Nations Financial Group Inc. IA ADV Cuts Stake in Lumen Technologies, Inc. (NYSE:LUMN)

Nations Financial Group Inc. IA ADV cut its holdings in Lumen Technologies, Inc. (NYSE:LUMN) by 26.6% in the third quarter, Holdings Channel reports. The fund owned 94,267 shares of the technology company’s stock after selling 34,200 shares during the quarter. Nations Financial Group Inc. IA ADV’s holdings in Lumen Technologies were worth $669,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Sawgrass Asset Management LLC increased its holdings in shares of Lumen Technologies by 68.5% in the 2nd quarter. Sawgrass Asset Management LLC now owns 22,786 shares of the technology company’s stock valued at $25,000 after acquiring an additional 9,263 shares during the period. Sanctuary Advisors LLC purchased a new position in Lumen Technologies in the second quarter valued at about $25,000. ANTIPODES PARTNERS Ltd bought a new position in Lumen Technologies in the second quarter worth about $26,000. Concord Wealth Partners lifted its position in shares of Lumen Technologies by 98.8% during the third quarter. Concord Wealth Partners now owns 4,008 shares of the technology company’s stock valued at $28,000 after buying an additional 1,992 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC bought a new stake in shares of Lumen Technologies in the 2nd quarter valued at about $33,000. Hedge funds and other institutional investors own 66.19% of the company’s stock.

Lumen Technologies Trading Down 3.7 %

Shares of NYSE:LUMN opened at $8.89 on Thursday. The business has a 50-day moving average price of $6.82 and a 200-day moving average price of $3.92. The stock has a market cap of $9.02 billion, a price-to-earnings ratio of -4.09 and a beta of 1.21. Lumen Technologies, Inc. has a 52-week low of $0.97 and a 52-week high of $10.33. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 53.05.

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

Insiders Place Their Bets

In related news, Director James Fowler acquired 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was acquired at an average price of $4.70 per share, with a total value of $47,000.00. Following the acquisition, 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.68% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts recently commented on LUMN shares. Citigroup upgraded shares of Lumen Technologies from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $1.25 to $3.15 in a research note on Tuesday, August 6th. JPMorgan Chase & Co. upgraded Lumen Technologies from an “underweight” rating to a “neutral” rating in a report on Wednesday, August 7th. Wells Fargo & Company downgraded Lumen Technologies from an “equal weight” rating to an “underweight” rating and boosted their target price for the stock from $1.75 to $4.00 in a research note on Friday, August 16th. Bank of America increased their price target 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, The Goldman Sachs Group boosted their price target on Lumen Technologies from $4.50 to $5.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Three investment analysts have rated the stock with a sell rating and five have issued a hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $4.02.

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.