Norges Bank Acquires New Stake in Lumen Technologies, Inc. (NYSE:LUMN)

Norges Bank purchased a new position in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 11,984,593 shares of the technology company's stock, valued at approximately $63,638,000. Norges Bank owned approximately 1.18% of Lumen Technologies at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in LUMN. Legacy Investment Solutions LLC acquired a new position in shares of Lumen Technologies during the 3rd quarter worth approximately $30,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Lumen Technologies during the 3rd quarter worth about $36,000. Smartleaf Asset Management LLC grew its stake in Lumen Technologies by 173.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 6,745 shares of the technology company's stock valued at $36,000 after buying an additional 4,277 shares during the last quarter. R Squared Ltd acquired a new position in Lumen Technologies in the 4th quarter valued at about $48,000. Finally, HB Wealth Management LLC acquired a new stake in Lumen Technologies during the fourth quarter worth approximately $59,000. Institutional investors and hedge funds own 66.19% of the company's stock.

Lumen Technologies Price Performance

Lumen Technologies stock traded down $0.20 during mid-day trading on Tuesday, reaching $3.24. The company had a trading volume of 13,751,558 shares, compared to its average volume of 19,085,017. The business has a fifty day simple moving average of $4.58 and a 200 day simple moving average of $5.89. The company has a market cap of $3.32 billion, a P/E ratio of -64.69 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.

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

Wall Street Analyst Weigh In

LUMN has been the topic of several research reports. Wells Fargo & Company raised Lumen Technologies from an "underweight" rating to an "equal weight" rating and set a $5.00 target price on the stock in a research report on Friday, February 21st. Royal Bank of Canada reiterated a "sector perform" rating and set a $4.25 price objective on shares of Lumen Technologies in a research report on Monday, February 10th. Finally, Citigroup raised shares of Lumen Technologies from a "neutral" rating to a "buy" rating and reduced their target price for the company 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 assigned a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat, Lumen Technologies has an average rating of "Hold" and an average price target 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.