Lumen Technologies, Inc. (NYSE:LUMN) Shares Acquired by First Citizens Bank & Trust Co.

First Citizens Bank & Trust Co. lifted its holdings in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 64.9% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 44,999 shares of the technology company’s stock after acquiring an additional 17,716 shares during the period. First Citizens Bank & Trust Co.’s holdings in Lumen Technologies were worth $176,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in LUMN. Empowered Funds LLC purchased a new stake in shares of Lumen Technologies during the 4th quarter worth approximately $1,139,000. Strategic Financial Concepts LLC raised its stake in Lumen Technologies by 430.7% during the 4th quarter. Strategic Financial Concepts LLC now owns 179,335 shares of the technology company’s stock worth $952,000 after acquiring an additional 145,542 shares in the last quarter. Atria Wealth Solutions Inc. purchased a new stake in Lumen Technologies in the fourth quarter valued at $69,000. Lazard Asset Management LLC boosted its stake in Lumen Technologies by 3,825.7% in the fourth quarter. Lazard Asset Management LLC now owns 7,498 shares of the technology company’s stock valued at $39,000 after acquiring an additional 7,307 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. grew its holdings in shares of Lumen Technologies by 15.8% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 20,852 shares of the technology company’s stock worth $111,000 after purchasing an additional 2,844 shares during the last quarter. Hedge funds and other institutional investors own 66.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on LUMN. Raymond James raised Lumen Technologies from a “market perform” rating to an “outperform” rating and set a $4.50 target price for the company in a research report on Monday, May 5th. Citigroup raised Lumen Technologies from a “neutral” rating to a “buy” rating and decreased their price objective for the company from $8.00 to $6.50 in a report on Wednesday, February 26th. Finally, Wells Fargo & Company raised shares of Lumen Technologies from an “underweight” rating to an “equal weight” rating and set a $5.00 target price on the stock in a report on Friday, February 21st. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Lumen Technologies presently has an average rating of “Hold” and an average price target of $4.58.

Lumen Technologies Price Performance

Lumen Technologies stock opened at $4.17 on Thursday. The business has a 50 day simple moving average of $3.79 and a 200-day simple moving average of $4.81. Lumen Technologies, Inc. has a 12 month low of $0.97 and a 12 month high of $10.33. The company has a debt-to-equity ratio of 37.70, a current ratio of 1.21 and a quick ratio of 1.20. The stock has a market capitalization of $4.27 billion, a PE ratio of -83.28 and a beta of 1.38.

Lumen Technologies (NYSE:LUMN) last released its earnings results on Thursday, May 1st. The technology company reported ($0.13) EPS for the quarter, topping the consensus estimate 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 company had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.12 billion. During the same quarter last year, the business earned ($0.04) EPS. The business’s revenue was down 3.3% on a year-over-year basis. Equities analysts predict that Lumen Technologies, Inc. will post -0.87 earnings per share for the current year.

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.