Citigroup Upgrades Lumen Technologies (NYSE:LUMN) to Buy

Citigroup upgraded shares of Lumen Technologies (NYSE:LUMN) from a neutral rating to a buy rating in a research report sent to investors on Wednesday, Marketbeat reports. The brokerage currently has $6.50 price objective on the technology company’s stock, down from their prior price objective of $8.00.

A number of other research firms also recently issued reports on LUMN. The Goldman Sachs Group increased their price objective on Lumen Technologies from $4.50 to $5.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Wells Fargo & Company raised shares of Lumen Technologies from an “underweight” rating to an “equal weight” rating and set a $5.00 price target for the company in a research note on Friday, February 21st. Royal Bank of Canada reissued a “sector perform” rating and issued a $4.25 price objective on shares of Lumen Technologies in a research report on Monday, February 10th. Finally, TD Cowen reduced their target price on shares of Lumen Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a report on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $4.59.

Lumen Technologies Stock Performance

Shares of LUMN opened at $4.71 on Wednesday. The firm’s 50 day moving average price is $5.25 and its two-hundred day moving average price is $6.16. The company has a debt-to-equity ratio of 37.70, a quick ratio of 1.20 and a current ratio of 1.21. Lumen Technologies has a twelve month low of $0.97 and a twelve month high of $10.33. The firm has a market cap of $4.77 billion, a P/E ratio of -94.08 and a beta of 1.28.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings data on Tuesday, February 4th. The technology company reported $0.09 EPS for the quarter, beating 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%. On average, analysts forecast that Lumen Technologies will post -0.87 EPS for the current fiscal year.

Hedge Funds Weigh In On Lumen Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Stephens Inc. AR lifted its stake in Lumen Technologies by 7.7% in the third quarter. Stephens Inc. AR now owns 27,070 shares of the technology company’s stock valued at $192,000 after acquiring an additional 1,935 shares during the last quarter. Concord Wealth Partners raised its holdings in shares of Lumen Technologies by 98.8% in the 3rd quarter. Concord Wealth Partners now owns 4,008 shares of the technology company’s stock valued at $28,000 after purchasing an additional 1,992 shares during the period. US Bancorp DE lifted its stake in Lumen Technologies by 18.6% in the 3rd quarter. US Bancorp DE now owns 15,012 shares of the technology company’s stock valued at $107,000 after purchasing an additional 2,350 shares during the last quarter. O Shaughnessy Asset Management LLC grew its holdings in Lumen Technologies by 7.7% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 34,225 shares of the technology company’s stock worth $182,000 after purchasing an additional 2,457 shares during the period. Finally, Los Angeles Capital Management LLC increased its position in Lumen Technologies by 20.3% during the fourth quarter. Los Angeles Capital Management LLC now owns 14,760 shares of the technology company’s stock worth $78,000 after buying an additional 2,489 shares during the last quarter. 66.19% of the stock is owned by institutional investors.

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.