KBC Group NV Trims Stake in Lumen Technologies, Inc. (NYSE:LUMN)

KBC Group NV lessened its stake in Lumen Technologies, Inc. (NYSE:LUMN) by 19.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,190 shares of the technology company’s stock after selling 7,253 shares during the period. KBC Group NV’s holdings in Lumen Technologies were worth $214,000 at the end of the most recent quarter.

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

Lumen Technologies Stock Performance

Shares of LUMN stock opened at $7.55 on Thursday. The company has a market cap of $7.66 billion, a P/E ratio of -3.48 and a beta of 1.21. The firm has a fifty day moving average price of $7.07 and a 200 day moving average price of $4.16. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 53.05. Lumen Technologies, Inc. has a 12 month low of $0.97 and a 12 month high of $10.33.

Lumen Technologies (NYSE:LUMN) last posted its earnings results 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 for 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 firm’s revenue for the quarter was down 11.5% on a year-over-year basis. During the same quarter last year, the firm posted ($0.09) EPS. Sell-side analysts predict that Lumen Technologies, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Activity at Lumen Technologies

In other news, Director James Fowler bought 10,000 shares of the stock in a transaction dated 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 completion of the acquisition, the director now directly owns 384,056 shares in the company, valued at approximately $1,805,063.20. The trade was a 2.67 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.68% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Moffett Nathanson increased their target price on Lumen Technologies from $1.00 to $3.00 and gave the company a “sell” rating in a report on Wednesday, August 7th. TD Cowen lowered their target price on shares of Lumen Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a research note on Wednesday, November 6th. The Goldman Sachs Group increased their target price on shares of Lumen Technologies from $4.50 to $5.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Citigroup raised shares of Lumen Technologies from a “sell” rating to a “neutral” rating and lifted their price target for the company from $1.25 to $3.15 in a research report on Tuesday, August 6th. Finally, JPMorgan Chase & Co. upgraded Lumen Technologies from an “underweight” rating to a “neutral” rating in a research report on Wednesday, August 7th. Three analysts have rated the stock with a sell rating and five have given a hold rating to the company. According to MarketBeat.com, Lumen Technologies has an average rating of “Hold” and an average target price of $4.02.

Lumen Technologies 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.