Mirae Asset Global Investments Co. Ltd. decreased its position in shares of Lumen Technologies, Inc. (NYSE:LUMN – Get Rating) by 39.0% in the fourth quarter, Holdings Channel.com reports. The firm owned 1,661,334 shares of the technology company’s stock after selling 1,061,617 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Lumen Technologies were worth $8,672,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently bought and sold shares of LUMN. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Lumen Technologies by 7.6% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 106,727 shares of the technology company’s stock valued at $1,203,000 after buying an additional 7,501 shares during the last quarter. D.A. Davidson & CO. lifted its holdings in shares of Lumen Technologies by 11.2% during the 1st quarter. D.A. Davidson & CO. now owns 18,167 shares of the technology company’s stock valued at $205,000 after buying an additional 1,837 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Lumen Technologies during the 1st quarter valued at about $1,037,000. MetLife Investment Management LLC lifted its holdings in shares of Lumen Technologies by 24.1% during the 1st quarter. MetLife Investment Management LLC now owns 252,689 shares of the technology company’s stock valued at $2,848,000 after buying an additional 49,091 shares during the last quarter. Finally, Rhumbline Advisers lifted its holdings in shares of Lumen Technologies by 2.9% during the 1st quarter. Rhumbline Advisers now owns 1,567,942 shares of the technology company’s stock valued at $17,671,000 after buying an additional 44,169 shares during the last quarter. Hedge funds and other institutional investors own 76.03% of the company’s stock.
Analyst Upgrades and Downgrades
Several equities research analysts have recently issued reports on LUMN shares. Morgan Stanley reduced their price target on Lumen Technologies from $6.00 to $2.50 and set an “underweight” rating for the company in a report on Monday, March 13th. The Goldman Sachs Group reduced their target price on Lumen Technologies from $6.00 to $4.00 and set a “neutral” rating for the company in a report on Wednesday, February 8th. Bank of America reduced their target price on Lumen Technologies from $4.00 to $2.00 in a report on Thursday, May 4th. Citigroup lowered Lumen Technologies from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $6.25 to $3.50 in a report on Wednesday, February 8th. Finally, TheStreet lowered Lumen Technologies from a “c” rating to a “d” rating in a report on Tuesday, February 7th. Three equities research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $5.11.
Lumen Technologies Stock Performance
Lumen Technologies (NYSE:LUMN – Get Rating) last issued its quarterly earnings results on Tuesday, May 2nd. The technology company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.12 by ($0.02). The business had revenue of $3.74 billion during the quarter, compared to the consensus estimate of $3.73 billion. Lumen Technologies had a positive return on equity of 8.87% and a negative net margin of 9.89%. The business’s quarterly revenue was down 20.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.63 earnings per share. On average, equities analysts expect that Lumen Technologies, Inc. will post 0.4 EPS 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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