BI Asset Management Fondsmaeglerselskab A S Takes Position in Lumen Technologies, Inc. (NYSE:LUMN)

BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Lumen Technologies, Inc. (NYSE:LUMN) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 325,875 shares of the technology company’s stock, valued at approximately $1,730,000.

Other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new stake in Lumen Technologies in the fourth quarter valued at $63,638,000. Hennessy Advisors Inc. purchased a new position in shares of Lumen Technologies in the 4th quarter valued at approximately $45,089,000. Dimensional Fund Advisors LP grew its position in Lumen Technologies by 368.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,812,495 shares of the technology company’s stock valued at $52,111,000 after buying an additional 7,717,596 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Lumen Technologies by 76.3% in the fourth quarter. Renaissance Technologies LLC now owns 11,664,009 shares of the technology company’s stock valued at $61,936,000 after acquiring an additional 5,049,709 shares in the last quarter. Finally, Trexquant Investment LP acquired a new position in Lumen Technologies during the 4th quarter worth approximately $12,930,000. 66.19% of the stock is owned by hedge funds and other institutional investors.

Lumen Technologies Stock Down 6.1 %

LUMN opened at $3.09 on Tuesday. Lumen Technologies, Inc. has a 1 year low of $0.97 and a 1 year high of $10.33. The firm has a 50 day moving average price of $4.29 and a 200 day moving average price of $5.64. The company has a market cap of $3.17 billion, a PE ratio of -61.79 and a beta of 1.29. The company has a debt-to-equity ratio of 37.70, a quick ratio of 1.20 and a current ratio of 1.21.

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on LUMN. Wells Fargo & Company upgraded shares of Lumen Technologies from an “underweight” rating to an “equal weight” rating and set a $5.00 price target for the company in a report on Friday, February 21st. Royal Bank of Canada reissued a “sector perform” rating and issued a $4.25 price target on shares of Lumen Technologies in a report on Monday, February 10th. Finally, Citigroup upgraded shares of Lumen Technologies from a “neutral” rating to a “buy” rating and decreased their target price for the stock from $8.00 to $6.50 in a research report on Wednesday, February 26th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, Lumen Technologies currently has a consensus rating of “Hold” and a consensus price target 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.