Charles Schwab Investment Management Inc. Sells 4,339,320 Shares of Lumen Technologies, Inc. (NYSE:LUMN)

Charles Schwab Investment Management Inc. cut its stake in Lumen Technologies, Inc. (NYSE:LUMN) by 14.1% in the fourth quarter, Holdings Channel.com reports. The firm owned 26,472,492 shares of the technology company’s stock after selling 4,339,320 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Lumen Technologies were worth $140,569,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of LUMN. Wealth Enhancement Advisory Services LLC boosted its holdings in Lumen Technologies by 47.3% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 74,685 shares of the technology company’s stock valued at $530,000 after purchasing an additional 23,987 shares during the period. US Bancorp DE lifted its holdings in shares of Lumen Technologies by 18.6% during the 3rd quarter. US Bancorp DE now owns 15,012 shares of the technology company’s stock worth $107,000 after acquiring an additional 2,350 shares during the period. Stephens Inc. AR lifted its holdings in shares of Lumen Technologies by 7.7% during the 3rd quarter. Stephens Inc. AR now owns 27,070 shares of the technology company’s stock worth $192,000 after acquiring an additional 1,935 shares during the period. Van ECK Associates Corp bought a new position in shares of Lumen Technologies during the 3rd quarter worth about $241,000. Finally, Crestwood Advisors Group LLC bought a new position in shares of Lumen Technologies during the 3rd quarter worth about $86,000. 66.19% of the stock is owned by institutional investors.

Lumen Technologies Trading Up 5.9 %

Shares of Lumen Technologies stock opened at $5.33 on Friday. The stock has a market capitalization of $5.40 billion, a P/E ratio of -106.48 and a beta of 1.28. The company has a quick ratio of 1.20, a current ratio of 1.21 and a debt-to-equity ratio of 37.70. The company has a 50-day simple moving average of $5.13 and a 200 day simple moving average of $6.13. Lumen Technologies, Inc. has a 12-month low of $0.97 and a 12-month high of $10.33.

Lumen Technologies (NYSE:LUMN) last announced its earnings results on Tuesday, February 4th. The technology company reported $0.09 earnings per share (EPS) for the quarter, topping 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%. Research analysts expect that Lumen Technologies, Inc. will post -0.87 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Citigroup raised shares of Lumen Technologies from a “neutral” rating to a “buy” rating and reduced their price objective for the stock from $8.00 to $6.50 in a report on Wednesday, February 26th. Wells Fargo & Company raised shares of Lumen Technologies from an “underweight” rating to an “equal weight” rating and set a $5.00 price objective for the company in a report on Friday, February 21st. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $4.25 price objective on shares of Lumen Technologies in a report on Monday, February 10th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the company 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.