth $580,393,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the stock. Stevens Capital Management LP purchased a new stake in shares of Lumen Technologies during the 4th quarter valued at $76,000. Fox Run Management L.L.C. bought a new stake in shares of Lumen Technologies during the 4th quarter valued at $293,000. KLP Kapitalforvaltning AS bought a new stake in shares of Lumen Technologies during the fourth quarter valued at about $1,039,000. AXQ Capital LP bought a new stake in Lumen Technologies during the 4th quarter worth approximately $84,000. Finally, Sei Investments Co. lifted its stake in Lumen Technologies by 273.0% in the 4th quarter. Sei Investments Co. now owns 177,538 shares of the technology company's stock worth $943,000 after purchasing an additional 129,945 shares in the last quarter. Hedge funds and other institutional investors own 66.19% of the company's stock.

Wall Street Analysts Forecast Growth

LUMN has been the subject of several research analyst reports. Wells Fargo & Company raised Lumen Technologies from an "underweight" rating to an "equal weight" rating and set a $5.00 price objective for the company in a research note on Friday, February 21st. Citigroup raised shares of Lumen Technologies from a "neutral" rating to a "buy" rating and cut their price target for the stock from $8.00 to $6.50 in a research note on Wednesday, February 26th. Finally, Royal Bank of Canada restated a "sector perform" rating and set a $4.25 price objective on shares of Lumen Technologies in a research report on Monday, February 10th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $4.59.

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Lumen Technologies Trading Down 13.1 %

Shares of NYSE:LUMN traded down $0.53 on Thursday, reaching $3.50. 14,393,642 shares of the company traded hands, compared to its average volume of 18,945,108. The stock has a market capitalization of $3.58 billion, a P/E ratio of -69.89 and a beta of 1.29. The business's 50-day simple moving average is $4.78 and its 200 day simple moving average is $6.00. 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, Inc. has a 52 week low of $0.97 and a 52 week high of $10.33.

Lumen Technologies (NYSE:LUMN - Get Free Report) last announced its quarterly earnings data on Tuesday, February 4th. The technology company reported $0.09 earnings per share for the quarter, beating the consensus estimate 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 anticipate that Lumen Technologies, Inc. will post -0.87 EPS for the current fiscal year.

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.