Lumen Technologies, Inc. (NYSE:LUMN) Given Average Recommendation of “Reduce” by Analysts

Lumen Technologies, Inc. (NYSE:LUMN) has been assigned an average recommendation of “Reduce” from the ten research firms that are presently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation and nine have issued a hold recommendation on the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $7.8571.

Several research firms recently commented on LUMN. UBS Group increased their price objective on Lumen Technologies from $6.00 to $8.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Citigroup lowered their target price on shares of Lumen Technologies from $10.00 to $8.25 and set a “neutral” rating on the stock in a research note on Tuesday, August 11th. TD Cowen increased their target price on shares of Lumen Technologies from $8.00 to $9.00 and gave the company a “hold” rating in a research report on Wednesday, May 6th. Wall Street Zen raised shares of Lumen Technologies from a “sell” rating to a “hold” rating in a research note on Sunday, August 9th. Finally, Zacks Research cut shares of Lumen Technologies from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 5th.

Lumen Technologies Trading Up 2.8%

Shares of Lumen Technologies stock opened at $6.21 on Thursday. Lumen Technologies has a twelve month low of $4.57 and a twelve month high of $11.95. The firm has a market capitalization of $6.41 billion, a PE ratio of -6.09 and a beta of 1.79. The firm’s 50-day moving average price is $6.55 and its 200 day moving average price is $7.59.

Lumen Technologies (NYSE:LUMN) last announced its earnings results on Tuesday, August 4th. The technology company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.06. The firm had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.74 billion. Lumen Technologies’s revenue was down 9.3% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.03) EPS. On average, sell-side analysts predict that Lumen Technologies will post -0.52 EPS for the current fiscal year.

Insider Buying and Selling at Lumen Technologies

In related news, CEO Kathleen E. Johnson bought 100,000 shares of the stock in a transaction dated Thursday, August 6th. The shares were acquired at an average cost of $6.13 per share, for a total transaction of $613,000.00. Following the acquisition, the chief executive officer directly owned 100,000 shares in the company, valued at approximately $613,000. This trade represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Lumen Technologies

A number of institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in shares of Lumen Technologies by 3.5% in the 2nd quarter. BlackRock Inc. now owns 142,261,845 shares of the technology company’s stock worth $1,092,571,000 after acquiring an additional 4,796,141 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Lumen Technologies by 324.7% during the 4th quarter. JPMorgan Chase & Co. now owns 22,211,742 shares of the technology company’s stock valued at $172,585,000 after acquiring an additional 16,981,326 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Lumen Technologies by 2.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 18,390,473 shares of the technology company’s stock valued at $142,894,000 after purchasing an additional 473,242 shares during the period. Dimensional Fund Advisors LP increased its position in Lumen Technologies by 1.0% during the first quarter. Dimensional Fund Advisors LP now owns 14,994,640 shares of the technology company’s stock worth $104,156,000 after purchasing an additional 144,664 shares during the last quarter. Finally, Norges Bank acquired a new stake in Lumen Technologies during the fourth quarter worth about $106,557,000. Hedge funds and other institutional investors own 66.19% of the company’s stock.

About Lumen Technologies

Lumen Technologies is a multinational technology company specializing in integrated network, edge cloud, security and collaboration services for enterprise and public sector clients. The company’s core offerings include high-capacity fiber and IP-based connectivity, managed edge computing solutions designed to accelerate applications and data processing closer to end users, and cybersecurity services ranging from DDoS protection to unified threat management. Through its unified portfolio, Lumen enables organizations to support digital transformation initiatives, modernize infrastructure and enhance operational resilience.

Leveraging one of the largest fiber footprints in North America, as well as infrastructure in Latin America and parts of Europe, Lumen connects customers across more than 60 countries.