Bank of New York Mellon Corp Sells 1,465,646 Shares of Lumen Technologies, Inc. (NYSE:LUMN)

Bank of New York Mellon Corp trimmed its holdings in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 17.2% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 7,036,283 shares of the technology company’s stock after selling 1,465,646 shares during the quarter. Bank of New York Mellon Corp owned 0.69% of Lumen Technologies worth $37,363,000 as of its most recent filing with the SEC.

Other large investors have also bought and sold shares of the company. Legacy Investment Solutions LLC bought a new position in shares of Lumen Technologies during the 3rd quarter worth approximately $30,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Lumen Technologies during the 3rd quarter worth approximately $36,000. R Squared Ltd acquired a new stake in shares of Lumen Technologies in the 4th quarter valued at approximately $48,000. HB Wealth Management LLC acquired a new stake in shares of Lumen Technologies in the 4th quarter valued at approximately $59,000. Finally, RFG Advisory LLC acquired a new stake in shares of Lumen Technologies in the 4th quarter valued at approximately $68,000. 66.19% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on LUMN. Citigroup raised Lumen Technologies from a “neutral” rating to a “buy” rating and cut their price objective for the company from $8.00 to $6.50 in a report on Wednesday, February 26th. Wells Fargo & Company raised Lumen Technologies from an “underweight” rating to an “equal weight” rating and set a $5.00 price objective for the company in a report on Friday, February 21st. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $4.25 price objective on shares of Lumen Technologies in a report on Monday, February 10th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $4.59.

Lumen Technologies Stock Performance

Lumen Technologies stock opened at $5.33 on Friday. The business has a 50 day moving average of $5.13 and a 200-day moving average of $6.13. Lumen Technologies, Inc. has a 1 year low of $0.97 and a 1 year high of $10.33. The company has a debt-to-equity ratio of 37.70, a current ratio of 1.21 and a quick ratio of 1.20. The company has a market capitalization of $5.40 billion, a P/E ratio of -106.48 and a beta of 1.28.

Lumen Technologies (NYSE:LUMN) last announced its earnings results on Tuesday, February 4th. The technology company reported $0.09 EPS for the quarter, beating the consensus estimate of ($0.05) by $0.14. Lumen Technologies had a negative return on equity of 46.17% and a negative net margin of 0.42%. On average, equities research analysts predict that Lumen Technologies, Inc. will post -0.87 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.