Sequoia Financial Advisors LLC Sells 711,367 Shares of Lumen Technologies, Inc. (NYSE:LUMN)

Sequoia Financial Advisors LLC lessened its stake in Lumen Technologies, Inc. (NYSE:LUMN) by 34.2% in the 1st quarter, Holdings Channel reports. The institutional investor owned 1,370,598 shares of the technology company’s stock after selling 711,367 shares during the period. Sequoia Financial Advisors LLC’s holdings in Lumen Technologies were worth $5,373,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in LUMN. Cambridge Investment Research Advisors Inc. lifted its stake in Lumen Technologies by 88.3% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 84,475 shares of the technology company’s stock worth $331,000 after purchasing an additional 39,619 shares during the period. Avior Wealth Management LLC lifted its stake in Lumen Technologies by 9.8% during the first quarter. Avior Wealth Management LLC now owns 45,960 shares of the technology company’s stock worth $180,000 after purchasing an additional 4,115 shares during the period. Envestnet Portfolio Solutions Inc. lifted its stake in Lumen Technologies by 92.2% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 40,068 shares of the technology company’s stock worth $157,000 after purchasing an additional 19,216 shares during the period. Steel Grove Capital Advisors LLC lifted its stake in Lumen Technologies by 71.8% during the first quarter. Steel Grove Capital Advisors LLC now owns 127,552 shares of the technology company’s stock worth $500,000 after purchasing an additional 53,328 shares during the period. Finally, Ritholtz Wealth Management bought a new position in Lumen Technologies during the first quarter worth about $43,000. Institutional investors own 66.19% of the company’s stock.

Lumen Technologies Stock Performance

NYSE:LUMN opened at $4.53 on Friday. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 59.98. The firm has a 50 day moving average of $3.97 and a 200-day moving average of $4.57. Lumen Technologies, Inc. has a 1 year low of $0.97 and a 1 year high of $10.33. The stock has a market capitalization of $4.65 billion, a P/E ratio of -14.62 and a beta of 1.38.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings data on Thursday, May 1st. The technology company reported ($0.13) earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.16. Lumen Technologies had a negative net margin of 2.41% and a negative return on equity of 75.08%. The firm had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.12 billion. During the same quarter in the previous year, the company posted ($0.04) EPS. Lumen Technologies’s revenue was down 3.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Lumen Technologies, Inc. will post -0.87 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Raymond James Financial upgraded shares of Lumen Technologies from a “market perform” rating to an “outperform” rating and set a $4.50 target price for the company in a research note on Monday, May 5th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $4.58.

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.