Lumen Technologies, Inc. $LUMN Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its stake in Lumen Technologies, Inc. (NYSE:LUMN) by 7.5% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,602,368 shares of the technology company’s stock after selling 451,359 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.54% of Lumen Technologies worth $38,936,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of LUMN. Kemnay Advisory Services Inc. purchased a new stake in shares of Lumen Technologies during the fourth quarter valued at $25,000. Ascentis Independent Advisors purchased a new position in Lumen Technologies in the 1st quarter worth about $27,000. International Assets Investment Management LLC acquired a new stake in Lumen Technologies during the 4th quarter worth about $30,000. Los Angeles Capital Management LLC purchased a new stake in Lumen Technologies during the fourth quarter valued at about $35,000. Finally, Hantz Financial Services Inc. lifted its stake in Lumen Technologies by 3,093.3% during the fourth quarter. Hantz Financial Services Inc. now owns 6,227 shares of the technology company’s stock valued at $48,000 after buying an additional 6,032 shares in the last quarter. 66.19% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. lifted their target price on shares of Lumen Technologies from $6.00 to $7.00 and gave the stock a “neutral” rating in a research report on Monday, May 11th. Zacks Research lowered shares of Lumen Technologies from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 5th. Wells Fargo & Company lifted their price objective on shares of Lumen Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a research report on Friday, May 8th. UBS Group boosted their target price on shares of Lumen Technologies from $6.00 to $8.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Lumen Technologies in a report on Friday, July 17th. Nine analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $7.91.

Lumen Technologies Price Performance

NYSE:LUMN opened at $6.35 on Friday. The stock has a market cap of $6.54 billion, a PE ratio of -3.65 and a beta of 1.75. Lumen Technologies, Inc. has a fifty-two week low of $3.37 and a fifty-two week high of $11.95. The stock’s 50-day moving average is $8.14 and its two-hundred day moving average is $7.96.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings results on Tuesday, May 5th. The technology company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.34). The firm had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.83 billion. Lumen Technologies’s quarterly revenue was down 8.9% compared to the same quarter last year. During the same period last year, the business earned ($0.13) earnings per share. On average, equities research analysts anticipate that Lumen Technologies, Inc. will post -0.39 earnings per share for the current year.

Lumen Technologies Profile

Lumen Technologies is a multinational technology company specializing in integrated network, edge cloud, security and collaboration services for enterprise and public sector clients. The company’s core offerings include high-capacity fiber and IP-based connectivity, managed edge computing solutions designed to accelerate applications and data processing closer to end users, and cybersecurity services ranging from DDoS protection to unified threat management. Through its unified portfolio, Lumen enables organizations to support digital transformation initiatives, modernize infrastructure and enhance operational resilience.

Leveraging one of the largest fiber footprints in North America, as well as infrastructure in Latin America and parts of Europe, Lumen connects customers across more than 60 countries.