Lumen Technologies (NYSE:LUMN) Announces Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Lumen Technologies (NYSE:LUMN) announced its earnings results on Tuesday. The technology company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.06, FiscalAI reports. The firm had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.74 billion.

Lumen Technologies Trading Up 4.6%

Lumen Technologies stock traded up $0.29 on Tuesday, reaching $6.75. 17,708,999 shares of the stock were exchanged, compared to its average volume of 13,545,701. Lumen Technologies has a twelve month low of $3.61 and a twelve month high of $11.95. The firm has a fifty day moving average price of $7.77 and a two-hundred day moving average price of $7.89. The stock has a market cap of $6.95 billion, a PE ratio of -3.88 and a beta of 1.79.

Analysts Set New Price Targets

LUMN has been the subject of a number of research reports. JPMorgan Chase & Co. lifted their target price on shares of Lumen Technologies from $6.00 to $7.00 and gave the company a “neutral” rating in a research note on Monday, May 11th. TD Cowen lifted their price target on Lumen Technologies from $8.00 to $9.00 and gave the company a “hold” rating in a report on Wednesday, May 6th. Zacks Research downgraded Lumen Technologies from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Wall Street Zen downgraded shares of Lumen Technologies from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Lumen Technologies in a research note on Friday, July 17th. Nine investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and an average target price of $8.32.

Institutional Trading of Lumen Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Kovitz Investment Group Partners LLC boosted its position in shares of Lumen Technologies by 60.3% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 41,301 shares of the technology company’s stock valued at $321,000 after acquiring an additional 15,539 shares during the period. Compound Planning Inc. increased its position in Lumen Technologies by 9.4% during the fourth quarter. Compound Planning Inc. now owns 60,918 shares of the technology company’s stock worth $473,000 after acquiring an additional 5,234 shares during the period. Corient Private Wealth LLC raised its stake in Lumen Technologies by 30.4% during the 4th quarter. Corient Private Wealth LLC now owns 71,811 shares of the technology company’s stock valued at $558,000 after purchasing an additional 16,736 shares during the last quarter. Alberta Investment Management Corp bought a new stake in Lumen Technologies in the 4th quarter valued at $2,143,000. Finally, Mercer Global Advisors Inc. ADV grew its position in Lumen Technologies by 12.9% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 62,928 shares of the technology company’s stock worth $489,000 after purchasing an additional 7,177 shares during the last quarter. Institutional investors and hedge funds own 66.19% of the company’s stock.

About Lumen Technologies

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.