Straight Path Wealth Management Trims Stock Position in Lumen Technologies, Inc. (NYSE:LUMN)

Straight Path Wealth Management decreased its holdings in Lumen Technologies, Inc. (NYSE:LUMN) by 50.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 20,000 shares of the technology company’s stock after selling 20,000 shares during the quarter. Straight Path Wealth Management’s holdings in Lumen Technologies were worth $106,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its stake in shares of Lumen Technologies by 1.7% during the 3rd quarter. Geode Capital Management LLC now owns 23,344,313 shares of the technology company’s stock worth $165,776,000 after acquiring an additional 383,693 shares during the last quarter. Hennessy Advisors Inc. bought a new stake in Lumen Technologies during the fourth quarter valued at about $45,089,000. Allianz Asset Management GmbH increased its position in Lumen Technologies by 28.1% in the fourth quarter. Allianz Asset Management GmbH now owns 7,790,277 shares of the technology company’s stock worth $41,366,000 after buying an additional 1,710,373 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Lumen Technologies by 2.7% in the fourth quarter. Principal Financial Group Inc. now owns 4,921,381 shares of the technology company’s stock worth $26,133,000 after buying an additional 128,172 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Lumen Technologies by 9.9% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,265,415 shares of the technology company’s stock valued at $23,184,000 after buying an additional 294,679 shares in the last quarter. 66.19% of the stock is currently owned by institutional investors.

Lumen Technologies Price Performance

NYSE:LUMN opened at $5.18 on Thursday. The business’s 50-day moving average is $5.15 and its 200 day moving average is $6.15. Lumen Technologies, Inc. has a 12 month low of $0.97 and a 12 month high of $10.33. The company has a market capitalization of $5.25 billion, a P/E ratio of -103.48 and a beta of 1.28. The company has a current ratio of 1.21, a quick ratio of 1.20 and a debt-to-equity ratio of 37.70.

Lumen Technologies (NYSE:LUMN) last posted its earnings results on Tuesday, February 4th. The technology company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.14. Lumen Technologies had a negative return on equity of 46.17% and a negative net margin of 0.42%. On average, equities research analysts forecast that Lumen Technologies, Inc. will post -0.87 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Royal Bank of Canada restated a “sector perform” rating and set a $4.25 target price on shares of Lumen Technologies in a research note on Monday, February 10th. Citigroup upgraded shares of Lumen Technologies from a “neutral” rating to a “buy” rating and decreased their price objective for the company from $8.00 to $6.50 in a research report on Wednesday, February 26th. The Goldman Sachs Group upped their target price on shares of Lumen Technologies from $4.50 to $5.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Wells Fargo & Company raised Lumen Technologies from an “underweight” rating to an “equal weight” rating and set a $5.00 price target on the stock in a report on Friday, February 21st. Finally, TD Cowen cut their target price on Lumen Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a research report on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $4.59.

About Lumen Technologies

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.