Lumen Technologies (NYSE:LUMN) Shares Gap Up on Strong Earnings

Lumen Technologies, Inc. (NYSE:LUMN) gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $5.04, but opened at $5.49. Lumen Technologies shares last traded at $5.04, with a volume of 3,010,712 shares.

The technology company reported $0.09 earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.14. Lumen Technologies had a negative return on equity of 49.74% and a negative net margin of 16.06%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Royal Bank of Canada reiterated a “sector perform” rating and issued a $4.25 target price (up previously from $4.00) on shares of Lumen Technologies in a research report on Friday, December 20th. The Goldman Sachs Group increased their price objective on Lumen Technologies from $4.50 to $5.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. TD Cowen cut their target price on Lumen Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a research note on Wednesday, November 6th. Finally, Citigroup increased their price target on Lumen Technologies from $6.50 to $8.00 and gave the stock a “neutral” rating in a report on Friday, November 29th. Three analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $4.66.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC grew its position in shares of Lumen Technologies by 1.7% during the 3rd quarter. Geode Capital Management LLC now owns 23,344,313 shares of the technology company’s stock worth $165,776,000 after buying an additional 383,693 shares in the last quarter. Hennessy Advisors Inc. acquired a new position in Lumen Technologies during the 4th quarter worth about $45,089,000. Allianz Asset Management GmbH increased its holdings in shares of Lumen Technologies by 28.1% in the 4th quarter. Allianz Asset Management GmbH now owns 7,790,277 shares of the technology company’s stock valued at $41,366,000 after acquiring an additional 1,710,373 shares during the last quarter. Principal Financial Group Inc. grew its stake in Lumen Technologies by 2.7% during the 4th quarter. Principal Financial Group Inc. now owns 4,921,381 shares of the technology company’s stock worth $26,133,000 after buying an additional 128,172 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in Lumen Technologies by 9.9% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,265,415 shares of the technology company’s stock worth $23,184,000 after acquiring an additional 294,679 shares during the period. Institutional investors own 66.19% of the company’s stock.

Lumen Technologies Stock Up 0.3 %

The firm has a fifty day moving average price of $5.76 and a 200 day moving average price of $5.99. The firm has a market capitalization of $5.06 billion, a price-to-earnings ratio of -2.30 and a beta of 1.28. The company has a debt-to-equity ratio of 53.05, a quick ratio of 1.20 and a current ratio of 1.20.

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.