Lumen Technologies’ (LUMN) Sector Perform Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada restated their sector perform rating on shares of Lumen Technologies (NYSE:LUMN) in a research note issued to investors on Friday,Benzinga reports. Royal Bank of Canada currently has a $4.25 price objective on the technology company’s stock, up from their previous price objective of $4.00.

Other equities research analysts also recently issued reports about the stock. Citigroup upped their price objective on shares of Lumen Technologies from $6.50 to $8.00 and gave the stock a “neutral” rating in a research report on Friday, November 29th. The Goldman Sachs Group lifted their price target on Lumen Technologies from $4.50 to $5.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Finally, TD Cowen decreased their target price on Lumen Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a research report on Wednesday, November 6th. Three research analysts have rated the stock with a sell rating and six have issued a hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $4.66.

Lumen Technologies Stock Performance

Shares of LUMN opened at $5.92 on Friday. Lumen Technologies has a one year low of $0.97 and a one year high of $10.33. The company has a market cap of $6.01 billion, a PE ratio of -2.73 and a beta of 1.21. The stock has a 50-day moving average of $7.14 and a 200-day moving average of $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.

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

Institutional Investors Weigh In On Lumen Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the business. Millennium Management LLC increased its position in shares of Lumen Technologies by 129.8% during the second quarter. Millennium Management LLC now owns 7,854,906 shares of the technology company’s stock valued at $8,640,000 after buying an additional 4,436,710 shares during the period. Front Street Capital Management Inc. increased its holdings in Lumen Technologies by 30.1% during 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 during the period. Victory Capital Management Inc. lifted its stake in Lumen Technologies by 1,081.0% in the 3rd quarter. Victory Capital Management Inc. now owns 2,368,911 shares of the technology company’s stock worth $16,819,000 after purchasing an additional 2,168,325 shares in the last quarter. Sequoia Financial Advisors LLC bought a new position in Lumen Technologies in the 3rd quarter valued at $10,062,000. Finally, AQR Capital Management LLC grew its position in shares of Lumen Technologies by 52.5% during the 2nd quarter. AQR Capital Management LLC now owns 3,621,874 shares of the technology company’s stock valued at $3,712,000 after purchasing an additional 1,246,289 shares in the last quarter. Institutional investors own 66.19% 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.