Lumen Technologies (NYSE:LUMN) Cut to “Neutral” at Citigroup

Citigroup lowered shares of Lumen Technologies (NYSE:LUMN) from a buy rating to a neutral rating in a research note published on Friday, MarketBeat reports. Citigroup currently has $11.00 price target on the technology company’s stock.

Several other equities analysts also recently weighed in on the company. The Goldman Sachs Group lifted their target price on Lumen Technologies from $4.10 to $4.60 and gave the company a “neutral” rating in a research report on Friday, October 3rd. Wall Street Zen upgraded Lumen Technologies from a “sell” rating to a “hold” rating in a research note on Sunday, August 3rd. Raymond James Financial lifted their price objective on Lumen Technologies from $4.50 to $5.00 and gave the company an “outperform” rating in a research note on Friday, August 1st. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Lumen Technologies in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Lumen Technologies presently has an average rating of “Hold” and an average price target of $5.98.

Lumen Technologies Stock Down 0.6%

NYSE LUMN opened at $10.28 on Friday. Lumen Technologies has a 52 week low of $3.01 and a 52 week high of $11.32. The company has a quick ratio of 2.13, a current ratio of 2.13 and a debt-to-equity ratio of 59.98. The business’s fifty day simple moving average is $6.49 and its 200-day simple moving average is $4.95. The firm has a market cap of $10.54 billion, a PE ratio of -8.71 and a beta of 1.45.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings results on Friday, January 27th. The technology company reported $0.49 EPS for the quarter. Lumen Technologies had a negative return on equity of 158.40% and a negative net margin of 9.19%.The business had revenue of $4.05 billion for the quarter. As a group, equities analysts anticipate that Lumen Technologies will post -0.87 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Kathleen E. Johnson acquired 135,870 shares of Lumen Technologies stock in a transaction on Tuesday, August 5th. The stock was bought at an average price of $3.69 per share, for a total transaction of $501,360.30. Following the completion of the purchase, the chief executive officer owned 9,616,947 shares in the company, valued at $35,486,534.43. This represents a 1.43% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Christopher Stansbury acquired 40,000 shares of Lumen Technologies stock in a transaction on Friday, August 15th. The stock was purchased at an average price of $4.44 per share, with a total value of $177,600.00. Following the purchase, the chief financial officer owned 535,000 shares of the company’s stock, valued at $2,375,400. The trade was a 8.08% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders acquired 217,870 shares of company stock valued at $859,140. 2.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Lumen Technologies

Several large investors have recently modified their holdings of LUMN. Cambridge Investment Research Advisors Inc. raised its stake in shares of Lumen Technologies by 88.3% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 84,475 shares of the technology company’s stock worth $331,000 after purchasing an additional 39,619 shares during the last quarter. Revisor Wealth Management LLC purchased a new position in Lumen Technologies in the first quarter worth $95,000. Teacher Retirement System of Texas purchased a new position in shares of Lumen Technologies in the first quarter valued at $553,000. Principal Financial Group Inc. increased its position in shares of Lumen Technologies by 2.7% in the first quarter. Principal Financial Group Inc. now owns 5,053,232 shares of the technology company’s stock valued at $19,809,000 after buying an additional 131,851 shares in the last quarter. Finally, Conning Inc. purchased a new position in shares of Lumen Technologies in the first quarter valued at $39,000. Hedge funds and other institutional investors own 66.19% of the company’s stock.

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.