Raymond James Financial Inc. Takes $1.62 Million Position in Lumen Technologies, Inc. (NYSE:LUMN)

Raymond James Financial Inc. acquired a new position in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 305,867 shares of the technology company's stock, valued at approximately $1,624,000.

Several other hedge funds have also modified their holdings of LUMN. M&T Bank Corp acquired a new position in Lumen Technologies in the fourth quarter valued at $66,000. Atria Investments Inc lifted its stake in shares of Lumen Technologies by 13.3% in the 4th quarter. Atria Investments Inc now owns 147,808 shares of the technology company's stock valued at $785,000 after purchasing an additional 17,328 shares in the last quarter. SBI Securities Co. Ltd. purchased a new stake in shares of Lumen Technologies during the 4th quarter worth about $181,000. Jones Financial Companies Lllp increased its position in Lumen Technologies by 166.0% during the 4th quarter. Jones Financial Companies Lllp now owns 14,361 shares of the technology company's stock worth $76,000 after purchasing an additional 8,963 shares in the last quarter. Finally, Smartleaf Asset Management LLC raised its holdings in Lumen Technologies by 173.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 6,745 shares of the technology company's stock valued at $36,000 after buying an additional 4,277 shares during the period. 66.19% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Royal Bank of Canada reiterated a "sector perform" rating and set a $4.25 price objective on shares of Lumen Technologies in a research note on Monday, February 10th. Wells Fargo & Company upgraded Lumen Technologies from an "underweight" rating to an "equal weight" rating and set a $5.00 price target for the company in a report on Friday, February 21st. Finally, Citigroup upgraded Lumen Technologies from a "neutral" rating to a "buy" rating and reduced their price objective for the stock from $8.00 to $6.50 in a research note on Wednesday, February 26th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat, Lumen Technologies presently has a consensus rating of "Hold" and an average price target of $4.59.

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Lumen Technologies Stock Down 13.1 %

Shares of LUMN stock traded down $0.53 during mid-day trading on Thursday, reaching $3.50. 14,394,906 shares of the company were exchanged, compared to its average volume of 18,991,308. The company has a debt-to-equity ratio of 37.70, a quick ratio of 1.20 and a current ratio of 1.21. The business's 50 day simple moving average is $4.74 and its 200 day simple moving average is $5.98. The company has a market capitalization of $3.58 billion, a P/E ratio of -69.89 and a beta of 1.29. Lumen Technologies, Inc. has a fifty-two week low of $0.97 and a fifty-two week high of $10.33.

Lumen Technologies (NYSE:LUMN - Get Free Report) last issued its quarterly earnings results on Tuesday, February 4th. The technology company reported $0.09 earnings per share for the quarter, beating analysts' consensus estimates of ($0.05) by $0.14. Lumen Technologies had a negative return on equity of 46.17% and a negative net margin of 0.42%. Research analysts predict that Lumen Technologies, Inc. will post -0.87 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.