Lumen Technologies, Inc. (NYSE:LUMN) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company cut its stake in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 4.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 531,579 shares of the technology company’s stock after selling 26,289 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Lumen Technologies were worth $2,823,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Smartleaf Asset Management LLC boosted its holdings in shares of Lumen Technologies by 173.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 6,745 shares of the technology company’s stock valued at $36,000 after acquiring an additional 4,277 shares in the last quarter. R Squared Ltd purchased a new stake in Lumen Technologies in the 4th quarter valued at approximately $48,000. Seeds Investor LLC acquired a new position in Lumen Technologies during the 4th quarter worth approximately $57,000. HB Wealth Management LLC purchased a new position in shares of Lumen Technologies during the 4th quarter worth approximately $59,000. Finally, Marshall Wace LLP purchased a new stake in shares of Lumen Technologies in the fourth quarter valued at approximately $61,000. 66.19% of the stock is owned by institutional investors and hedge funds.

Lumen Technologies Stock Performance

Lumen Technologies stock opened at $4.39 on Friday. The company has a market cap of $4.50 billion, a price-to-earnings ratio of -87.78 and a beta of 1.34. Lumen Technologies, Inc. has a 12 month low of $0.97 and a 12 month high of $10.33. The company has a debt-to-equity ratio of 37.70, a current ratio of 1.21 and a quick ratio of 1.20. The stock’s 50-day moving average is $4.03 and its 200-day moving average is $5.40.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings results on Thursday, May 1st. The technology company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.29) by $0.16. Lumen Technologies had a negative net margin of 0.42% and a negative return on equity of 46.17%. The firm had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same quarter last year, the firm posted ($0.04) earnings per share. Lumen Technologies’s revenue for the quarter was down 3.3% compared to the same quarter last year. Equities analysts anticipate that Lumen Technologies, Inc. will post -0.87 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Royal Bank of Canada reiterated a “sector perform” rating and issued a $4.25 price objective on shares of Lumen Technologies in a research report on Monday, February 10th. Wells Fargo & Company upgraded shares of Lumen Technologies from an “underweight” rating to an “equal weight” rating and set a $5.00 target price on the stock in a research report on Friday, February 21st. Raymond James raised Lumen Technologies from a “market perform” rating to an “outperform” rating and set a $4.50 price target on the stock in a research note on Monday, May 5th. Finally, Citigroup raised 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. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $4.58.

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.