Principal Financial Group Inc. Sells 213,458 Shares of Lumen Technologies, Inc. (NYSE:LUMN)

Principal Financial Group Inc. cut its holdings in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 4.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,793,209 shares of the technology company’s stock after selling 213,458 shares during the period. Principal Financial Group Inc.’s holdings in Lumen Technologies were worth $34,032,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of LUMN. Congress Asset Management Co. acquired a new stake in shares of Lumen Technologies in the third quarter valued at $2,592,000. Quadrature Capital Ltd bought a new position in shares of Lumen Technologies in the first quarter worth about $468,000. Mackenzie Financial Corp lifted its position in shares of Lumen Technologies by 267.4% during the second quarter. Mackenzie Financial Corp now owns 236,390 shares of the technology company’s stock worth $260,000 after purchasing an additional 172,040 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp grew its stake in shares of Lumen Technologies by 22.4% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,190,256 shares of the technology company’s stock valued at $3,198,000 after purchasing an additional 401,399 shares during the last quarter. Finally, Sequoia Financial Advisors LLC acquired a new stake in shares of Lumen Technologies in the third quarter valued at approximately $10,062,000. Institutional investors own 66.19% of the company’s stock.

Lumen Technologies Trading Up 5.6 %

LUMN opened at $10.13 on Tuesday. Lumen Technologies, Inc. has a twelve month low of $0.97 and a twelve month high of $10.33. The firm has a market cap of $10.28 billion, a PE ratio of -4.67 and a beta of 1.21. The company has a debt-to-equity ratio of 53.05, a quick ratio of 1.01 and a current ratio of 1.20. The firm’s fifty day moving average is $6.66 and its two-hundred day moving average is $3.83.

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

Analyst Upgrades and Downgrades

LUMN has been the topic of several research reports. TD Cowen reduced their price objective on Lumen Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a report on Wednesday, November 6th. The Goldman Sachs Group lifted their price objective on Lumen Technologies from $4.50 to $5.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Citigroup upgraded shares of Lumen Technologies from a “sell” rating to a “neutral” rating and upped their target price for the company from $1.25 to $3.15 in a research report on Tuesday, August 6th. Bank of America increased their price objective on shares of Lumen Technologies from $1.00 to $2.00 and gave the company an “underperform” rating in a report on Thursday, August 8th. Finally, Wells Fargo & Company lowered shares of Lumen Technologies from an “equal weight” rating to an “underweight” rating and lifted their target price for the stock from $1.75 to $4.00 in a report on Friday, August 16th. Three research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $4.02.

Insider Activity

In related news, Director James Fowler acquired 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average cost of $4.70 per share, with a total value of $47,000.00. Following the transaction, the director now owns 384,056 shares of the company’s stock, valued at $1,805,063.20. The trade was a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.68% of the company’s stock.

Lumen Technologies Company 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.