Bank of New York Mellon Corp Sells 359,104 Shares of Lumen Technologies, Inc. (NYSE:LUMN)

Bank of New York Mellon Corp cut its holdings in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 5.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,677,179 shares of the technology company’s stock after selling 359,104 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.65% of Lumen Technologies worth $26,175,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Northern Trust Corp grew its position in shares of Lumen Technologies by 8.6% during the 4th 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 in the last quarter. Norges Bank acquired a new position in shares of Lumen Technologies during the 4th quarter worth approximately $63,638,000. Renaissance Technologies LLC grew its position in shares of Lumen Technologies by 76.3% during the 4th 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 in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Lumen Technologies by 368.4% during the 4th 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 in the last quarter. Finally, Millennium Management LLC grew its position in shares of Lumen Technologies by 474.8% during the 4th 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 in the last quarter. 66.19% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

Lumen Technologies Stock Performance

NYSE LUMN opened at $4.51 on Thursday. The company’s 50 day moving average is $4.20 and its 200-day moving average is $4.44. Lumen Technologies, Inc. has a 12-month low of $1.27 and a 12-month 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. The firm has a market cap of $4.62 billion, a P/E ratio of -14.53 and a beta of 1.39.

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