Lumen Technologies, Inc. to Post Q2 2023 Earnings of $0.04 Per Share, Zacks Research Forecasts (NYSE:LUMN)

Lumen Technologies, Inc. (NYSE:LUMN – Get Rating) – Equities researchers at Zacks Research decreased their Q2 2023 earnings estimates for Lumen Technologies in a report released on Tuesday, May 16th. Zacks Research analyst V. Doshi now expects that the technology company will post earnings per share of $0.04 for the quarter, down from their previous forecast of $0.10. The consensus estimate for Lumen Technologies’ current full-year earnings is $0.44 per share. Zacks Research also issued estimates for Lumen Technologies’ Q3 2023 earnings at $0.02 EPS, Q4 2023 earnings at $0.01 EPS, Q2 2024 earnings at ($0.01) EPS, Q3 2024 earnings at $0.02 EPS and Q4 2024 earnings at $0.01 EPS.

Other equities analysts have also recently issued research reports about the company. Morgan Stanley reduced their target price on Lumen Technologies from $6.00 to $2.50 and set an “underweight” rating on the stock in a report on Monday, March 13th. TheStreet downgraded Lumen Technologies from a “c” rating to a “d” rating in a research note on Tuesday, February 7th. Citigroup downgraded Lumen Technologies from a “neutral” rating to a “sell” rating and reduced their price target for the company from $6.25 to $3.50 in a research note on Wednesday, February 8th. Bank of America dropped their price objective on Lumen Technologies from $4.00 to $2.00 in a report on Thursday, May 4th. Finally, The Goldman Sachs Group lowered their price target on Lumen Technologies from $6.00 to $4.00 and set a “neutral” rating for the company in a report on Wednesday, February 8th. Three equities research analysts have rated the stock with a sell rating and four have given a hold rating to the company. According to MarketBeat.com, Lumen Technologies currently has a consensus rating of “Hold” and a consensus price target of $5.11.

Lumen Technologies Price Performance

Lumen Technologies stock opened at $2.35 on Friday. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market cap of $2.36 billion, a P/E ratio of -1.42 and a beta of 1.01. The business’s fifty day moving average is $2.42 and its two-hundred day moving average is $4.16. Lumen Technologies has a 52 week low of $2.06 and a 52 week high of $12.54.

Lumen Technologies (NYSE:LUMN – Get Rating) last released its earnings results on Tuesday, May 2nd. The technology company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.02). Lumen Technologies had a positive return on equity of 8.87% and a negative net margin of 9.89%. The firm had revenue of $3.74 billion for the quarter, compared to analyst estimates of $3.73 billion. During the same period in the previous year, the firm earned $0.63 earnings per share. Lumen Technologies’s revenue was down 20.1% on a year-over-year basis.

Hedge Funds Weigh In On Lumen Technologies

Hedge funds have recently made changes to their positions in the stock. Parkside Financial Bank & Trust grew its position in Lumen Technologies by 2,331.1% during the 1st quarter. Parkside Financial Bank & Trust now owns 10,551 shares of the technology company’s stock worth $28,000 after purchasing an additional 10,117 shares during the last quarter. Lindbrook Capital LLC boosted its holdings in shares of Lumen Technologies by 356.7% in the first quarter. Lindbrook Capital LLC now owns 10,879 shares of the technology company’s stock valued at $29,000 after acquiring an additional 8,497 shares in the last quarter. Avidian Wealth Solutions LLC acquired a new stake in shares of Lumen Technologies in the first quarter valued at about $29,000. PDS Planning Inc acquired a new stake in shares of Lumen Technologies in the first quarter valued at about $30,000. Finally, Independent Advisor Alliance acquired a new stake in shares of Lumen Technologies in the first quarter valued at about $30,000. Hedge funds and other institutional investors own 76.03% of the company’s stock.

Lumen Technologies Company Profile

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Lumen Technologies, Inc is an investment holding company, which engages in the provision of integrated communications to residential and business customers. It operates through the following segments: Business and Mass Markets. Business segment provides products and services under four sales channels to enterprise and commercial customers.