Sequoia Financial Advisors LLC Acquires Shares of 1,417,142 Lumen Technologies, Inc. (NYSE:LUMN)

Sequoia Financial Advisors LLC purchased a new stake in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,417,142 shares of the technology company's stock, valued at approximately $10,062,000. Sequoia Financial Advisors LLC owned about 0.14% of Lumen Technologies as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC acquired a new position in Lumen Technologies during the third quarter worth $46,000. AlphaMark Advisors LLC grew its position in shares of Lumen Technologies by 1,458.9% during the 3rd quarter. AlphaMark Advisors LLC now owns 77,073 shares of the technology company's stock worth $547,000 after purchasing an additional 72,129 shares in the last quarter. Cornerstone Wealth Management LLC grew its position in Lumen Technologies by 25.8% during the third quarter. Cornerstone Wealth Management LLC now owns 21,936 shares of the technology company's stock worth $156,000 after buying an additional 4,500 shares in the last quarter. Stableford Capital II LLC acquired a new stake in shares of Lumen Technologies during the 3rd quarter worth $71,000. Finally, Kapitalo Investimentos Ltda acquired a new position in Lumen Technologies in the third quarter valued at about $318,000. 66.19% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on LUMN shares. Wells Fargo & Company lowered shares of Lumen Technologies from an "equal weight" rating to an "underweight" rating and raised their target price for the company from $1.75 to $4.00 in a research report on Friday, August 16th. Bank of America raised their price objective on shares of Lumen Technologies from $1.00 to $2.00 and gave the company an "underperform" rating in a report on Thursday, August 8th. JPMorgan Chase & Co. raised shares of Lumen Technologies from an "underweight" rating to a "neutral" rating in a research note on Wednesday, August 7th. Citigroup raised Lumen Technologies from a "sell" rating to a "neutral" rating and raised their target price for the stock from $1.25 to $3.15 in a research report on Tuesday, August 6th. Finally, The Goldman Sachs Group raised their price objective on Lumen Technologies from $4.00 to $4.50 and gave the stock a "neutral" rating in a research report on Friday, October 4th. Three investment analysts have rated the stock with a sell rating and five have issued a hold rating to the company's stock. Based on data from MarketBeat.com, Lumen Technologies currently has an average rating of "Hold" and a consensus target price of $4.09.

Lumen Technologies Price Performance

Shares of NYSE LUMN opened at $6.14 on Wednesday. The company has a debt-to-equity ratio of 39.51, a quick ratio of 1.01 and a current ratio of 1.01. The firm's 50-day simple moving average is $6.16 and its 200 day simple moving average is $3.22. The stock has a market cap of $6.23 billion, a price-to-earnings ratio of -0.56 and a beta of 1.19. Lumen Technologies, Inc. has a fifty-two week low of $0.78 and a fifty-two week high of $7.83.

Lumen Technologies (NYSE:LUMN - Get Free Report) last posted its earnings results on Tuesday, August 6th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.07). Lumen Technologies had a negative return on equity of 18.52% and a negative net margin of 15.06%. The firm had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.25 billion. During the same quarter in the previous year, the company earned $0.10 EPS. The business's revenue was down 10.7% compared to the same quarter last year. As a group, research analysts anticipate that Lumen Technologies, Inc. will post -0.18 earnings per share for the current fiscal year.

Insider Buying and Selling at Lumen Technologies

In related news, Director James Fowler purchased 10,000 shares of the business's stock in a transaction that occurred on Tuesday, September 3rd. The shares were bought at an average cost of $4.70 per share, with a total value of $47,000.00. Following the acquisition, the director now owns 384,056 shares of the company's stock, valued at $1,805,063.20. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.68% of the company's stock.

Lumen Technologies 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.