Principal Financial Group Inc. Lowers Position in Lumen Technologies, Inc. (NYSE:LUMN)

Principal Financial Group Inc. lowered its position in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 4.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund 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 reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of LUMN. Stephens Inc. AR grew its position in Lumen Technologies by 7.7% during the 3rd quarter. Stephens Inc. AR now owns 27,070 shares of the technology company's stock worth $192,000 after acquiring an additional 1,935 shares during the last quarter. Concord Wealth Partners lifted its holdings in shares of Lumen Technologies by 98.8% during the third quarter. Concord Wealth Partners now owns 4,008 shares of the technology company's stock valued at $28,000 after purchasing an additional 1,992 shares during the last quarter. US Bancorp DE increased its holdings in shares of Lumen Technologies by 18.6% during the third quarter. US Bancorp DE now owns 15,012 shares of the technology company's stock valued at $107,000 after acquiring an additional 2,350 shares in the last quarter. Xponance Inc. lifted 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 valued at $71,000 after acquiring an additional 2,487 shares in the last quarter. Finally, Arkadios Wealth Advisors grew its stake in shares of Lumen Technologies by 23.6% in the third quarter. Arkadios Wealth Advisors now owns 13,367 shares of the technology company's stock worth $95,000 after acquiring an additional 2,554 shares during the period. Hedge funds and other institutional investors own 66.19% of the company's stock.

Analyst Ratings Changes

LUMN has been the topic of a number of analyst reports. TD Cowen lowered their target price on shares of Lumen Technologies from $7.00 to $6.00 and set a "hold" rating on the stock in a research note on Wednesday, November 6th. Citigroup raised shares of Lumen Technologies from a "sell" rating to a "neutral" rating and upped their price objective for the stock from $1.25 to $3.15 in a research note on Tuesday, August 6th. Bank of America raised their target price on shares of Lumen Technologies from $1.00 to $2.00 and gave the company an "underperform" rating in a research note on Thursday, August 8th. Wells Fargo & Company lowered Lumen Technologies from an "equal weight" rating to an "underweight" rating and upped their target price for the company from $1.75 to $4.00 in a research report on Friday, August 16th. Finally, Moffett Nathanson raised their target price on Lumen Technologies from $1.00 to $3.00 and gave the company a "sell" rating in a research report on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. Based on data from MarketBeat, Lumen Technologies presently has a consensus rating of "Hold" and an average target price of $4.02.

Lumen Technologies Stock Performance

Shares of Lumen Technologies stock traded down $0.97 during midday trading on Tuesday, hitting $9.15. The company had a trading volume of 14,320,750 shares, compared to its average volume of 20,013,104. The company has a debt-to-equity ratio of 53.05, a current ratio of 1.20 and a quick ratio of 1.01. The business's 50 day simple moving average is $6.66 and its two-hundred day simple moving average is $3.83. Lumen Technologies, Inc. has a 1-year low of $0.97 and a 1-year high of $10.33. The stock has a market cap of $9.29 billion, a PE ratio of -4.32 and a beta of 1.21.

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

Insider Activity at Lumen Technologies

In other Lumen Technologies news, Director James Fowler bought 10,000 shares of the firm's stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average cost of $4.70 per share, with a total value of $47,000.00. Following the transaction, the director now directly owns 384,056 shares in the company, valued at $1,805,063.20. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.68% of the stock is owned by company insiders.

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.