New York State Teachers Retirement System Sells 185,043 Shares of Lumen Technologies, Inc. $LUMN

New York State Teachers Retirement System lessened its holdings in Lumen Technologies, Inc. (NYSE:LUMN) by 18.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 804,315 shares of the technology company’s stock after selling 185,043 shares during the period. New York State Teachers Retirement System owned 0.08% of Lumen Technologies worth $5,590,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Kemnay Advisory Services Inc. bought a new position in shares of Lumen Technologies in the fourth quarter valued at about $25,000. International Assets Investment Management LLC acquired a new position in Lumen Technologies in the 4th quarter valued at $30,000. Los Angeles Capital Management LLC bought a new stake in Lumen Technologies during the fourth quarter worth about $35,000. Hantz Financial Services Inc. increased its stake in 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 valued at $48,000 after acquiring an additional 6,032 shares during the last quarter. Finally, Orion Capital Management LLC acquired a new position in shares of Lumen Technologies during the 4th quarter worth $50,000. 66.19% of the stock is owned by institutional investors.

Lumen Technologies Stock Down 0.5%

LUMN opened at $6.45 on Wednesday. The firm has a 50-day moving average price of $8.80 and a 200-day moving average price of $8.07. Lumen Technologies, Inc. has a twelve month low of $3.37 and a twelve month high of $11.95. The company has a market capitalization of $6.64 billion, a price-to-earnings ratio of -3.70 and a beta of 1.75.

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 the consensus estimate of ($0.13) by ($0.34). The company had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.83 billion. During the same period in the previous year, the business posted ($0.13) earnings per share. The company’s revenue for the quarter was down 8.9% compared to the same quarter last year. On average, sell-side analysts expect that Lumen Technologies, Inc. will post -0.39 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have commented on LUMN. Weiss Ratings reiterated a “sell (d-)” rating on shares of Lumen Technologies in a research report on Tuesday, April 21st. Wells Fargo & Company upped their target price on Lumen Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a research report on Friday, May 8th. Wall Street Zen raised shares of Lumen Technologies from a “sell” rating to a “hold” rating in a research note on Sunday, May 3rd. JPMorgan Chase & Co. increased their target price on Lumen Technologies from $6.00 to $7.00 and gave the stock a “neutral” rating in a report on Monday, May 11th. Finally, Zacks Research lowered Lumen Technologies from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Nine investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Lumen Technologies presently has an average rating of “Reduce” and an average target price of $7.91.

Lumen Technologies Company 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.