Lumen Technologies (NYSE:LUMN) Trading Down 7.3% on Analyst Downgrade

Lumen Technologies, Inc. (NYSE:LUMN) shares were down 7.3% on Tuesday after Morgan Stanley lowered their price target on the stock from $2.50 to $1.80. Morgan Stanley currently has an underweight rating on the stock. Lumen Technologies traded as low as $1.46 and last traded at $1.47. Approximately 6,491,466 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 26,962,707 shares. The stock had previously closed at $1.58.

A number of other equities analysts have also commented on LUMN. Raymond James raised Lumen Technologies from an “underperform” rating to a “market perform” rating in a research note on Tuesday, June 6th. They noted that the move was a valuation call. Royal Bank of Canada cut their price target on Lumen Technologies from $2.75 to $2.25 and set a “sector perform” rating on the stock in a research note on Thursday, August 17th. Finally, The Goldman Sachs Group cut their price target on Lumen Technologies from $3.50 to $3.00 and set a “neutral” rating on the stock in a research note on Thursday, August 3rd. Three investment analysts have rated the stock with a sell rating and five have given a hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $4.51.

Hedge Funds Weigh In On Lumen Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. grew its position in Lumen Technologies by 27.2% during the 2nd quarter. BlackRock Inc. now owns 142,324,756 shares of the technology company’s stock worth $321,654,000 after acquiring an additional 30,446,600 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Lumen Technologies by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 116,137,605 shares of the technology company’s stock worth $1,308,871,000 after buying an additional 2,726,090 shares during the period. State Street Corp lifted its holdings in Lumen Technologies by 2.8% during the 3rd quarter. State Street Corp now owns 61,929,635 shares of the technology company’s stock worth $450,848,000 after buying an additional 1,711,464 shares during the period. First Trust Advisors LP lifted its holdings in Lumen Technologies by 49.4% during the 1st quarter. First Trust Advisors LP now owns 26,623,778 shares of the technology company’s stock worth $70,553,000 after buying an additional 8,806,410 shares during the period. Finally, Renaissance Technologies LLC lifted its stake in shares of Lumen Technologies by 98.5% in the 1st quarter. Renaissance Technologies LLC now owns 24,202,603 shares of the technology company’s stock valued at $64,137,000 after purchasing an additional 12,008,200 shares during the period. Institutional investors own 69.72% of the company’s stock.

Lumen Technologies Price Performance

The company has a market capitalization of $1.51 billion, a price-to-earnings ratio of -0.14 and a beta of 1.01. The company has a debt-to-equity ratio of 8.71, a quick ratio of 1.23 and a current ratio of 1.23. The business has a 50 day moving average price of $1.83 and a 200-day moving average price of $2.24.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings results on Tuesday, August 1st. The technology company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.02. The business had revenue of $3.66 billion for the quarter, compared to the consensus estimate of $3.67 billion. Lumen Technologies had a positive return on equity of 8.44% and a negative net margin of 68.74%. The firm’s revenue for the quarter was down 20.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.35 EPS. Research analysts predict that Lumen Technologies, Inc. will post 0.22 EPS for the current fiscal year.

About Lumen Technologies

Lumen Technologies, Inc, a facilities-based technology and communications company, provides various integrated products and services under the Lumen, Quantum Fiber, and CenturyLink brands to business and residential customers in the United States and internationally. The company operates in two segments, Business and Mass Markets.