Renaissance Technologies LLC Lowers Stock Holdings in Lumen Technologies, Inc. $LUMN

Renaissance Technologies LLC reduced its position in Lumen Technologies, Inc. (NYSE:LUMN) by 3.2% in the first quarter, Holdings Channel.com reports. The fund owned 9,720,567 shares of the technology company’s stock after selling 322,700 shares during the quarter. Renaissance Technologies LLC’s holdings in Lumen Technologies were worth $67,558,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

LUMN has been the subject of several recent analyst reports. JPMorgan Chase & Co. boosted their target price on Lumen Technologies from $6.00 to $7.00 and gave the stock a “neutral” rating in a research report on Monday, May 11th. Wall Street Zen raised Lumen Technologies from a “sell” rating to a “hold” rating in a report on Sunday, May 3rd. TD Cowen lifted their price target on Lumen Technologies from $8.00 to $9.00 and gave the company a “hold” rating in a research report on Wednesday, May 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Lumen Technologies in a report on Friday, July 17th. Finally, UBS Group raised their target price on shares of Lumen Technologies from $6.00 to $8.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Nine investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $7.91.

Lumen Technologies Trading Up 0.1%

Shares of NYSE:LUMN opened at $6.35 on Monday. The stock has a market capitalization of $6.54 billion, a P/E ratio of -3.65 and a beta of 1.75. The stock’s 50-day moving average price is $8.14 and its 200-day moving average price is $7.96. Lumen Technologies, Inc. has a 12-month low of $3.37 and a 12-month high of $11.95.

Lumen Technologies (NYSE:LUMN) last released its earnings results on Tuesday, May 5th. The technology company reported ($0.47) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.34). The firm had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.83 billion. The company’s revenue was down 8.9% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.13) earnings per share. As a group, 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.