Lumen Technologies, Inc. (NYSE:LUMN) Shares Sold by Sawgrass Asset Management LLC

Sawgrass Asset Management LLC lessened its stake in Lumen Technologies, Inc. (NYSE:LUMN) by 34.6% in the 3rd quarter, Holdings Channel reports. The firm owned 14,905 shares of the technology company’s stock after selling 7,881 shares during the period. Sawgrass Asset Management LLC’s holdings in Lumen Technologies were worth $106,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Sanctuary Advisors LLC acquired a new stake in shares of Lumen Technologies during the second quarter worth about $25,000. ANTIPODES PARTNERS Ltd acquired a new stake in Lumen Technologies during the 2nd quarter worth approximately $26,000. Concord Wealth Partners boosted its position in Lumen Technologies by 98.8% in the 3rd quarter. Concord Wealth Partners now owns 4,008 shares of the technology company’s stock valued at $28,000 after buying an additional 1,992 shares during the period. Fifth Third Wealth Advisors LLC acquired a new position in shares of Lumen Technologies in the second quarter worth $33,000. Finally, Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Lumen Technologies during the first quarter worth $45,000. 66.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

LUMN has been the topic of several analyst reports. UBS Group raised their target price on shares of Lumen Technologies from $1.50 to $5.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. TD Cowen decreased their price objective on shares of Lumen Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a research report on Wednesday, November 6th. JPMorgan Chase & Co. raised Lumen Technologies from an “underweight” rating to a “neutral” rating in a report on Wednesday, August 7th. Wells Fargo & Company downgraded Lumen Technologies from an “equal weight” rating to an “underweight” rating and lifted their price target for the stock from $1.75 to $4.00 in a report on Friday, August 16th. Finally, Bank of America increased their price objective on Lumen Technologies from $1.00 to $2.00 and gave the company an “underperform” rating in a report on Thursday, August 8th. Three analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. According to data from MarketBeat, Lumen Technologies has an average rating of “Hold” and an average price target of $4.02.

Insiders Place Their Bets

In other news, Director James Fowler bought 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average cost of $4.70 per share, with a total value of $47,000.00. Following the transaction, the director now owns 384,056 shares of the company’s stock, valued at $1,805,063.20. This represents a 2.67 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 1.68% of the stock is owned by corporate insiders.

Lumen Technologies Stock Performance

Shares of LUMN opened at $8.54 on Monday. The company has a 50-day moving average of $6.93 and a two-hundred day moving average of $4.04. The stock has a market cap of $8.67 billion, a P/E ratio of -3.94 and a beta of 1.21. Lumen Technologies, Inc. has a 12-month low of $0.97 and a 12-month high of $10.33. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 53.05.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings data on Tuesday, November 5th. The technology company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.04). The company had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.21 billion. Lumen Technologies had a negative return on equity of 49.74% and a negative net margin of 16.06%. The company’s revenue for the quarter was down 11.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.09) EPS. As a group, research analysts predict that Lumen Technologies, Inc. will post -0.38 EPS for the current fiscal 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.