Lumen Technologies, Inc. (NYSE:LUMN) Shares Bought by First Citizens Bank & Trust Co.

First Citizens Bank & Trust Co. lifted its holdings in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 18.8% in the fourth quarter, HoldingsChannel.com reports. The firm owned 27,283 shares of the technology company’s stock after acquiring an additional 4,325 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Lumen Technologies were worth $145,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sanctuary Advisors LLC acquired a new position in Lumen Technologies in the second quarter valued at about $25,000. Concord Wealth Partners lifted its holdings in shares of Lumen Technologies by 98.8% in the 3rd quarter. Concord Wealth Partners now owns 4,008 shares of the technology company’s stock worth $28,000 after acquiring an additional 1,992 shares during the last quarter. Legacy Investment Solutions LLC purchased a new position in shares of Lumen Technologies during the 3rd quarter worth approximately $30,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Lumen Technologies in the 3rd quarter valued at approximately $36,000. Finally, Allspring Global Investments Holdings LLC purchased a new stake in Lumen Technologies in the third quarter valued at approximately $46,000. 66.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on LUMN. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $4.25 price objective (up from $4.00) on shares of Lumen Technologies in a research note on Friday, December 20th. TD Cowen dropped their target price on Lumen Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a research report on Wednesday, November 6th. The Goldman Sachs Group raised their price objective on shares of Lumen Technologies from $4.50 to $5.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Finally, Citigroup upped their target price on shares of Lumen Technologies from $6.50 to $8.00 and gave the stock a “neutral” rating in a research note on Friday, November 29th. Three analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $4.66.

Lumen Technologies Price Performance

Shares of LUMN opened at $5.09 on Wednesday. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 53.05. The firm’s fifty day simple moving average is $6.13 and its 200-day simple moving average is $5.87. The firm has a market capitalization of $5.16 billion, a price-to-earnings ratio of -2.34 and a beta of 1.28. Lumen Technologies, Inc. has a twelve month low of $0.97 and a twelve month high of $10.33.

Lumen Technologies (NYSE:LUMN) last announced its quarterly earnings results on Tuesday, November 5th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.04). The business had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.21 billion. Lumen Technologies had a negative return on equity of 49.74% and a negative net margin of 16.06%. The firm’s quarterly revenue was down 11.5% on a year-over-year basis. During the same period last year, the firm earned ($0.09) earnings per share. Equities analysts forecast that Lumen Technologies, Inc. will post -0.38 EPS for the current fiscal year.

Lumen Technologies 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.