First Citizens Bank & Trust Co. Raises Holdings in Lumen Technologies, Inc. (NYSE:LUMN)

First Citizens Bank & Trust Co. boosted its stake in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 18.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 27,283 shares of the technology company’s stock after acquiring an additional 4,325 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Lumen Technologies were worth $145,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Sanctuary Advisors LLC purchased a new stake in Lumen Technologies during the second quarter worth $25,000. Concord Wealth Partners raised its position in shares of Lumen Technologies by 98.8% in the third quarter. Concord Wealth Partners now owns 4,008 shares of the technology company’s stock worth $28,000 after acquiring an additional 1,992 shares during the period. Legacy Investment Solutions LLC purchased a new stake in shares of Lumen Technologies during the 3rd quarter worth about $30,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Lumen Technologies during the 3rd quarter valued at about $36,000. Finally, Allspring Global Investments Holdings LLC acquired a new position in Lumen Technologies in the 3rd quarter worth about $46,000. Hedge funds and other institutional investors own 66.19% of the company’s stock.

Lumen Technologies Price Performance

LUMN stock opened at $5.09 on Wednesday. Lumen Technologies, Inc. has a 1 year low of $0.97 and a 1 year high of $10.33. The company has a debt-to-equity ratio of 53.05, a current ratio of 1.20 and a quick ratio of 1.20. The firm has a market capitalization of $5.16 billion, a PE ratio of -2.34 and a beta of 1.28. The business has a 50 day simple moving average of $6.13 and a 200-day simple moving average of $5.87.

Lumen Technologies (NYSE:LUMN) last issued its earnings results on Tuesday, November 5th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.04). The company had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.21 billion. Lumen Technologies had a negative return on equity of 49.74% and a negative net margin of 16.06%. The firm’s revenue was down 11.5% compared to the same quarter last year. During the same period last year, the business earned ($0.09) earnings per share. Equities research analysts anticipate that Lumen Technologies, Inc. will post -0.38 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on LUMN. Royal Bank of Canada restated a “sector perform” rating and issued a $4.25 price objective (up from $4.00) on shares of Lumen Technologies in a research report on Friday, December 20th. Citigroup upped their price objective on shares of Lumen Technologies from $6.50 to $8.00 and gave the stock a “neutral” rating in a research report on Friday, November 29th. TD Cowen dropped their target price on shares of Lumen Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a research report on Wednesday, November 6th. Finally, The Goldman Sachs Group raised their price target on shares of Lumen Technologies from $4.50 to $5.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Three investment analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $4.66.

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.