Assenagon Asset Management S.A. Raises Stock Position in Lumen Technologies, Inc. (NYSE:LUMN)

Assenagon Asset Management S.A. lifted its stake in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 8.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 935,386 shares of the technology company’s stock after acquiring an additional 73,841 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.09% of Lumen Technologies worth $4,967,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Geode Capital Management LLC increased its holdings in Lumen Technologies by 1.7% during the third quarter. Geode Capital Management LLC now owns 23,344,313 shares of the technology company’s stock valued at $165,776,000 after buying an additional 383,693 shares during the period. Front Street Capital Management Inc. increased its holdings in Lumen Technologies by 30.1% during the second quarter. Front Street Capital Management Inc. now owns 11,661,112 shares of the technology company’s stock valued at $12,827,000 after buying an additional 2,697,423 shares during the period. Renaissance Technologies LLC increased its holdings in Lumen Technologies by 11.6% during the second quarter. Renaissance Technologies LLC now owns 8,873,803 shares of the technology company’s stock valued at $9,761,000 after buying an additional 919,300 shares during the period. Millennium Management LLC increased its holdings in 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. Finally, AQR Capital Management LLC increased its holdings in Lumen Technologies by 52.5% during the second quarter. AQR Capital Management LLC now owns 3,621,874 shares of the technology company’s stock valued at $3,712,000 after buying an additional 1,246,289 shares during the period. 66.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on LUMN shares. TD Cowen cut their price objective on shares of Lumen Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a report on Wednesday, November 6th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $4.25 price target (up from $4.00) on shares of Lumen Technologies in a report on Friday, December 20th. The Goldman Sachs Group lifted their price target on shares of Lumen Technologies from $4.50 to $5.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Finally, Citigroup lifted their price target on shares of 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 given a hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $4.66.

Lumen Technologies Trading Up 2.1 %

NYSE:LUMN opened at $5.65 on Tuesday. Lumen Technologies, Inc. has a 12 month low of $0.97 and a 12 month high of $10.33. The firm has a fifty day simple moving average of $6.49 and a 200-day simple moving average of $5.69. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 53.05. The company has a market capitalization of $5.73 billion, a P/E ratio of -2.60 and a beta of 1.28.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings data on Tuesday, November 5th. The technology company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.04). The company 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 company’s quarterly revenue was down 11.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.09) earnings per share. On average, equities research analysts anticipate that Lumen Technologies, Inc. will post -0.38 earnings per share 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.