Lumen Technologies, Inc. (NYSE:LUMN) Shares Sold by KBC Group NV

KBC Group NV lessened its holdings in Lumen Technologies, Inc. (NYSE:LUMN) by 89.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,258 shares of the technology company’s stock after selling 321,674 shares during the quarter. KBC Group NV’s holdings in Lumen Technologies were worth $154,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Northern Trust Corp boosted its holdings in Lumen Technologies by 8.6% in the fourth quarter. Northern Trust Corp now owns 12,354,499 shares of the technology company’s stock worth $65,602,000 after purchasing an additional 982,206 shares during the period. Norges Bank acquired a new position in Lumen Technologies in the fourth quarter worth $63,638,000. Renaissance Technologies LLC boosted its holdings in Lumen Technologies by 76.3% in the fourth quarter. Renaissance Technologies LLC now owns 11,664,009 shares of the technology company’s stock worth $61,936,000 after purchasing an additional 5,049,709 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Lumen Technologies by 368.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,812,495 shares of the technology company’s stock worth $52,111,000 after purchasing an additional 7,717,596 shares during the period. Finally, Millennium Management LLC boosted its holdings in Lumen Technologies by 474.8% in the fourth quarter. Millennium Management LLC now owns 5,744,368 shares of the technology company’s stock worth $30,503,000 after purchasing an additional 4,745,040 shares during the period. Institutional investors and hedge funds own 66.19% of the company’s stock.

Wall Street Analysts Forecast Growth

LUMN has been the subject of a number of research reports. Raymond James Financial raised shares of Lumen Technologies from a “market perform” rating to an “outperform” rating and set a $4.50 price objective for the company in a report on Monday, May 5th. BNP Paribas raised shares of Lumen Technologies to a “hold” rating in a report on Wednesday, June 25th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $4.58.

Lumen Technologies Stock Performance

LUMN stock opened at $4.61 on Monday. The company has a market capitalization of $4.73 billion, a P/E ratio of -14.87 and a beta of 1.39. The company has a 50-day simple moving average of $4.09 and a 200 day simple moving average of $4.49. Lumen Technologies, Inc. has a fifty-two week low of $1.02 and a fifty-two week high of $10.33. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 59.98.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings data on Thursday, May 1st. The technology company reported ($0.13) earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.16. The business had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.12 billion. Lumen Technologies had a negative net margin of 2.41% and a negative return on equity of 75.08%. The company’s quarterly revenue was down 3.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.04) earnings per share. Sell-side analysts predict that Lumen Technologies, Inc. will post -0.87 earnings per share for the current fiscal year.

Lumen Technologies 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.