Lumen Technologies, Inc. (NYSE:LUMN) Position Reduced by Hennessy Advisors Inc.

Hennessy Advisors Inc. trimmed its stake in Lumen Technologies, Inc. (NYSE:LUMN) by 8.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,735,100 shares of the technology company’s stock after selling 756,300 shares during the quarter. Hennessy Advisors Inc.’s holdings in Lumen Technologies were worth $30,322,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC lifted its position in shares of Lumen Technologies by 3.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 76,905 shares of the technology company’s stock worth $408,000 after purchasing an additional 2,220 shares in the last quarter. O Shaughnessy Asset Management LLC lifted its position in shares of Lumen Technologies by 7.7% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 34,225 shares of the technology company’s stock worth $182,000 after purchasing an additional 2,457 shares in the last quarter. Los Angeles Capital Management LLC lifted its position in shares of Lumen Technologies by 20.3% in the fourth quarter. Los Angeles Capital Management LLC now owns 14,760 shares of the technology company’s stock worth $78,000 after purchasing an additional 2,489 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its position in shares of Lumen Technologies by 15.8% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 20,852 shares of the technology company’s stock worth $111,000 after purchasing an additional 2,844 shares in the last quarter. Finally, Bank of Nova Scotia lifted its position in shares of Lumen Technologies by 28.6% in the fourth quarter. Bank of Nova Scotia now owns 13,788 shares of the technology company’s stock worth $73,000 after purchasing an additional 3,069 shares in the last quarter. 66.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on LUMN. Raymond James upgraded Lumen Technologies from a “market perform” rating to an “outperform” rating and set a $4.50 price objective on the stock in a report on Monday, May 5th. Citigroup upgraded Lumen Technologies from a “neutral” rating to a “buy” rating and dropped their price objective for the stock from $8.00 to $6.50 in a report on Wednesday, February 26th. Finally, Wells Fargo & Company upgraded 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. Two research 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 stock presently has an average rating of “Hold” and a consensus price target of $4.58.

Lumen Technologies Trading Down 3.9%

Shares of Lumen Technologies stock opened at $4.04 on Friday. The company’s fifty day simple moving average is $3.82 and its 200-day simple moving average is $4.76. The company has a market cap of $4.14 billion, a price-to-earnings ratio of -80.68 and a beta of 1.38. 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, Inc. has a 1 year low of $0.97 and a 1 year high of $10.33.

Lumen Technologies (NYSE:LUMN) last announced its quarterly earnings data on Thursday, May 1st. The technology company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.29) by $0.16. The business had revenue of $3.18 billion for the quarter, compared to the consensus estimate of $3.12 billion. Lumen Technologies had a negative net margin of 0.42% and a negative return on equity of 46.17%. Lumen Technologies’s quarterly revenue was down 3.3% on a year-over-year basis. During the same quarter last year, the company posted ($0.04) earnings per share. As a group, sell-side analysts expect that Lumen Technologies, Inc. will post -0.87 EPS for the current year.

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.