State of New Jersey Common Pension Fund D Acquires Shares of 381,662 Lumen Technologies, Inc. (NYSE:LUMN)

State of New Jersey Common Pension Fund D purchased a new stake in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 381,662 shares of the technology company's stock, valued at approximately $2,710,000.

Other hedge funds also recently modified their holdings of the company. Congress Asset Management Co. acquired a new position in shares of Lumen Technologies in the 3rd quarter worth $2,592,000. Quadrature Capital Ltd acquired a new stake in shares of Lumen Technologies in the first quarter worth $468,000. Mackenzie Financial Corp boosted its position in shares of Lumen Technologies by 267.4% in the second quarter. Mackenzie Financial Corp now owns 236,390 shares of the technology company's stock worth $260,000 after buying an additional 172,040 shares during the period. Mitsubishi UFJ Trust & Banking Corp boosted its position in shares of Lumen Technologies by 22.4% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,190,256 shares of the technology company's stock worth $3,198,000 after buying an additional 401,399 shares during the period. Finally, Sequoia Financial Advisors LLC acquired a new stake in shares of Lumen Technologies in the third quarter worth $10,062,000. 66.19% of the stock is currently owned by institutional investors and hedge funds.

Lumen Technologies Stock Performance

Shares of Lumen Technologies stock traded down $0.26 during trading on Thursday, reaching $8.64. The company's stock had a trading volume of 14,373,913 shares, compared to its average volume of 19,971,078. The company has a debt-to-equity ratio of 53.05, a quick ratio of 1.20 and a current ratio of 1.20. The business's fifty day moving average price is $6.82 and its 200-day moving average price is $3.92. The firm has a market cap of $8.76 billion, a price-to-earnings ratio of -4.09 and a beta of 1.21. Lumen Technologies, Inc. has a one year low of $0.97 and a one year high of $10.33.

Lumen Technologies (NYSE:LUMN - Get Free Report) last posted its quarterly earnings data on Tuesday, November 5th. The technology company reported ($0.13) EPS for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.04). The business had revenue of $3.22 billion during 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 company's revenue for the quarter was down 11.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.09) earnings per share. As a group, equities research analysts predict that Lumen Technologies, Inc. will post -0.38 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts recently issued reports on LUMN shares. Citigroup raised Lumen Technologies from a "sell" rating to a "neutral" rating and lifted their price objective for the company from $1.25 to $3.15 in a research report on Tuesday, August 6th. Bank of America lifted their price objective on Lumen Technologies from $1.00 to $2.00 and gave the company an "underperform" rating in a research report on Thursday, August 8th. The Goldman Sachs Group lifted their price objective on Lumen Technologies from $4.50 to $5.00 and gave the company a "neutral" rating in a research report on Wednesday, November 6th. Wells Fargo & Company cut Lumen Technologies from an "equal weight" rating to an "underweight" rating and lifted their price objective for the company from $1.75 to $4.00 in a research report on Friday, August 16th. Finally, JPMorgan Chase & Co. upgraded Lumen Technologies from an "underweight" rating to a "neutral" rating in a report on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating and five have given a hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $4.02.

Insider Activity at Lumen Technologies

In related news, Director James Fowler acquired 10,000 shares of the firm's stock in a transaction on Tuesday, September 3rd. The shares were bought at an average cost of $4.70 per share, with a total value of $47,000.00. Following the completion of the acquisition, the director now owns 384,056 shares of the company's stock, valued at $1,805,063.20. This trade represents a 2.67 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 1.68% of the company's stock.

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.