Maryland State Retirement & Pension System Sells 2,401 Shares of Lumen Technologies, Inc. (NYSE:LUMN)

Maryland State Retirement & Pension System lowered its holdings in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 0.7% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 340,966 shares of the technology company’s stock after selling 2,401 shares during the period. Maryland State Retirement & Pension System’s holdings in Lumen Technologies were worth $1,811,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of LUMN. Xponance Inc. lifted its position in Lumen Technologies by 11.1% during the fourth quarter. Xponance Inc. now owns 76,464 shares of the technology company’s stock worth $406,000 after acquiring an additional 7,646 shares during the last quarter. Counterpoint Mutual Funds LLC lifted its position in Lumen Technologies by 12.3% during the fourth quarter. Counterpoint Mutual Funds LLC now owns 48,408 shares of the technology company’s stock worth $257,000 after acquiring an additional 5,317 shares during the last quarter. Cibc World Markets Corp acquired a new stake in Lumen Technologies during the fourth quarter worth approximately $503,000. Envestnet Portfolio Solutions Inc. lifted its position in Lumen Technologies by 15.8% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 20,852 shares of the technology company’s stock worth $111,000 after acquiring an additional 2,844 shares during the last quarter. Finally, Catalyst Funds Management Pty Ltd raised its position in shares of Lumen Technologies by 2,281.0% in the fourth quarter. Catalyst Funds Management Pty Ltd now owns 100,000 shares of the technology company’s stock valued at $531,000 after buying an additional 95,800 shares in the last quarter. Institutional investors own 66.19% of the company’s stock.

Wall Street Analysts Forecast Growth

LUMN has been the subject of a number of analyst reports. Wells Fargo & Company upgraded shares of Lumen Technologies from an “underweight” rating to an “equal weight” rating and set a $5.00 price target for the company in a research report on Friday, February 21st. Royal Bank of Canada reiterated a “sector perform” rating and issued a $4.25 price target on shares of Lumen Technologies in a research report on Monday, February 10th. Finally, Citigroup upgraded shares of Lumen Technologies from a “neutral” rating to a “buy” rating and dropped their price target for the company from $8.00 to $6.50 in a research report on Wednesday, February 26th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $4.59.

Lumen Technologies Stock Performance

Shares of NYSE:LUMN opened at $4.94 on Friday. The company’s 50 day simple moving average is $5.01 and its 200 day simple moving average is $6.07. The stock has a market capitalization of $5.00 billion, a price-to-earnings ratio of -98.68 and a beta of 1.28. The company has a debt-to-equity ratio of 37.70, a current ratio of 1.21 and a quick ratio of 1.20. Lumen Technologies, Inc. has a 1 year low of $0.97 and a 1 year high of $10.33.

Lumen Technologies (NYSE:LUMN) last posted its earnings results on Tuesday, February 4th. The technology company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.14. Lumen Technologies had a negative net margin of 0.42% and a negative return on equity of 46.17%. As a group, research analysts predict that Lumen Technologies, Inc. will post -0.87 EPS for the current fiscal year.

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.