Lumen Technologies, Inc. (NYSE:LUMN) Stock Rated “Reduce” by Sell-Side Brokerages

Shares of Lumen Technologies, Inc. (NYSE:LUMN) have been given a consensus recommendation of “Reduce” by the eleven research firms that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation and ten have issued a hold recommendation on the company. The average 1 year price target among brokers that have covered the stock in the last year is $6.19.

A number of analysts have commented on the company. TD Cowen decreased their price objective on Lumen Technologies from $9.00 to $8.00 and set a “hold” rating for the company in a report on Thursday, November 5th. Citigroup lowered their target price on shares of Lumen Technologies from $8.25 to $5.50 and set a “neutral” rating for the company in a report on Friday, November 6th. Wells Fargo & Company dropped their price target on shares of Lumen Technologies from $7.50 to $5.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 5th. Moffett Nathanson upgraded shares of Lumen Technologies from a “sell” rating to a “neutral” rating and set a $4.00 price target on the stock in a report on Friday, October 30th. Finally, The Goldman Sachs Group cut their price objective on Lumen Technologies from $7.25 to $5.00 and set a “neutral” rating on the stock in a research report on Thursday, November 5th.

Lumen Technologies Trading Down 1.9%

LUMN stock traded down $0.08 during trading on Tuesday, reaching $4.09. 19,051,162 shares of the stock were exchanged, compared to its average volume of 13,920,148. Lumen Technologies has a twelve month low of $3.84 and a twelve month high of $11.30. The firm’s 50 day moving average is $5.37 and its 200 day moving average is $7.04. The firm has a market cap of $4.22 billion, a P/E ratio of -4.01 and a beta of 1.94.

Lumen Technologies (NYSE:LUMN) last issued its earnings results on Wednesday, November 4th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.09. The firm had revenue of $2.71 billion during the quarter, compared to the consensus estimate of $2.73 billion. As a group, analysts predict that Lumen Technologies will post -0.54 earnings per share for the current fiscal year.

Insider Buying and Selling at Lumen Technologies

In other news, Director Michelle J. Goldberg acquired 25,000 shares of the stock in a transaction that occurred on Friday, November 6th. The shares were acquired at an average cost of $3.91 per share, for a total transaction of $97,750.00. Following the purchase, the director owned 101,591 shares of the company’s stock, valued at approximately $397,220.81. The trade was a 32.64% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Kathleen Johnson bought 100,000 shares of Lumen Technologies stock in a transaction dated Friday, November 6th. The stock was acquired at an average price of $3.97 per share, with a total value of $397,000.00. Following the purchase, the chief executive officer directly owned 200,000 shares of the company’s stock, valued at approximately $794,000. This represents a 100.00% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 2.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Hsbc Holdings PLC bought a new position in shares of Lumen Technologies during the 2nd quarter valued at about $74,242,000. First Trust Advisors LP lifted its holdings in shares of Lumen Technologies by 79.0% in the 3rd quarter. First Trust Advisors LP now owns 18,154,650 shares of the technology company’s stock worth $101,666,000 after acquiring an additional 8,012,338 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Lumen Technologies by 87.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 10,489,367 shares of the technology company’s stock valued at $80,558,000 after purchasing an additional 4,886,999 shares in the last quarter. BlackRock Inc. raised its position in 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 purchasing an additional 4,796,141 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in Lumen Technologies in the 2nd quarter worth $24,767,000. 66.19% of the stock is currently owned by hedge funds and other institutional investors.

Lumen Technologies Company Profile

Lumen Technologies is a telecommunications and technology company that provides network and digital services primarily to businesses, government agencies, and wholesale customers. Its offerings include fiber and internet connectivity, private networking, voice and collaboration services, cloud connectivity, and managed security solutions. The company serves customers across North America and in international markets through its fiber network and related technology platforms. Lumen has shifted its focus toward enterprise services in recent years, including after selling consumer and local-exchange operations in several states.