Lumen Technologies, Inc. (NYSE:LUMN) Given Consensus Rating of “Reduce” by Brokerages

Shares of Lumen Technologies, Inc. (NYSE:LUMN) have been given an average recommendation of “Reduce” by the eight brokerages that are presently covering the stock, Marketbeat reports. Three research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $4.02.

A number of brokerages recently weighed in on LUMN. JPMorgan Chase & Co. raised Lumen Technologies from an “underweight” rating to a “neutral” rating in a report on Wednesday, August 7th. Bank of America boosted their price target on Lumen Technologies from $1.00 to $2.00 and gave the company an “underperform” rating in a report on Thursday, August 8th. Wells Fargo & Company downgraded shares of Lumen Technologies from an “equal weight” rating to an “underweight” rating and upped their price objective for the company from $1.75 to $4.00 in a research note on Friday, August 16th. Moffett Nathanson increased their target price on Lumen Technologies from $1.00 to $3.00 and gave the stock a “sell” rating in a research report on Wednesday, August 7th. Finally, The Goldman Sachs Group raised their price target on shares of Lumen Technologies from $4.50 to $5.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th.

Insider Transactions at Lumen Technologies

In other news, Director James Fowler purchased 10,000 shares of Lumen Technologies stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average price of $4.70 per share, for a total transaction of $47,000.00. Following the transaction, the director now owns 384,056 shares in the company, valued at $1,805,063.20. The trade was a 2.67 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 1.68% of the stock is owned by insiders.

Hedge Funds Weigh In On Lumen Technologies

Institutional investors and hedge funds have recently bought and sold shares of the business. Sawgrass Asset Management LLC grew its holdings in shares of Lumen Technologies by 68.5% during the 2nd quarter. Sawgrass Asset Management LLC now owns 22,786 shares of the technology company’s stock valued at $25,000 after acquiring an additional 9,263 shares in the last quarter. Sanctuary Advisors LLC acquired a new stake in shares of Lumen Technologies in the 2nd quarter valued at $25,000. ANTIPODES PARTNERS Ltd bought a new stake in Lumen Technologies in the second quarter worth $26,000. Concord Wealth Partners increased its position in Lumen Technologies by 98.8% during the third quarter. Concord Wealth Partners now owns 4,008 shares of the technology company’s stock worth $28,000 after buying an additional 1,992 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC bought a new position in Lumen Technologies during the second quarter valued at about $33,000. Hedge funds and other institutional investors own 66.19% of the company’s stock.

Lumen Technologies Trading Down 2.9 %

Shares of LUMN stock opened at $8.64 on Friday. The company has a debt-to-equity ratio of 53.05, a current ratio of 1.20 and a quick ratio of 1.20. The firm has a market cap of $8.76 billion, a PE ratio of -3.98 and a beta of 1.21. Lumen Technologies has a 1-year low of $0.97 and a 1-year high of $10.33. The company has a 50-day moving average of $6.88 and a two-hundred day moving average of $3.95.

Lumen Technologies (NYSE:LUMN) last announced its quarterly earnings results 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%. Lumen Technologies’s revenue was down 11.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.09) earnings per share. On average, analysts predict that Lumen Technologies will post -0.38 EPS for the current 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.