Federated Hermes Inc. Sells 338,245 Shares of Lumen Technologies, Inc. (NYSE:LUMN)

Federated Hermes Inc. lowered its position in Lumen Technologies, Inc. (NYSE:LUMN) by 25.9% during the 4th quarter, Holdings Channel reports. The fund owned 967,621 shares of the technology company’s stock after selling 338,245 shares during the period. Federated Hermes Inc.’s holdings in Lumen Technologies were worth $5,138,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of LUMN. Smartleaf Asset Management LLC lifted its holdings in shares of Lumen Technologies by 173.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 6,745 shares of the technology company’s stock worth $36,000 after purchasing an additional 4,277 shares in the last quarter. R Squared Ltd bought a new position in shares of Lumen Technologies in the fourth quarter valued at $48,000. HB Wealth Management LLC acquired a new position in shares of Lumen Technologies during the fourth quarter valued at about $59,000. Y Intercept Hong Kong Ltd bought a new stake in shares of Lumen Technologies during the third quarter worth about $86,000. Finally, M&T Bank Corp acquired a new stake in shares of Lumen Technologies in the 4th quarter worth about $66,000. Institutional investors own 66.19% of the company’s stock.

Lumen Technologies Stock Down 2.4 %

Shares of NYSE:LUMN opened at $3.46 on Friday. Lumen Technologies, Inc. has a 1 year low of $0.97 and a 1 year high of $10.33. The company has a market capitalization of $3.54 billion, a PE ratio of -69.09 and a beta of 1.29. The business has a fifty day moving average price of $4.48 and a two-hundred day moving average price of $5.80. The company has a debt-to-equity ratio of 37.70, a current ratio of 1.21 and a quick ratio of 1.20.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings results on Tuesday, February 4th. The technology company reported $0.09 earnings per share for the quarter, beating 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%. Analysts forecast that Lumen Technologies, Inc. will post -0.87 earnings per share for the current year.

Analyst Ratings Changes

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

Lumen Technologies Company Profile

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.