Fifth Third Bancorp Has $1.56 Million Stock Position in Lumen Technologies, Inc. $LUMN

Fifth Third Bancorp increased its holdings in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 3,775.1% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 224,216 shares of the technology company’s stock after purchasing an additional 218,430 shares during the period. Fifth Third Bancorp’s holdings in Lumen Technologies were worth $1,558,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the business. Kemnay Advisory Services Inc. acquired a new position in Lumen Technologies during the fourth quarter worth about $25,000. International Assets Investment Management LLC acquired a new stake in shares of Lumen Technologies in the 4th quarter valued at approximately $30,000. Ascentis Independent Advisors bought a new stake in shares of Lumen Technologies during the 1st quarter valued at approximately $27,000. Los Angeles Capital Management LLC bought a new stake in shares of Lumen Technologies during the 4th quarter valued at approximately $35,000. Finally, Hantz Financial Services Inc. increased its position in Lumen Technologies by 3,093.3% during the 4th quarter. Hantz Financial Services Inc. now owns 6,227 shares of the technology company’s stock worth $48,000 after purchasing an additional 6,032 shares in the last quarter. 66.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on LUMN. Wells Fargo & Company raised their target price 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. JPMorgan Chase & Co. increased their price target on Lumen Technologies from $6.00 to $7.00 and gave the company a “neutral” rating in a research note on Monday, May 11th. Zacks Research downgraded Lumen Technologies from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. UBS Group upped their target price on Lumen Technologies from $6.00 to $8.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. Finally, Wall Street Zen upgraded Lumen Technologies from a “sell” rating to a “hold” rating in a research report on Sunday, May 3rd. Nine analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Lumen Technologies presently has an average rating of “Reduce” and an average target price of $7.91.

Lumen Technologies Price Performance

LUMN opened at $6.52 on Friday. Lumen Technologies, Inc. has a fifty-two week low of $3.37 and a fifty-two week high of $11.95. The company’s 50 day moving average price is $8.21 and its two-hundred day moving average price is $7.97. The firm has a market capitalization of $6.72 billion, a price-to-earnings ratio of -3.75 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 (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.34). The firm had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.83 billion. The business’s revenue was down 8.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.13) earnings per share. As a group, equities research analysts predict that Lumen Technologies, Inc. will post -0.39 EPS for the current year.

Lumen Technologies 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.