Analysts Set Lumen Technologies, Inc. (NYSE:LUMN) Price Target at $4.02

Shares of Lumen Technologies, Inc. (NYSE:LUMN) have received an average recommendation of “Reduce” from the eight brokerages that are covering the firm, MarketBeat.com reports. Three investment analysts have rated the stock with a sell rating and five have issued a hold rating on the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $4.02.

A number of equities analysts have recently commented on the stock. JPMorgan Chase & Co. raised shares of Lumen Technologies from an “underweight” rating to a “neutral” rating in a report on Wednesday, August 7th. UBS Group upped their target price on shares of Lumen Technologies from $1.50 to $5.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. The Goldman Sachs Group raised their price target on Lumen Technologies from $4.50 to $5.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Bank of America upped their price objective on Lumen Technologies from $1.00 to $2.00 and gave the company an “underperform” rating in a research note on Thursday, August 8th. Finally, TD Cowen dropped their target price on Lumen Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a report on Wednesday, November 6th.

Lumen Technologies Trading Down 4.7 %

NYSE LUMN opened at $7.75 on Friday. Lumen Technologies has a 12 month low of $0.97 and a 12 month high of $10.33. The company has a market capitalization of $7.86 billion, a price-to-earnings ratio of -3.57 and a beta of 1.21. The company has a debt-to-equity ratio of 53.05, a current ratio of 1.20 and a quick ratio of 1.20. The firm’s fifty day moving average price is $7.03 and its 200 day moving average price is $4.14.

Lumen Technologies (NYSE:LUMN) last posted its earnings results on Tuesday, November 5th. The technology company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.04). The firm had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.21 billion. Lumen Technologies had a negative net margin of 16.06% and a negative return on equity of 49.74%. The firm’s revenue for the quarter was down 11.5% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.09) earnings per share. On average, sell-side analysts expect that Lumen Technologies will post -0.38 earnings per share for the current fiscal year.

Insider Transactions at Lumen Technologies

In other news, Director James Fowler acquired 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average cost of $4.70 per share, with a total value of $47,000.00. Following the purchase, the director now directly owns 384,056 shares of the company’s stock, valued at approximately $1,805,063.20. This trade represents a 2.67 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 1.68% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in LUMN. Millennium Management LLC grew its stake in Lumen Technologies by 129.8% in the 2nd quarter. Millennium Management LLC now owns 7,854,906 shares of the technology company’s stock valued at $8,640,000 after acquiring an additional 4,436,710 shares during the last quarter. Front Street Capital Management Inc. grew its position in shares of Lumen Technologies by 30.1% in the second quarter. Front Street Capital Management Inc. now owns 11,661,112 shares of the technology company’s stock valued at $12,827,000 after purchasing an additional 2,697,423 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of Lumen Technologies by 1,081.0% during the 3rd quarter. Victory Capital Management Inc. now owns 2,368,911 shares of the technology company’s stock worth $16,819,000 after purchasing an additional 2,168,325 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Lumen Technologies by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 120,303,220 shares of the technology company’s stock worth $187,673,000 after purchasing an additional 1,975,400 shares during the last quarter. Finally, Sequoia Financial Advisors LLC purchased a new stake in Lumen Technologies in the 3rd quarter valued at approximately $10,062,000. Hedge funds and other institutional investors own 66.19% of the company’s stock.

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.