Voloridge Investment Management LLC Sells 2,413,322 Shares of Lumen Technologies, Inc. (NYSE:LUMN)

Voloridge Investment Management LLC lowered its holdings in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 37.3% in the 4th quarter, Holdings Channel.com reports. The firm owned 4,050,748 shares of the technology company’s stock after selling 2,413,322 shares during the quarter. Voloridge Investment Management LLC’s holdings in Lumen Technologies were worth $21,509,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in LUMN. Smartleaf Asset Management LLC lifted its position in Lumen Technologies by 173.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 6,745 shares of the technology company’s stock valued at $36,000 after purchasing an additional 4,277 shares in the last quarter. Lazard Asset Management LLC increased its position in Lumen Technologies by 3,825.7% in the fourth quarter. Lazard Asset Management LLC now owns 7,498 shares of the technology company’s stock worth $39,000 after buying an additional 7,307 shares in the last quarter. R Squared Ltd purchased a new stake in Lumen Technologies in the fourth quarter worth about $48,000. Quantinno Capital Management LP purchased a new stake in Lumen Technologies in the fourth quarter worth about $54,000. Finally, Seeds Investor LLC purchased a new stake in Lumen Technologies in the fourth quarter worth about $57,000. Hedge funds and other institutional investors own 66.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on LUMN shares. Royal Bank of Canada restated a “sector perform” rating and issued a $4.25 price target on shares of Lumen Technologies in a research report on Monday, February 10th. Wells Fargo & Company upgraded shares of Lumen Technologies from an “underweight” rating to an “equal weight” rating and set a $5.00 price objective on the stock in a research report on Friday, February 21st. Raymond James upgraded shares of Lumen Technologies from a “market perform” rating to an “outperform” rating and set a $4.50 price objective on the stock in a research report on Monday, May 5th. Finally, Citigroup upgraded shares of Lumen Technologies from a “neutral” rating to a “buy” rating and decreased their price objective for the company from $8.00 to $6.50 in a research report on Wednesday, February 26th. Two analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Lumen Technologies currently has a consensus rating of “Hold” and a consensus target price of $4.58.

Lumen Technologies Stock Up 0.8%

NYSE LUMN opened at $3.84 on Friday. The stock’s 50 day moving average is $3.87 and its 200 day moving average is $5.25. The company has a current ratio of 1.21, a quick ratio of 1.20 and a debt-to-equity ratio of 37.70. Lumen Technologies, Inc. has a 12 month low of $0.97 and a 12 month high of $10.33. The stock has a market cap of $3.94 billion, a PE ratio of -76.78 and a beta of 1.34.

Lumen Technologies (NYSE:LUMN) last released its quarterly earnings data on Thursday, May 1st. The technology company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.29) by $0.16. Lumen Technologies had a negative net margin of 0.42% and a negative return on equity of 46.17%. The business had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter in the prior year, the firm earned ($0.04) EPS. The business’s revenue was down 3.3% on a year-over-year basis. Research analysts predict that Lumen Technologies, Inc. will post -0.87 EPS for the current fiscal year.

Lumen Technologies Company 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.