Lumen Technologies (NYSE:LUMN) Hits New 1-Year Low Following Analyst Downgrade

Shares of Lumen Technologies, Inc. (NYSE:LUMN – Get Rating) hit a new 52-week low during mid-day trading on Monday after Morgan Stanley lowered their price target on the stock from $6.00 to $2.50. Morgan Stanley currently has an underweight rating on the stock. Lumen Technologies traded as low as $2.61 and last traded at $2.61, with a volume of 151005 shares trading hands. The stock had previously closed at $2.68.

Several other research analysts have also recently commented on the company. TheStreet cut Lumen Technologies from a “c” rating to a “d” rating in a research report on Tuesday, February 7th. The Goldman Sachs Group lowered their target price on shares of Lumen Technologies from $6.00 to $4.00 and set a “neutral” rating on the stock in a report on Wednesday, February 8th. Finally, Citigroup cut shares of Lumen Technologies from a “neutral” rating to a “sell” rating and cut their price target for the company from $6.25 to $3.50 in a research note on Wednesday, February 8th. Three research analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $5.50.

Institutional Trading of Lumen Technologies

A number of hedge funds have recently modified their holdings of LUMN. Vanguard Group Inc. raised its holdings in Lumen Technologies by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 116,137,605 shares of the technology company’s stock valued at $1,308,871,000 after acquiring an additional 2,726,090 shares during the period. BlackRock Inc. grew its stake in Lumen Technologies by 1.0% during the third quarter. BlackRock Inc. now owns 97,039,289 shares of the technology company’s stock worth $706,445,000 after buying an additional 937,797 shares in the last quarter. State Street Corp increased its holdings in Lumen Technologies by 2.8% in the 3rd quarter. State Street Corp now owns 61,929,635 shares of the technology company’s stock valued at $450,848,000 after buying an additional 1,711,464 shares during the period. Arrowstreet Capital Limited Partnership raised its position in shares of Lumen Technologies by 289.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 21,507,098 shares of the technology company’s stock valued at $112,267,000 after buying an additional 15,989,152 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Lumen Technologies by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 20,703,388 shares of the technology company’s stock worth $108,333,000 after acquiring an additional 193,711 shares during the period. Institutional investors and hedge funds own 76.03% of the company’s stock.

Lumen Technologies Price Performance

The firm has a market cap of $2.60 billion, a price-to-earnings ratio of -1.63 and a beta of 1.04. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 1.96. The company’s 50-day moving average is $4.49 and its 200-day moving average is $6.08.

Lumen Technologies (NYSE:LUMN – Get Rating) last issued its quarterly earnings results on Tuesday, February 7th. The technology company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.31. The company had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.79 billion. Lumen Technologies had a positive return on equity of 13.17% and a negative net margin of 8.86%. The company’s revenue for the quarter was down 21.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.51 EPS. Equities research analysts predict that Lumen Technologies, Inc. will post 0.5 earnings per share for the current year.

Lumen Technologies Company Profile

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Lumen Technologies, Inc is an investment holding company, which engages in the provision of integrated communications to residential and business customers. It operates through the following segments: Business and Mass Markets. Business segment provides products and services under four sales channels to enterprise and commercial customers.