Lumen Technologies, Inc. (NYSE:LUMN) Shares Sold by MML Investors Services LLC

MML Investors Services LLC cut its holdings in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 9.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 68,543 shares of the technology company’s stock after selling 7,396 shares during the period. MML Investors Services LLC’s holdings in Lumen Technologies were worth $487,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Legacy Investment Solutions LLC acquired a new stake in shares of Lumen Technologies during the 3rd quarter valued at $30,000. United Services Automobile Association purchased a new stake in shares of Lumen Technologies during the third quarter valued at $474,000. Kovitz Investment Group Partners LLC acquired a new position in shares of Lumen Technologies in the 3rd quarter valued at $180,000. Weiss Asset Management LP purchased a new position in Lumen Technologies in the 3rd quarter worth about $1,365,000. Finally, Quadrature Capital Ltd raised its holdings in Lumen Technologies by 248.2% during the 3rd quarter. Quadrature Capital Ltd now owns 511,162 shares of the technology company’s stock worth $3,627,000 after buying an additional 364,375 shares during the period. 66.19% of the stock is currently owned by institutional investors.

Lumen Technologies Stock Performance

Shares of NYSE LUMN opened at $5.92 on Monday. Lumen Technologies, Inc. has a one year low of $0.97 and a one year high of $10.33. The business’s 50-day moving average price is $7.14 and its two-hundred day moving average price is $5.00. 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 company has a market capitalization of $6.01 billion, a P/E ratio of -2.73 and a beta of 1.21.

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

Wall Street Analysts Forecast Growth

LUMN has been the subject of several recent analyst reports. The Goldman Sachs Group raised their target price on shares of Lumen Technologies from $4.50 to $5.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. TD Cowen lowered their price objective on shares of Lumen Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a research report on Wednesday, November 6th. Royal Bank of Canada restated a “sector perform” rating and issued a $4.25 target price (up previously from $4.00) on shares of Lumen Technologies in a report on Friday. Finally, Citigroup lifted their price target on Lumen Technologies from $6.50 to $8.00 and gave the company a “neutral” rating in a report on Friday, November 29th. Three equities research analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. Based on data from MarketBeat.com, Lumen Technologies has an average rating of “Hold” and an average price target of $4.66.

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.