Mitsubishi UFJ Trust & Banking Corp lowered its position in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 24.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,101,395 shares of the technology company's stock after selling 987,059 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned approximately 0.31% of Lumen Technologies worth $16,468,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently bought and sold shares of LUMN. Legacy Investment Solutions LLC purchased a new position in shares of Lumen Technologies during the 3rd quarter worth about $30,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Lumen Technologies during the third quarter worth approximately $36,000. Smartleaf Asset Management LLC raised its stake in Lumen Technologies by 173.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 6,745 shares of the technology company's stock worth $36,000 after purchasing an additional 4,277 shares during the period. R Squared Ltd acquired a new position in shares of Lumen Technologies in the 4th quarter valued at $48,000. Finally, HB Wealth Management LLC purchased a new stake in shares of Lumen Technologies during the 4th quarter valued at $59,000. 66.19% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of brokerages recently weighed in on LUMN. Wells Fargo & Company upgraded Lumen Technologies from an "underweight" rating to an "equal weight" rating and set a $5.00 target price on the stock in a report on Friday, February 21st. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $4.25 price objective on shares of Lumen Technologies in a research note on Monday, February 10th. Finally, Citigroup raised shares of Lumen Technologies from a "neutral" rating to a "buy" rating and dropped their target price for the stock from $8.00 to $6.50 in a research report on Wednesday, February 26th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. According to MarketBeat, Lumen Technologies has a consensus rating of "Hold" and a consensus price target of $4.59.
Read Our Latest Analysis on Lumen Technologies
Lumen Technologies Stock Up 3.8 %
NYSE:LUMN traded up $0.15 during trading hours on Wednesday, hitting $3.99. The stock had a trading volume of 6,241,230 shares, compared to its average volume of 18,890,253. The business has a 50 day simple moving average of $4.82 and a two-hundred day simple moving average of $6.01. Lumen Technologies, Inc. has a 1-year low of $0.97 and a 1-year 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. The company has a market cap of $4.09 billion, a PE ratio of -79.68 and a beta of 1.29.
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 net margin of 0.42% and a negative return on equity of 46.17%. Analysts predict that Lumen Technologies, Inc. will post -0.87 EPS for the current year.
Lumen Technologies Company Profile
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Free Report)
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.
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