Arrowstreet Capital Limited Partnership Sells 2,990,554 Shares of Lumen Technologies, Inc. $LUMN

Arrowstreet Capital Limited Partnership reduced its stake in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 26.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,115,836 shares of the technology company’s stock after selling 2,990,554 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 0.79% of Lumen Technologies worth $35,547,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Farther Finance Advisors LLC increased its position in shares of Lumen Technologies by 132.3% during the second quarter. Farther Finance Advisors LLC now owns 5,954 shares of the technology company’s stock valued at $26,000 after buying an additional 3,391 shares during the period. Caitong International Asset Management Co. Ltd grew its holdings in shares of Lumen Technologies by 3,527.9% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 6,639 shares of the technology company’s stock worth $29,000 after acquiring an additional 6,456 shares during the period. Smartleaf Asset Management LLC raised its position in shares of Lumen Technologies by 60.8% in the 1st quarter. Smartleaf Asset Management LLC now owns 10,847 shares of the technology company’s stock worth $43,000 after acquiring an additional 4,102 shares in the last quarter. Firestone Capital Management purchased a new position in shares of Lumen Technologies in the 2nd quarter valued at approximately $44,000. Finally, FreeGulliver LLC bought a new stake in shares of Lumen Technologies during the second quarter valued at approximately $44,000. 66.19% of the stock is owned by hedge funds and other institutional investors.

Lumen Technologies Stock Performance

Shares of LUMN opened at $8.27 on Friday. The company has a market cap of $8.48 billion, a price-to-earnings ratio of -5.01 and a beta of 1.42. The business’s fifty day simple moving average is $8.20 and its two-hundred day simple moving average is $5.81. Lumen Technologies, Inc. has a 12 month low of $3.01 and a 12 month high of $11.95. The company has a current ratio of 2.21, a quick ratio of 2.21 and a debt-to-equity ratio of 59.98.

Lumen Technologies (NYSE:LUMN) last announced its quarterly earnings results on Friday, January 27th. The technology company reported $0.49 earnings per share (EPS) for the quarter. Lumen Technologies had a negative return on equity of 158.40% and a negative net margin of 13.02%.The firm had revenue of $4.05 billion for the quarter. Research analysts anticipate that Lumen Technologies, Inc. will post -0.87 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have issued reports on LUMN. Citigroup downgraded Lumen Technologies from a “buy” rating to a “neutral” rating and set a $11.00 price objective for the company. in a report on Friday, October 31st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Lumen Technologies in a research note on Wednesday, October 8th. Wall Street Zen raised shares of Lumen Technologies from a “sell” rating to a “hold” rating in a research note on Sunday, November 9th. Royal Bank Of Canada upped their price objective on shares of Lumen Technologies from $4.25 to $8.00 and gave the stock a “sector perform” rating in a report on Tuesday, November 25th. Finally, The Goldman Sachs Group lifted their target price on shares of Lumen Technologies from $4.10 to $4.60 and gave the company a “neutral” rating in a report on Friday, October 3rd. One research analyst has rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $6.72.

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.