New York State Teachers Retirement System Sells 185,043 Shares of Lumen Technologies, Inc. $LUMN

New York State Teachers Retirement System reduced its stake in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 18.7% in the first quarter, according to its most recent filing with the SEC. The fund owned 804,315 shares of the technology company’s stock after selling 185,043 shares during the period. New York State Teachers Retirement System’s holdings in Lumen Technologies were worth $5,590,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Crossmark Global Holdings Inc. raised its position in Lumen Technologies by 2.0% during the fourth quarter. Crossmark Global Holdings Inc. now owns 61,599 shares of the technology company’s stock valued at $479,000 after purchasing an additional 1,230 shares in the last quarter. Fifth Third Wealth Advisors LLC increased its position in shares of Lumen Technologies by 4.6% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 31,875 shares of the technology company’s stock valued at $222,000 after purchasing an additional 1,393 shares during the last quarter. Oppenheimer Asset Management Inc. increased its position in shares of Lumen Technologies by 7.3% during the 4th quarter. Oppenheimer Asset Management Inc. now owns 20,821 shares of the technology company’s stock valued at $162,000 after purchasing an additional 1,417 shares during the last quarter. Meeder Advisory Services Inc. raised its holdings in shares of Lumen Technologies by 10.6% during the 4th quarter. Meeder Advisory Services Inc. now owns 15,243 shares of the technology company’s stock valued at $118,000 after buying an additional 1,460 shares in the last quarter. Finally, Parallel Advisors LLC boosted its stake in Lumen Technologies by 22.4% in the fourth quarter. Parallel Advisors LLC now owns 8,095 shares of the technology company’s stock worth $63,000 after buying an additional 1,481 shares in the last quarter. Institutional investors own 66.19% of the company’s stock.

Lumen Technologies Stock Down 0.5%

Shares of Lumen Technologies stock opened at $6.45 on Wednesday. The business has a 50 day moving average of $8.80 and a 200 day moving average of $8.07. Lumen Technologies, Inc. has a 52 week low of $3.37 and a 52 week high of $11.95. The company has a market cap of $6.64 billion, a PE ratio of -3.70 and a beta of 1.75.

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

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. 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. Zacks Research lowered shares of Lumen Technologies from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. UBS Group lifted their target price on shares of Lumen Technologies from $6.00 to $8.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Wells Fargo & Company boosted their price target on shares of Lumen Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a research note on Friday, May 8th. Finally, Wall Street Zen raised Lumen Technologies from a “sell” rating to a “hold” rating in a research note on Sunday, May 3rd. Nine equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and a consensus target price of $7.91.

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.