Lumen Technologies, Inc. (NYSE:LUMN) Shares Sold by International Assets Investment Management LLC

International Assets Investment Management LLC cut its holdings in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 63.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 28,225 shares of the technology company’s stock after selling 48,841 shares during the quarter. International Assets Investment Management LLC’s holdings in Lumen Technologies were worth $200,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC increased its position in shares of Lumen Technologies by 28.7% in the 1st quarter. Commonwealth Equity Services LLC now owns 531,792 shares of the technology company’s stock valued at $830,000 after purchasing an additional 118,572 shares during the last quarter. Fidelis Capital Partners LLC grew its position in Lumen Technologies by 94.6% during the 1st quarter. Fidelis Capital Partners LLC now owns 22,142 shares of the technology company’s stock worth $35,000 after purchasing an additional 10,764 shares during the last quarter. Texas Permanent School Fund Corp lifted its stake in shares of Lumen Technologies by 1.5% in the 1st quarter. Texas Permanent School Fund Corp now owns 880,306 shares of the technology company’s stock worth $1,373,000 after acquiring an additional 12,993 shares during the period. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Lumen Technologies in the 1st quarter worth $45,000. Finally, Headlands Technologies LLC acquired a new stake in shares of Lumen Technologies in the first quarter valued at about $239,000. 66.19% of the stock is currently owned by institutional investors and hedge funds.

Lumen Technologies Stock Up 18.4 %

LUMN opened at $9.01 on Thursday. The business has a 50 day moving average of $6.32 and a 200-day moving average of $3.60. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 39.51. Lumen Technologies, Inc. has a 1-year low of $0.97 and a 1-year high of $9.20. The stock has a market capitalization of $9.16 billion, a price-to-earnings ratio of -4.29 and a beta of 1.21.

Lumen Technologies (NYSE:LUMN) last issued its earnings results on Tuesday, November 5th. The technology company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.07. Lumen Technologies had a negative net margin of 15.06% and a negative return on equity of 18.52%. The business had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.21 billion. During the same period in the previous year, the business earned ($0.09) EPS. The firm’s revenue was down 11.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Lumen Technologies, Inc. will post -0.59 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on LUMN shares. JPMorgan Chase & Co. upgraded shares of Lumen Technologies from an “underweight” rating to a “neutral” rating in a report on Wednesday, August 7th. The Goldman Sachs Group raised their target price on shares of Lumen Technologies from $4.50 to $5.00 and gave the company a “neutral” rating in a research note on Wednesday. Citigroup upgraded Lumen Technologies from a “sell” rating to a “neutral” rating and upped their price target for the stock from $1.25 to $3.15 in a report on Tuesday, August 6th. Wells Fargo & Company lowered Lumen Technologies from an “equal weight” rating to an “underweight” rating and raised their price objective for the company from $1.75 to $4.00 in a research note on Friday, August 16th. Finally, TD Cowen lowered their price objective on Lumen Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a report on Wednesday. Three investment analysts have rated the stock with a sell rating and five have given a hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $4.02.

Insider Transactions at Lumen Technologies

In related news, Director James Fowler purchased 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average price of $4.70 per share, with a total value of $47,000.00. Following the purchase, the director now directly owns 384,056 shares in the company, valued at $1,805,063.20. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.68% of the stock is currently owned by insiders.

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.