Quantessence Capital LLC Buys Shares of 57,800 Lumen Technologies, Inc. (NYSE:LUMN)

Quantessence Capital LLC purchased a new stake in shares of Lumen Technologies, Inc. (NYSE:LUMN) during the fourth quarter, Holdings Channel.com reports. The institutional investor purchased 57,800 shares of the technology company’s stock, valued at approximately $307,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. O Shaughnessy Asset Management LLC boosted its stake in Lumen Technologies by 7.7% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 34,225 shares of the technology company’s stock valued at $182,000 after buying an additional 2,457 shares in the last quarter. Los Angeles Capital Management LLC boosted its position in shares of Lumen Technologies by 20.3% in the 4th quarter. Los Angeles Capital Management LLC now owns 14,760 shares of the technology company’s stock valued at $78,000 after purchasing an additional 2,489 shares during the period. Avior Wealth Management LLC increased its stake in Lumen Technologies by 6.8% in the 4th quarter. Avior Wealth Management LLC now owns 41,845 shares of the technology company’s stock worth $222,000 after purchasing an additional 2,657 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its holdings in Lumen Technologies by 15.8% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 20,852 shares of the technology company’s stock worth $111,000 after buying an additional 2,844 shares during the period. Finally, Bank of Nova Scotia boosted its holdings in shares of Lumen Technologies by 28.6% in the fourth quarter. Bank of Nova Scotia now owns 13,788 shares of the technology company’s stock worth $73,000 after buying an additional 3,069 shares during the period. 66.19% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Citigroup upgraded shares of Lumen Technologies from a “neutral” rating to a “buy” rating and reduced their price target for the company from $8.00 to $6.50 in a research report on Wednesday, February 26th. Wells Fargo & Company upgraded 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 reissued a “sector perform” rating and issued a $4.25 price objective on shares of Lumen Technologies in a research note on Monday, February 10th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $4.59.

Lumen Technologies Stock Up 4.6 %

LUMN opened at $3.21 on Wednesday. The company has a market capitalization of $3.29 billion, a PE ratio of -64.19 and a beta of 1.29. 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, Inc. has a fifty-two week low of $0.97 and a fifty-two week high of $10.33. The business has a 50-day moving average of $4.26 and a 200-day moving average of $5.63.

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 net margin of 0.42% and a negative return on equity of 46.17%. Equities research analysts forecast that Lumen Technologies, Inc. will post -0.87 EPS for the current fiscal year.

Lumen Technologies 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.