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
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
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.
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