Firestone Capital Management Makes New Investment in Lumen Technologies, Inc. $LUMN

Firestone Capital Management acquired a new position in shares of Lumen Technologies, Inc. (NYSE:LUMN) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 10,000 shares of the technology company’s stock, valued at approximately $44,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Nuveen LLC acquired a new position in Lumen Technologies in the first quarter valued at approximately $26,469,000. Invesco Ltd. grew its holdings in shares of Lumen Technologies by 91.6% during the 1st quarter. Invesco Ltd. now owns 10,276,782 shares of the technology company’s stock worth $40,285,000 after purchasing an additional 4,911,803 shares during the period. Jupiter Asset Management Ltd. increased its position in shares of Lumen Technologies by 162.3% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 2,786,366 shares of the technology company’s stock worth $12,204,000 after purchasing an additional 1,724,088 shares during the last quarter. Woodline Partners LP purchased a new stake in Lumen Technologies in the 1st quarter valued at about $5,006,000. Finally, Allianz Asset Management GmbH boosted its stake in Lumen Technologies by 12.6% during the first quarter. Allianz Asset Management GmbH now owns 8,772,315 shares of the technology company’s stock worth $34,387,000 after buying an additional 982,038 shares during the period. 66.19% of the stock is owned by institutional investors and hedge funds.

Lumen Technologies Stock Down 2.1%

Shares of NYSE LUMN opened at $7.95 on Friday. The business has a 50-day moving average price of $7.49 and a 200 day moving average price of $5.40. The stock has a market cap of $8.15 billion, a PE ratio of -6.74 and a beta of 1.45. The company has a quick ratio of 2.13, a current ratio of 2.13 and a debt-to-equity ratio of 59.98. Lumen Technologies, Inc. has a 52-week low of $3.01 and a 52-week high of $11.95.

Lumen Technologies (NYSE:LUMN) last issued its quarterly earnings data on Friday, January 27th. The technology company reported $0.49 earnings per share (EPS) for the quarter. The company had revenue of $4.05 billion for the quarter. Lumen Technologies had a negative net margin of 9.19% and a negative return on equity of 158.40%. Equities research analysts forecast that Lumen Technologies, Inc. will post -0.87 earnings per share for the current year.

Wall Street Analysts Forecast Growth

LUMN has been the topic of a number of research analyst reports. The Goldman Sachs Group boosted their target price on Lumen Technologies from $4.10 to $4.60 and gave the company a “neutral” rating in a research report on Friday, October 3rd. Citigroup downgraded Lumen Technologies from a “buy” rating to a “neutral” rating and set a $11.00 price objective on the stock. in a report on Friday, October 31st. Weiss Ratings restated a “sell (d-)” rating on shares of Lumen Technologies in a report on Wednesday, October 8th. Raymond James Financial boosted their price target on shares of Lumen Technologies from $4.50 to $5.00 and gave the stock an “outperform” rating in a research note on Friday, August 1st. Finally, Wall Street Zen raised shares of Lumen Technologies from a “sell” rating to a “hold” rating in a research note on Sunday, November 9th. One analyst has rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Lumen Technologies has a consensus rating of “Hold” and an average price target of $5.97.

Lumen Technologies Company 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.