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

New York State Teachers Retirement System cut its position in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 15.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,079,758 shares of the technology company's stock after selling 198,500 shares during the period. New York State Teachers Retirement System owned approximately 0.11% of Lumen Technologies worth $7,666,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in LUMN. Concord Wealth Partners raised its stake in shares of Lumen Technologies by 98.8% in the third quarter. Concord Wealth Partners now owns 4,008 shares of the technology company's stock valued at $28,000 after acquiring an additional 1,992 shares during the period. Xponance Inc. raised its position in Lumen Technologies by 4.0% in the 2nd quarter. Xponance Inc. now owns 64,444 shares of the technology company's stock worth $71,000 after purchasing an additional 2,487 shares during the period. Arkadios Wealth Advisors boosted its position in shares of Lumen Technologies by 23.6% during the third quarter. Arkadios Wealth Advisors now owns 13,367 shares of the technology company's stock valued at $95,000 after buying an additional 2,554 shares during the period. Cornerstone Wealth Management LLC grew its stake in shares of Lumen Technologies by 25.8% during the third quarter. Cornerstone Wealth Management LLC now owns 21,936 shares of the technology company's stock valued at $156,000 after buying an additional 4,500 shares during the last quarter. Finally, CWM LLC raised its holdings in shares of Lumen Technologies by 49.6% in the third quarter. CWM LLC now owns 15,692 shares of the technology company's stock worth $111,000 after buying an additional 5,202 shares during the period. Hedge funds and other institutional investors own 66.19% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on LUMN shares. Bank of America upped 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. TD Cowen upped their price objective on shares of Lumen Technologies from $2.50 to $7.00 and gave the stock a "hold" rating in a research note on Wednesday, August 7th. Wells Fargo & Company downgraded 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. The Goldman Sachs Group upped their target price on Lumen Technologies from $4.00 to $4.50 and gave the stock a "neutral" rating in a report on Friday, October 4th. Finally, JPMorgan Chase & Co. upgraded shares of Lumen Technologies from an "underweight" rating to a "neutral" rating in a report on Wednesday, August 7th. Three analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $4.09.

Insider Activity

In other Lumen Technologies news, Director James Fowler acquired 10,000 shares of the business's stock in a transaction dated Tuesday, September 3rd. The stock was acquired at an average cost of $4.70 per share, for a total transaction of $47,000.00. Following the completion of the transaction, the director now directly 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.68% of the company's stock.

Lumen Technologies Price Performance

Shares of NYSE:LUMN opened at $7.48 on Tuesday. The company has a debt-to-equity ratio of 39.51, a quick ratio of 1.01 and a current ratio of 1.01. Lumen Technologies, Inc. has a 52-week low of $0.97 and a 52-week high of $7.83. The business has a 50-day moving average price of $6.24 and a 200-day moving average price of $3.51.

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

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.