Franklin Resources Inc. Raises Position in Lumen Technologies, Inc. (NYSE:LUMN)

Franklin Resources Inc. boosted its holdings in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 93.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,083,667 shares of the technology company's stock after acquiring an additional 522,874 shares during the quarter. Franklin Resources Inc. owned 0.11% of Lumen Technologies worth $5,754,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its stake in shares of Lumen Technologies by 1.7% in the third quarter. Geode Capital Management LLC now owns 23,344,313 shares of the technology company's stock worth $165,776,000 after acquiring an additional 383,693 shares during the period. Norges Bank acquired a new position in shares of Lumen Technologies in the 4th quarter worth approximately $63,638,000. Hennessy Advisors Inc. bought a new stake in shares of Lumen Technologies in the 4th quarter valued at $45,089,000. Allianz Asset Management GmbH increased its position in shares of Lumen Technologies by 28.1% during the fourth quarter. Allianz Asset Management GmbH now owns 7,790,277 shares of the technology company's stock worth $41,366,000 after buying an additional 1,710,373 shares during the period. Finally, Principal Financial Group Inc. raised its stake in Lumen Technologies by 2.7% during the fourth quarter. Principal Financial Group Inc. now owns 4,921,381 shares of the technology company's stock worth $26,133,000 after buying an additional 128,172 shares during the last quarter. 66.19% of the stock is currently owned by institutional investors and hedge funds.

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Lumen Technologies Stock Down 1.0 %

NYSE:LUMN traded down $0.04 on Tuesday, hitting $3.44. The stock had a trading volume of 1,426,026 shares, compared to its average volume of 19,066,482. The company has a quick ratio of 1.20, a current ratio of 1.21 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. The business's fifty day moving average is $4.45 and its 200 day moving average is $5.77. The company has a market cap of $3.52 billion, a PE ratio of -68.69 and a beta of 1.29.

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

Analysts Set New Price Targets

A number of brokerages have commented on LUMN. Wells Fargo & Company raised shares of 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. Royal Bank of Canada restated a "sector perform" rating and set a $4.25 target price on shares of Lumen Technologies in a research report on Monday, February 10th. Finally, Citigroup upgraded Lumen Technologies from a "neutral" rating to a "buy" rating and lowered their target price for the stock from $8.00 to $6.50 in a report on Wednesday, February 26th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $4.59.

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.