Lumen Technologies, Inc. (NYSE:LUMN) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its stake in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 4.3% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 4,793,209 shares of the technology company's stock after selling 213,458 shares during the period. Principal Financial Group Inc. owned about 0.47% of Lumen Technologies worth $34,032,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Franklin Resources Inc. raised its position in shares of Lumen Technologies by 66.8% during the 3rd quarter. Franklin Resources Inc. now owns 560,793 shares of the technology company's stock worth $3,982,000 after purchasing an additional 224,506 shares during the last quarter. Virtu Financial LLC acquired a new position in shares of Lumen Technologies during the third quarter valued at approximately $473,000. Neo Ivy Capital Management purchased a new position in shares of Lumen Technologies in the third quarter valued at approximately $570,000. Coldstream Capital Management Inc. purchased a new stake in shares of Lumen Technologies during the third quarter worth approximately $125,000. Finally, Geode Capital Management LLC raised its stake in Lumen Technologies by 1.7% in the 3rd quarter. Geode Capital Management LLC now owns 23,344,313 shares of the technology company's stock valued at $165,776,000 after purchasing an additional 383,693 shares during the last quarter. 66.19% of the stock is owned by hedge funds and other institutional investors.

Lumen Technologies Trading Down 0.3 %

Shares of NYSE:LUMN traded down $0.02 during mid-day trading on Tuesday, reaching $5.82. 4,495,492 shares of the company were exchanged, compared to its average volume of 19,271,461. The firm has a market cap of $5.91 billion, a price-to-earnings ratio of -2.68 and a beta of 1.21. The company has a debt-to-equity ratio of 53.05, a current ratio of 1.20 and a quick ratio of 1.20. Lumen Technologies, Inc. has a 1 year low of $0.97 and a 1 year high of $10.33. The firm's 50-day simple moving average is $7.13 and its 200 day simple moving average is $5.06.

Lumen Technologies (NYSE:LUMN - Get Free Report) last issued its quarterly earnings data on Tuesday, November 5th. The technology company reported ($0.13) earnings per share for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.04). Lumen Technologies had a negative net margin of 16.06% and a negative return on equity of 49.74%. The firm had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.21 billion. During the same period in the previous year, the firm posted ($0.09) earnings per share. The company's quarterly revenue was down 11.5% compared to the same quarter last year. Equities research analysts forecast that Lumen Technologies, Inc. will post -0.38 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. The Goldman Sachs Group increased their target price on shares of Lumen Technologies from $4.50 to $5.00 and gave the company a "neutral" rating in a research report on Wednesday, November 6th. Royal Bank of Canada restated a "sector perform" rating and issued a $4.25 target price (up from $4.00) on shares of Lumen Technologies in a report on Friday. Citigroup lifted their price target on Lumen Technologies from $6.50 to $8.00 and gave the stock a "neutral" rating in a report on Friday, November 29th. Finally, TD Cowen cut their price objective on shares of Lumen Technologies from $7.00 to $6.00 and set a "hold" rating for the company in a research report on Wednesday, November 6th. Three analysts have rated the stock with a sell rating and six have given a hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $4.66.

About Lumen Technologies

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.