Norges Bank Purchases Shares of 13,713,912 Lumen Technologies, Inc. $LUMN

Norges Bank purchased a new stake in Lumen Technologies, Inc. (NYSE:LUMN) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 13,713,912 shares of the technology company’s stock, valued at approximately $106,557,000. Norges Bank owned 1.34% of Lumen Technologies as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in Lumen Technologies by 1.2% in the 3rd quarter. Vanguard Group Inc. now owns 113,552,549 shares of the technology company’s stock valued at $694,942,000 after buying an additional 1,295,177 shares during the period. Front Street Capital Management Inc. boosted its position 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. Man Group plc boosted its position in Lumen Technologies by 3.3% in the 2nd quarter. Man Group plc now owns 11,486,835 shares of the technology company’s stock valued at $50,312,000 after buying an additional 364,436 shares during the period. Invesco Ltd. raised its holdings in shares of Lumen Technologies by 6.3% in the 2nd quarter. Invesco Ltd. now owns 10,928,906 shares of the technology company’s stock valued at $47,869,000 after purchasing an additional 652,124 shares in the last quarter. Finally, CapWealth Advisors LLC raised its holdings in shares of Lumen Technologies by 3.2% in the 4th quarter. CapWealth Advisors LLC now owns 6,699,685 shares of the technology company’s stock valued at $52,057,000 after purchasing an additional 204,970 shares in the last quarter. Hedge funds and other institutional investors own 66.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on LUMN shares. Wells Fargo & Company raised their price objective on shares of Lumen Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a report on Friday, May 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Lumen Technologies in a research note on Tuesday, April 21st. Wall Street Zen upgraded shares of Lumen Technologies from a “sell” rating to a “hold” rating in a research note on Sunday, May 3rd. Zacks Research lowered shares of Lumen Technologies from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 5th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Lumen Technologies from $6.00 to $7.00 and gave the stock a “neutral” rating in a research note on Monday, May 11th. Ten analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus target price of $7.91.

Lumen Technologies Trading Down 10.0%

LUMN stock opened at $8.91 on Friday. The company has a market cap of $9.18 billion, a P/E ratio of -5.12 and a beta of 1.70. Lumen Technologies, Inc. has a 52 week low of $3.37 and a 52 week high of $11.95. The company’s 50-day moving average price is $8.72 and its 200 day moving average price is $8.13.

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

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.