Lumen Technologies, Inc. (NYSE:LUMN) Receives Average Rating of “Reduce” from Brokerages

Shares of Lumen Technologies, Inc. (NYSE:LUMN) have been assigned an average rating of “Reduce” from the eleven analysts that are presently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation and ten have issued a hold recommendation on the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $7.9063.

Several equities analysts have commented on the stock. The Goldman Sachs Group raised their target price on shares of Lumen Technologies from $5.50 to $7.25 and gave the company a “neutral” rating in a research note on Wednesday, February 4th. JPMorgan Chase & Co. lifted their price objective 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. Zacks Research cut shares of Lumen Technologies from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 5th. TD Cowen lifted their price objective on shares of Lumen Technologies from $8.00 to $9.00 and gave the stock a “hold” rating in a research note on Wednesday, May 6th. Finally, UBS Group lifted their price objective on shares of Lumen Technologies from $6.00 to $8.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th.

Hedge Funds Weigh In On Lumen Technologies

Several hedge funds have recently made changes to their positions in LUMN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Lumen Technologies by 4.6% in 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 purchasing an additional 26,305 shares during the last quarter. Empowered Funds LLC grew its stake in shares of Lumen Technologies by 26.8% in the 1st quarter. Empowered Funds LLC now owns 272,031 shares of the technology company’s stock worth $1,066,000 after purchasing an additional 57,522 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of 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 buying an additional 300,328 shares during the period. Cetera Investment Advisers boosted its holdings in shares of Lumen Technologies by 15.8% in the second quarter. Cetera Investment Advisers now owns 119,673 shares of the technology company’s stock worth $524,000 after buying an additional 16,332 shares during the period. Finally, Invesco Ltd. boosted its holdings in shares of Lumen Technologies by 6.3% in 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 during the period. Institutional investors and hedge funds own 66.19% of the company’s stock.

Lumen Technologies Trading Down 0.6%

Lumen Technologies stock opened at $9.39 on Tuesday. The stock has a market cap of $9.67 billion, a price-to-earnings ratio of -5.39 and a beta of 1.65. The company’s 50-day moving average price is $8.02 and its two-hundred day moving average price is $8.11. Lumen Technologies has a 52 week low of $3.37 and a 52 week high of $11.95.

Lumen Technologies (NYSE:LUMN) last released its 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. The company’s revenue for the quarter was down 8.9% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.13) earnings per share. Research analysts expect that Lumen Technologies will post -0.39 earnings per share for the current fiscal 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.