Lumen Technologies, Inc. (NYSE:LUMN) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company trimmed its holdings in Lumen Technologies, Inc. (NYSE:LUMN) by 4.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 531,579 shares of the technology company’s stock after selling 26,289 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.05% of Lumen Technologies worth $2,823,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Norges Bank acquired a new stake in Lumen Technologies during the fourth quarter worth about $63,638,000. Renaissance Technologies LLC raised its position in shares of Lumen Technologies by 76.3% during the 4th quarter. Renaissance Technologies LLC now owns 11,664,009 shares of the technology company’s stock valued at $61,936,000 after buying an additional 5,049,709 shares during the period. Dimensional Fund Advisors LP grew its position in Lumen Technologies by 368.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,812,495 shares of the technology company’s stock worth $52,111,000 after acquiring an additional 7,717,596 shares during the period. Hennessy Advisors Inc. acquired a new stake in shares of Lumen Technologies during the 4th quarter worth about $45,089,000. Finally, Allianz Asset Management GmbH increased its position in shares of Lumen Technologies by 28.1% during the fourth quarter. Allianz Asset Management GmbH now owns 7,790,277 shares of the technology company’s stock valued at $41,366,000 after acquiring an additional 1,710,373 shares during the last quarter. 66.19% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on LUMN shares. Royal Bank of Canada reiterated a “sector perform” rating and issued a $4.25 price objective on shares of Lumen Technologies in a report on Monday, February 10th. Citigroup upgraded shares of Lumen Technologies from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $8.00 to $6.50 in a report on Wednesday, February 26th. Wells Fargo & Company upgraded shares of Lumen Technologies from an “underweight” rating to an “equal weight” rating and set a $5.00 target price for the company in a research note on Friday, February 21st. Finally, Raymond James upgraded Lumen Technologies from a “market perform” rating to an “outperform” rating and set a $4.50 price target on the stock in a research note on Monday, May 5th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, Lumen Technologies has an average rating of “Hold” and an average price target of $4.58.

Lumen Technologies Trading Up 5.5 %

NYSE:LUMN opened at $4.39 on Friday. The company has a quick ratio of 1.20, a current ratio of 1.21 and a debt-to-equity ratio of 37.70. Lumen Technologies, Inc. has a 52-week low of $0.97 and a 52-week high of $10.33. The stock’s 50 day moving average price is $4.03 and its 200 day moving average price is $5.40. The company has a market capitalization of $4.50 billion, a PE ratio of -87.78 and a beta of 1.34.

Lumen Technologies (NYSE:LUMN) last announced its earnings results on Thursday, May 1st. The technology company reported ($0.13) EPS for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.16. Lumen Technologies had a negative net margin of 0.42% and a negative return on equity of 46.17%. The business had revenue of $3.18 billion for the quarter, compared to analysts’ expectations of $3.12 billion. During the same period in the previous year, the company posted ($0.04) EPS. The company’s quarterly revenue was down 3.3% on a year-over-year basis. On average, research analysts anticipate that Lumen Technologies, Inc. will post -0.87 EPS for the current year.

Lumen Technologies Profile

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.