Lumen Technologies, Inc. (NYSE:LUMN) Stock Holdings Trimmed by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. trimmed its holdings in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 28.5% during the fourth quarter, Holdings Channel.com reports. The firm owned 106,253 shares of the technology company’s stock after selling 42,342 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Lumen Technologies were worth $194,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of LUMN. Strategies Wealth Advisors LLC acquired a new position in Lumen Technologies during the 4th quarter valued at about $26,000. Brighton Jones LLC bought a new stake in Lumen Technologies during the fourth quarter worth approximately $27,000. Belpointe Asset Management LLC lifted its position in Lumen Technologies by 52.1% in the third quarter. Belpointe Asset Management LLC now owns 24,527 shares of the technology company’s stock worth $35,000 after purchasing an additional 8,405 shares during the period. ORG Partners LLC boosted its stake in Lumen Technologies by 54.0% during the 4th quarter. ORG Partners LLC now owns 22,580 shares of the technology company’s stock valued at $41,000 after purchasing an additional 7,920 shares in the last quarter. Finally, Guardian Capital LP increased its position in shares of Lumen Technologies by 53.5% during the 4th quarter. Guardian Capital LP now owns 22,145 shares of the technology company’s stock valued at $41,000 after purchasing an additional 7,717 shares during the period. 66.19% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, The Goldman Sachs Group initiated coverage on Lumen Technologies in a research note on Monday. They set a “sell” rating and a $1.00 target price for the company.

Lumen Technologies Trading Down 3.6 %

Lumen Technologies stock opened at $1.07 on Wednesday. The firm has a market cap of $1.09 billion, a price-to-earnings ratio of -0.10 and a beta of 1.15. Lumen Technologies, Inc. has a 1 year low of $0.78 and a 1 year high of $2.34. The firm’s 50 day moving average price is $1.22 and its two-hundred day moving average price is $1.44. The company has a debt-to-equity ratio of 36.89, a quick ratio of 1.03 and a current ratio of 1.03.

Lumen Technologies (NYSE:LUMN) last issued its earnings results on Tuesday, April 30th. The technology company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.01). Lumen Technologies had a positive return on equity of 4.06% and a negative net margin of 76.21%. The company had revenue of $3.29 billion during the quarter, compared to analyst estimates of $3.38 billion. During the same quarter in the previous year, the firm earned $0.10 earnings per share. The business’s revenue was down 12.0% compared to the same quarter last year. On average, research analysts predict that Lumen Technologies, Inc. will post -0.16 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Kathleen E. Johnson bought 750,000 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was bought at an average cost of $1.28 per share, for a total transaction of $960,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 7,756,290 shares in the company, valued at approximately $9,928,051.20. The purchase was disclosed in a document filed with the SEC, which is available at this link. 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.