Geode Capital Management LLC Decreases Holdings in Lumen Technologies, Inc. $LUMN

Geode Capital Management LLC lessened its stake in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 0.7% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 22,123,623 shares of the technology company’s stock after selling 149,000 shares during the period. Geode Capital Management LLC’s holdings in Lumen Technologies were worth $171,930,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Lumen Technologies by 1.2% during the third quarter. Vanguard Group Inc. now owns 113,552,549 shares of the technology company’s stock worth $694,942,000 after buying an additional 1,295,177 shares during the last quarter. Vaughan Nelson Investment Management L.P. boosted its position in Lumen Technologies by 58.3% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 4,768,300 shares of the technology company’s stock worth $37,050,000 after purchasing an additional 1,755,368 shares during the period. Allianz Asset Management GmbH boosted its position in Lumen Technologies by 5.6% during the third quarter. Allianz Asset Management GmbH now owns 10,056,824 shares of the technology company’s stock worth $61,548,000 after purchasing an additional 536,324 shares during the period. Private Advisory Group LLC bought a new position in Lumen Technologies during the fourth quarter worth about $1,200,000. Finally, Public Sector Pension Investment Board boosted its position in Lumen Technologies by 5.3% during the third quarter. Public Sector Pension Investment Board now owns 3,682,348 shares of the technology company’s stock worth $22,536,000 after purchasing an additional 184,883 shares during the period. Hedge funds and other institutional investors own 66.19% of the company’s stock.

Lumen Technologies Trading Down 5.6%

LUMN stock opened at $9.97 on Thursday. The firm has a 50 day moving average of $8.62 and a 200-day moving average of $8.11. Lumen Technologies, Inc. has a 12 month low of $3.37 and a 12 month high of $11.95. The firm has a market capitalization of $10.27 billion, a P/E ratio of -5.73 and a beta of 1.70.

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

Analyst Upgrades and Downgrades

LUMN has been the subject of a number of research reports. Wall Street Zen upgraded shares of Lumen Technologies from a “sell” rating to a “hold” rating in a research report on Sunday, May 3rd. UBS Group increased 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. Raymond James Financial reiterated a “market perform” rating on shares of Lumen Technologies in a research report on Wednesday, February 4th. Zacks Research lowered shares of Lumen Technologies from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 5th. Finally, Citigroup cut their target price on shares of Lumen Technologies from $11.00 to $10.00 and set a “neutral” rating for the company in a research report on Thursday, February 5th. Ten equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Reduce” and an average target price of $7.91.

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.