Renaissance Technologies LLC Raises Stock Position in Lumen Technologies, Inc. (NYSE:LUMN)

Renaissance Technologies LLC increased its position in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 76.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,664,009 shares of the technology company's stock after acquiring an additional 5,049,709 shares during the quarter. Renaissance Technologies LLC owned about 1.15% of Lumen Technologies worth $61,936,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in LUMN. Geode Capital Management LLC raised its holdings in shares of 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 period. Norges Bank bought a new stake in shares of Lumen Technologies during the 4th quarter worth $63,638,000. Hennessy Advisors Inc. bought a new stake in shares of Lumen Technologies during the fourth quarter worth $45,089,000. Allianz Asset Management GmbH boosted its position in Lumen Technologies by 28.1% during the 4th quarter. Allianz Asset Management GmbH now owns 7,790,277 shares of the technology company's stock worth $41,366,000 after buying an additional 1,710,373 shares during the period. Finally, Principal Financial Group Inc. increased its stake in shares of Lumen Technologies by 2.7% in the fourth quarter. Principal Financial Group Inc. now owns 4,921,381 shares of the technology company's stock valued at $26,133,000 after buying an additional 128,172 shares during the period. 66.19% of the stock is currently owned by institutional investors.

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Lumen Technologies Stock Performance

Shares of LUMN stock traded down $0.06 on Tuesday, reaching $3.41. The stock had a trading volume of 2,364,312 shares, compared to its average volume of 19,070,214. 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 stock has a market cap of $3.50 billion, a P/E ratio of -68.19 and a beta of 1.29. The company has a 50 day simple moving average of $4.45 and a 200 day simple moving average of $5.77. Lumen Technologies, Inc. has a 1 year low of $0.97 and a 1 year high of $10.33.

Lumen Technologies (NYSE:LUMN - Get Free Report) last released its earnings results on Tuesday, February 4th. The technology company reported $0.09 EPS for the quarter, topping the consensus estimate of ($0.05) by $0.14. Lumen Technologies had a negative net margin of 0.42% and a negative return on equity of 46.17%. Equities research analysts expect that Lumen Technologies, Inc. will post -0.87 EPS for the current year.

Analyst Ratings Changes

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

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.