Massachusetts Financial Services Co. MA Takes $1.60 Million Position in Lumen Technologies, Inc. (NYSE:LUMN)

Massachusetts Financial Services Co. MA purchased a new position in Lumen Technologies, Inc. (NYSE:LUMN) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 302,141 shares of the technology company’s stock, valued at approximately $1,604,000.

Other institutional investors also recently bought and sold shares of the company. Trexquant Investment LP bought a new position in shares of Lumen Technologies in the fourth quarter worth approximately $12,930,000. Franklin Resources Inc. raised its holdings in Lumen Technologies by 93.2% in the 4th quarter. Franklin Resources Inc. now owns 1,083,667 shares of the technology company’s stock worth $5,754,000 after acquiring an additional 522,874 shares during the last quarter. Alliancebernstein L.P. lifted its position in Lumen Technologies by 16.9% in the 4th quarter. Alliancebernstein L.P. now owns 1,520,208 shares of the technology company’s stock valued at $8,072,000 after acquiring an additional 219,473 shares in the last quarter. O Shaughnessy Asset Management LLC boosted its stake in Lumen Technologies by 7.7% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 34,225 shares of the technology company’s stock valued at $182,000 after purchasing an additional 2,457 shares during the last quarter. Finally, Pictet Asset Management Holding SA increased its holdings in shares of Lumen Technologies by 12.3% in the 4th quarter. Pictet Asset Management Holding SA now owns 146,284 shares of the technology company’s stock worth $777,000 after purchasing an additional 15,991 shares in the last quarter. 66.19% of the stock is owned by hedge funds and other institutional investors.

Lumen Technologies Price Performance

Shares of NYSE:LUMN opened at $3.24 on Wednesday. The firm’s 50 day moving average price is $4.58 and its 200-day moving average price is $5.89. The company has a quick ratio of 1.20, a current ratio of 1.21 and a debt-to-equity ratio of 37.70. The stock has a market capitalization of $3.32 billion, a PE ratio of -64.69 and a beta of 1.29. Lumen Technologies, Inc. has a twelve month low of $0.97 and a twelve month high of $10.33.

Lumen Technologies (NYSE:LUMN) last issued its quarterly earnings results on Tuesday, February 4th. The technology company reported $0.09 earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.14. Lumen Technologies had a negative net margin of 0.42% and a negative return on equity of 46.17%. Equities research analysts expect that Lumen Technologies, Inc. will post -0.87 EPS for the current year.

Analysts Set New Price Targets

LUMN has been the topic of several recent analyst reports. Citigroup raised Lumen Technologies from a “neutral” rating to a “buy” rating and dropped their price objective for the company from $8.00 to $6.50 in a research report on Wednesday, February 26th. Wells Fargo & Company raised shares of Lumen Technologies from an “underweight” rating to an “equal weight” rating and set a $5.00 price target on the stock in a report on Friday, February 21st. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $4.25 price target on shares of Lumen Technologies in a research note on Monday, February 10th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $4.59.

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.