Advisory Services Network LLC Sells 5,835 Shares of Lumen Technologies, Inc. (NYSE:LUMN)

Advisory Services Network LLC trimmed its position in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 15.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 32,453 shares of the technology company’s stock after selling 5,835 shares during the period. Advisory Services Network LLC’s holdings in Lumen Technologies were worth $172,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Norges Bank bought a new position in Lumen Technologies during the 4th quarter valued at approximately $63,638,000. Renaissance Technologies LLC boosted its holdings in Lumen Technologies by 76.3% in the fourth quarter. Renaissance Technologies LLC now owns 11,664,009 shares of the technology company’s stock valued at $61,936,000 after acquiring an additional 5,049,709 shares in the last quarter. Hennessy Advisors Inc. bought a new position in Lumen Technologies in the 4th quarter worth $45,089,000. Allianz Asset Management GmbH boosted its stake in shares of Lumen Technologies by 28.1% during the 4th quarter. Allianz Asset Management GmbH now owns 7,790,277 shares of the technology company’s stock valued at $41,366,000 after purchasing an additional 1,710,373 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in 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 in the last quarter. 66.19% of the stock is currently owned by hedge funds and other institutional investors.

Lumen Technologies Trading Down 0.2 %

NYSE:LUMN opened at $3.28 on Friday. Lumen Technologies, Inc. has a 52 week low of $0.97 and a 52 week high of $10.33. The stock has a market cap of $3.36 billion, a price-to-earnings ratio of -65.49 and a beta of 1.29. The company’s 50 day moving average price is $4.32 and its 200-day moving average price is $5.68. The company has a quick ratio of 1.20, a current ratio of 1.21 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, topping 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.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on LUMN. Citigroup upgraded Lumen Technologies from a “neutral” rating to a “buy” rating and lowered their target price for the company from $8.00 to $6.50 in a research note on Wednesday, February 26th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $4.25 target price on shares of Lumen Technologies in a research report on Monday, February 10th. Finally, Wells Fargo & Company upgraded shares of Lumen Technologies from an “underweight” rating to an “equal weight” rating and set a $5.00 price objective on the stock in a report on Friday, February 21st. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus 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.