First Trust Advisors LP Cuts Stock Holdings in Lumen Technologies, Inc. $LUMN

First Trust Advisors LP reduced its stake in Lumen Technologies, Inc. (NYSE:LUMN) by 8.4% in the 1st quarter, Holdings Channel reports. The firm owned 12,772,723 shares of the technology company’s stock after selling 1,167,198 shares during the quarter. First Trust Advisors LP’s holdings in Lumen Technologies were worth $88,770,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Lumen Technologies by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 602,705 shares of the technology company’s stock worth $2,363,000 after buying an additional 26,305 shares during the last quarter. Empowered Funds LLC raised its stake in Lumen Technologies by 26.8% during the 1st quarter. Empowered Funds LLC now owns 272,031 shares of the technology company’s stock valued at $1,066,000 after acquiring an additional 57,522 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Lumen Technologies by 11.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,985,216 shares of the technology company’s stock worth $11,702,000 after purchasing an additional 300,328 shares during the period. Cetera Investment Advisers increased its stake in shares of Lumen Technologies by 15.8% during the second quarter. Cetera Investment Advisers now owns 119,673 shares of the technology company’s stock valued at $524,000 after acquiring an additional 16,332 shares during the period. Finally, Invesco Ltd. boosted its holdings in Lumen Technologies by 6.3% during the second quarter. Invesco Ltd. now owns 10,928,906 shares of the technology company’s stock worth $47,869,000 after buying an additional 652,124 shares in the last quarter. 66.19% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have commented on LUMN shares. Weiss Ratings restated a “sell (d-)” rating on shares of Lumen Technologies in a research note on Friday, July 17th. JPMorgan Chase & Co. increased their price objective on Lumen Technologies from $6.00 to $7.00 and gave the stock a “neutral” rating in a research note on Monday, May 11th. UBS Group raised their target price on Lumen Technologies from $6.00 to $8.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Wells Fargo & Company increased their price target on shares of Lumen Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a research report on Friday, May 8th. Finally, TD Cowen upped their price target on Lumen Technologies from $8.00 to $9.00 and gave the stock a “hold” rating in a research report on Wednesday, May 6th. Nine investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $7.91.

Lumen Technologies Price Performance

Lumen Technologies stock opened at $6.35 on Friday. Lumen Technologies, Inc. has a one year low of $3.37 and a one year high of $11.95. The firm has a market capitalization of $6.54 billion, a P/E ratio of -3.65 and a beta of 1.75. The business has a fifty day moving average price of $8.14 and a 200-day moving average price of $7.96.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings results on Tuesday, May 5th. The technology company reported ($0.47) 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 analysts’ expectations of $2.83 billion. During the same quarter in the previous year, the business earned ($0.13) earnings per share. The business’s quarterly revenue was down 8.9% on a year-over-year basis. Sell-side analysts expect that Lumen Technologies, Inc. will post -0.39 earnings per share for the current fiscal year.

About Lumen Technologies

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.