Maryland State Retirement & Pension System Trims Stock Position in Lumen Technologies, Inc. $LUMN

Maryland State Retirement & Pension System trimmed its position in Lumen Technologies, Inc. (NYSE:LUMN) by 55.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 135,718 shares of the technology company’s stock after selling 165,780 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Lumen Technologies were worth $831,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Front Street Capital Management Inc. lifted its holdings in Lumen Technologies by 1.1% in the second quarter. Front Street Capital Management Inc. now owns 11,969,084 shares of the technology company’s stock valued at $52,425,000 after acquiring an additional 132,131 shares during the last quarter. Man Group plc raised its position in Lumen Technologies by 3.3% in the second quarter. Man Group plc now owns 11,486,835 shares of the technology company’s stock valued at $50,312,000 after purchasing an additional 364,436 shares during the period. Norges Bank acquired a new position in shares of Lumen Technologies in the 2nd quarter valued at $47,923,000. Invesco Ltd. lifted its stake in shares of Lumen Technologies by 6.3% in the 2nd quarter. Invesco Ltd. now owns 10,928,906 shares of the technology company’s stock valued at $47,869,000 after purchasing an additional 652,124 shares during the last quarter. Finally, Allianz Asset Management GmbH grew its holdings in shares of Lumen Technologies by 8.5% during the 2nd quarter. Allianz Asset Management GmbH now owns 9,520,500 shares of the technology company’s stock worth $41,700,000 after purchasing an additional 748,185 shares during the period. Institutional investors and hedge funds own 66.19% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on LUMN shares. Zacks Research upgraded shares of Lumen Technologies from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 8th. Wall Street Zen upgraded shares of Lumen Technologies from a “sell” rating to a “hold” rating in a research report on Sunday, November 9th. Royal Bank Of Canada boosted their price target on shares of Lumen Technologies from $4.25 to $8.00 and gave the company a “sector perform” rating in a research note on Tuesday, November 25th. Citigroup cut shares of Lumen Technologies from a “buy” rating to a “neutral” rating and set a $11.00 price objective for the company. in a research report on Friday, October 31st. Finally, 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 report on Friday, October 3rd. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $6.72.

Lumen Technologies Stock Performance

Shares of LUMN opened at $8.38 on Thursday. The company’s 50-day simple moving average is $8.09 and its 200-day simple moving average is $6.73. Lumen Technologies, Inc. has a 1 year low of $3.01 and a 1 year high of $11.95. The stock has a market capitalization of $8.59 billion, a PE ratio of -5.08 and a beta of 1.46.

Lumen Technologies (NYSE:LUMN) last announced its quarterly earnings data on Thursday, October 30th. The technology company reported ($0.20) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.11. The firm had revenue of $3.09 billion during the quarter, compared to analysts’ expectations of $3.04 billion. Lumen Technologies had a negative net margin of 13.02% and a negative return on equity of 158.40%. The business’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.13) earnings per share. On average, sell-side analysts predict that Lumen Technologies, Inc. will post -0.87 earnings per share for the current year.

Lumen Technologies Profile

Lumen Technologies is a multinational technology company specializing in integrated network, edge cloud, security and collaboration services for enterprise and public sector clients. The company’s core offerings include high-capacity fiber and IP-based connectivity, managed edge computing solutions designed to accelerate applications and data processing closer to end users, and cybersecurity services ranging from DDoS protection to unified threat management. Through its unified portfolio, Lumen enables organizations to support digital transformation initiatives, modernize infrastructure and enhance operational resilience.

Leveraging one of the largest fiber footprints in North America, as well as infrastructure in Latin America and parts of Europe, Lumen connects customers across more than 60 countries.