PNC Financial Services Group Inc. Increases Stake in Lumen Technologies, Inc. $LUMN

PNC Financial Services Group Inc. grew its holdings in Lumen Technologies, Inc. (NYSE:LUMN) by 34.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 53,226 shares of the technology company’s stock after acquiring an additional 13,702 shares during the period. PNC Financial Services Group Inc.’s holdings in Lumen Technologies were worth $233,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. Farther Finance Advisors LLC raised its holdings in Lumen Technologies by 132.3% in the 2nd quarter. Farther Finance Advisors LLC now owns 5,954 shares of the technology company’s stock worth $26,000 after purchasing an additional 3,391 shares during the period. Caitong International Asset Management Co. Ltd increased its position in Lumen Technologies by 3,527.9% in the second quarter. Caitong International Asset Management Co. Ltd now owns 6,639 shares of the technology company’s stock worth $29,000 after buying an additional 6,456 shares in the last quarter. Meeder Advisory Services Inc. bought a new position in shares of Lumen Technologies in the first quarter worth about $41,000. Smartleaf Asset Management LLC raised its stake in shares of Lumen Technologies by 60.8% in the first quarter. Smartleaf Asset Management LLC now owns 10,847 shares of the technology company’s stock worth $43,000 after buying an additional 4,102 shares during the period. Finally, OneAscent Investment Solutions LLC bought a new position in shares of Lumen Technologies during the 1st quarter valued at approximately $46,000. Institutional investors own 66.19% of the company’s stock.

Lumen Technologies Stock Performance

NYSE:LUMN opened at $8.09 on Thursday. The company has a market cap of $8.29 billion, a price-to-earnings ratio of -6.85 and a beta of 1.45. Lumen Technologies, Inc. has a 1 year low of $3.01 and a 1 year high of $11.95. The stock’s 50 day simple moving average is $7.82 and its two-hundred day simple moving average is $5.61. The company has a debt-to-equity ratio of 59.98, a current ratio of 2.13 and a quick ratio of 2.13.

Lumen Technologies (NYSE:LUMN) last posted its earnings results on Friday, January 27th. The technology company reported $0.49 earnings per share for the quarter. Lumen Technologies had a negative net margin of 9.19% and a negative return on equity of 158.40%. The firm had revenue of $4.05 billion during the quarter. As a group, equities analysts anticipate that Lumen Technologies, Inc. will post -0.87 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. Citigroup downgraded shares of Lumen Technologies from a “buy” rating to a “neutral” rating and set a $11.00 price target on the stock. in a report on Friday, October 31st. The Goldman Sachs Group lifted their target price on shares of Lumen Technologies from $4.10 to $4.60 and gave the company a “neutral” rating in a research note on Friday, October 3rd. Wall Street Zen upgraded Lumen Technologies from a “sell” rating to a “hold” rating in a research note on Sunday, November 9th. Royal Bank Of Canada boosted their price objective on Lumen Technologies from $4.25 to $8.00 and gave the company a “sector perform” rating in a research report on Tuesday. Finally, Raymond James Financial increased their target price on Lumen Technologies from $4.50 to $5.00 and gave the stock an “outperform” rating in a research report on Friday, August 1st. One analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $6.72.

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.