Lumen Technologies, Inc. (NYSE:LUMN) Stake Lessened by Arizona State Retirement System

Arizona State Retirement System cut its stake in Lumen Technologies, Inc. (NYSE:LUMN) by 1.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 276,536 shares of the technology company’s stock after selling 3,803 shares during the period. Arizona State Retirement System’s holdings in Lumen Technologies were worth $1,084,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in LUMN. Stratos Wealth Advisors LLC acquired a new position in Lumen Technologies in the 1st quarter worth approximately $44,000. OneDigital Investment Advisors LLC acquired a new stake in shares of Lumen Technologies in the 1st quarter valued at $41,000. Conning Inc. acquired a new stake in shares of Lumen Technologies in the 1st quarter valued at $39,000. Principal Financial Group Inc. lifted its position in Lumen Technologies by 2.7% during the 1st quarter. Principal Financial Group Inc. now owns 5,053,232 shares of the technology company’s stock worth $19,809,000 after acquiring an additional 131,851 shares during the last quarter. Finally, Straight Path Wealth Management increased its holdings in shares of Lumen Technologies by 100.0% during the 1st quarter. Straight Path Wealth Management now owns 40,000 shares of the technology company’s stock worth $157,000 after purchasing an additional 20,000 shares during the period. 66.19% of the stock is currently owned by institutional investors.

Lumen Technologies Stock Performance

Shares of NYSE LUMN opened at $4.36 on Monday. The firm’s fifty day moving average is $4.20 and its two-hundred day moving average is $4.41. Lumen Technologies, Inc. has a 52-week low of $1.39 and a 52-week high of $10.33. The company has a debt-to-equity ratio of 59.98, a quick ratio of 1.21 and a current ratio of 1.21. The company has a market cap of $4.47 billion, a P/E ratio of -14.06 and a beta of 1.39.

Lumen Technologies (NYSE:LUMN) last released its quarterly earnings results on Thursday, May 1st. The technology company reported ($0.13) EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.12 billion. During the same period in the previous year, the company earned ($0.04) EPS. The firm’s revenue for the quarter was down 3.3% compared to the same quarter last year. As a group, analysts anticipate that Lumen Technologies, Inc. will post -0.87 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Raymond James Financial raised shares of Lumen Technologies from a “market perform” rating to an “outperform” rating and set a $4.50 price target on the stock in a research note on Monday, May 5th. BNP Paribas upgraded shares of Lumen Technologies to a “hold” rating in a report on Wednesday, June 25th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Lumen Technologies presently has an average rating of “Hold” and a consensus price target of $4.58.

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.