Lumen Technologies (NYSE:LUMN) Stock Rating Lowered by Wall Street Zen

Lumen Technologies (NYSE:LUMN) was downgraded by research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued on Saturday.

LUMN has been the topic of several other research reports. JPMorgan Chase & Co. raised their price objective on Lumen Technologies from $6.00 to $7.00 and gave the stock a “neutral” rating in a report on Monday, May 11th. UBS Group upped their target price on Lumen Technologies from $6.00 to $8.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Wells Fargo & Company raised their price target on Lumen Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a research note on Friday, May 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Lumen Technologies in a research note on Friday, July 17th. Finally, TD Cowen increased their price objective on Lumen Technologies from $8.00 to $9.00 and gave the company a “hold” rating in a report on Wednesday, May 6th. Nine analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $8.32.

Lumen Technologies Trading Down 0.3%

Shares of NYSE:LUMN opened at $6.36 on Friday. The firm has a 50 day simple moving average of $7.83 and a 200-day simple moving average of $7.90. Lumen Technologies has a twelve month low of $3.37 and a twelve month high of $11.95. The company has a market capitalization of $6.55 billion, a PE ratio of -3.66 and a beta of 1.79.

Lumen Technologies (NYSE:LUMN) last posted its earnings results on Tuesday, May 5th. The technology company reported ($0.47) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.34). The company had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.83 billion. During the same quarter last year, the business earned ($0.13) earnings per share. Lumen Technologies’s revenue was down 8.9% on a year-over-year basis. As a group, equities research analysts predict that Lumen Technologies will post -0.39 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. increased its holdings in shares of Lumen Technologies by 324.7% in the fourth quarter. JPMorgan Chase & Co. now owns 22,211,742 shares of the technology company’s stock valued at $172,585,000 after purchasing an additional 16,981,326 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Lumen Technologies by 2.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 18,390,473 shares of the technology company’s stock worth $142,894,000 after purchasing an additional 473,242 shares during the period. Dimensional Fund Advisors LP grew its position in Lumen Technologies by 1.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 14,994,640 shares of the technology company’s stock valued at $104,156,000 after buying an additional 144,664 shares during the last quarter. Norges Bank purchased a new position in Lumen Technologies in the 4th quarter valued at $106,557,000. Finally, Front Street Capital Management Inc. increased its stake in Lumen Technologies by 1.1% in the 2nd quarter. Front Street Capital Management Inc. now owns 11,969,084 shares of the technology company’s stock valued at $52,425,000 after buying an additional 132,131 shares during the period. 66.19% of the stock is currently owned by hedge funds and other institutional investors.

Lumen Technologies Company 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.