New York State Teachers Retirement System Decreases Stake in Lumen Technologies, Inc. (NYSE:LUMN)

New York State Teachers Retirement System trimmed its stake in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 15.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,079,758 shares of the technology company's stock after selling 198,500 shares during the quarter. New York State Teachers Retirement System owned 0.11% of Lumen Technologies worth $7,666,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Millennium Management LLC lifted its stake in Lumen Technologies by 129.8% during the 2nd quarter. Millennium Management LLC now owns 7,854,906 shares of the technology company's stock valued at $8,640,000 after acquiring an additional 4,436,710 shares during the period. Front Street Capital Management Inc. lifted its holdings in shares of Lumen Technologies by 30.1% during the 2nd quarter. Front Street Capital Management Inc. now owns 11,661,112 shares of the technology company's stock valued at $12,827,000 after buying an additional 2,697,423 shares during the period. Vanguard Group Inc. boosted its stake in shares of Lumen Technologies by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 120,303,220 shares of the technology company's stock worth $187,673,000 after buying an additional 1,975,400 shares during the last quarter. Sequoia Financial Advisors LLC purchased a new stake in Lumen Technologies during the third quarter valued at $10,062,000. Finally, AQR Capital Management LLC boosted its position in Lumen Technologies by 52.5% in the second quarter. AQR Capital Management LLC now owns 3,621,874 shares of the technology company's stock worth $3,712,000 after purchasing an additional 1,246,289 shares during the last quarter. 66.19% of the stock is currently owned by institutional investors.

Lumen Technologies Trading Up 1.7 %

Shares of LUMN stock traded up $0.13 on Tuesday, reaching $7.61. 28,222,821 shares of the company's stock were exchanged, compared to its average volume of 19,748,154. The company's fifty day simple moving average is $6.27 and its 200 day simple moving average is $3.55. The stock has a market capitalization of $7.74 billion, a PE ratio of -3.48 and a beta of 1.21. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 39.51. Lumen Technologies, Inc. has a 52 week low of $0.97 and a 52 week high of $7.83.

Lumen Technologies (NYSE:LUMN - Get Free Report) last issued its earnings results on Tuesday, August 6th. The technology company reported ($0.13) EPS for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.07). The company had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.25 billion. Lumen Technologies had a negative return on equity of 18.52% and a negative net margin of 15.06%. Lumen Technologies's revenue was down 10.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.10 earnings per share. As a group, analysts forecast that Lumen Technologies, Inc. will post -0.59 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on LUMN shares. JPMorgan Chase & Co. upgraded Lumen Technologies from an "underweight" rating to a "neutral" rating in a research report on Wednesday, August 7th. UBS Group boosted their price objective on Lumen Technologies from $1.50 to $5.00 and gave the company a "neutral" rating in a research note on Wednesday, August 7th. Bank of America raised their target price on shares of Lumen Technologies from $1.00 to $2.00 and gave the stock an "underperform" rating in a research note on Thursday, August 8th. Citigroup upgraded shares of Lumen Technologies from a "sell" rating to a "neutral" rating and upped their price target for the stock from $1.25 to $3.15 in a research report on Tuesday, August 6th. Finally, TD Cowen boosted their price objective on Lumen Technologies from $2.50 to $7.00 and gave the company a "hold" rating in a research report on Wednesday, August 7th. Three analysts have rated the stock with a sell rating and five have given a hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $4.09.

Insiders Place Their Bets

In other Lumen Technologies news, Director James Fowler acquired 10,000 shares of Lumen Technologies stock in a transaction that occurred on Tuesday, September 3rd. The stock was bought at an average price of $4.70 per share, with a total value of $47,000.00. Following the completion of the purchase, the director now directly owns 384,056 shares of the company's stock, valued at approximately $1,805,063.20. This represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.68% of the stock is owned by company insiders.

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.