Lumen Technologies, Inc. (NYSE:LUMN) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. trimmed its stake in Lumen Technologies, Inc. (NYSE:LUMN) by 28.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 106,253 shares of the technology company’s stock after selling 42,342 shares during the period. PNC Financial Services Group Inc.’s holdings in Lumen Technologies were worth $194,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of LUMN. FMR LLC lifted its holdings in shares of Lumen Technologies by 48.0% in the 3rd quarter. FMR LLC now owns 3,696,850 shares of the technology company’s stock valued at $5,250,000 after purchasing an additional 1,199,520 shares during the last quarter. Belpointe Asset Management LLC boosted its holdings in shares of Lumen Technologies by 52.1% in the third quarter. Belpointe Asset Management LLC now owns 24,527 shares of the technology company’s stock valued at $35,000 after acquiring an additional 8,405 shares during the period. Hudson Bay Capital Management LP purchased a new position in shares of Lumen Technologies during the third quarter worth approximately $142,000. Vanguard Group Inc. increased its holdings in shares of Lumen Technologies by 2.1% in the 3rd quarter. Vanguard Group Inc. now owns 117,400,489 shares of the technology company’s stock valued at $166,709,000 after acquiring an additional 2,404,674 shares during the period. Finally, Exchange Traded Concepts LLC raised its position in Lumen Technologies by 6.4% in the 4th quarter. Exchange Traded Concepts LLC now owns 4,172,301 shares of the technology company’s stock valued at $7,635,000 after purchasing an additional 251,501 shares during the last quarter. 66.19% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Lumen Technologies

In other Lumen Technologies news, CEO Kathleen E. Johnson bought 750,000 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were bought at an average price of $1.28 per share, for a total transaction of $960,000.00. Following the transaction, the chief executive officer now owns 7,756,290 shares of the company’s stock, valued at approximately $9,928,051.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.68% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Separately, The Goldman Sachs Group assumed coverage on shares of Lumen Technologies in a research report on Monday. They set a “sell” rating and a $1.00 price objective on the stock.

Lumen Technologies Trading Down 3.6 %

NYSE:LUMN opened at $1.07 on Wednesday. Lumen Technologies, Inc. has a 12-month low of $0.78 and a 12-month high of $2.34. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 36.89. The stock’s 50 day simple moving average is $1.22 and its 200-day simple moving average is $1.44. The firm has a market cap of $1.09 billion, a P/E ratio of -0.10 and a beta of 1.15.

Lumen Technologies (NYSE:LUMN) last announced its quarterly earnings data on Tuesday, April 30th. The technology company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.01). The firm had revenue of $3.29 billion for the quarter, compared to analysts’ expectations of $3.38 billion. Lumen Technologies had a positive return on equity of 4.06% and a negative net margin of 76.21%. The firm’s quarterly revenue was down 12.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.10 EPS. Equities analysts anticipate that Lumen Technologies, Inc. will post -0.16 EPS for the current year.

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.