Renaissance Technologies LLC Sells 322,700 Shares of Lumen Technologies, Inc. $LUMN

Renaissance Technologies LLC cut its position in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 3.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 9,720,567 shares of the technology company’s stock after selling 322,700 shares during the quarter. Renaissance Technologies LLC owned approximately 0.94% of Lumen Technologies worth $67,558,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of LUMN. Compound Planning Inc. grew its holdings in shares of Lumen Technologies by 5.7% in the first quarter. Compound Planning Inc. now owns 64,380 shares of the technology company’s stock valued at $447,000 after acquiring an additional 3,462 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in Lumen Technologies by 8.3% during the first quarter. Arrowstreet Capital Limited Partnership now owns 7,954,306 shares of the technology company’s stock worth $55,282,000 after acquiring an additional 610,364 shares during the period. Inceptionr LLC purchased a new position in Lumen Technologies in the first quarter worth $103,000. Sei Investments Co. grew its stake in Lumen Technologies by 32.5% in the 1st quarter. Sei Investments Co. now owns 354,773 shares of the technology company’s stock valued at $2,466,000 after purchasing an additional 87,099 shares during the period. Finally, PNC Financial Services Group Inc. grew its stake in Lumen Technologies by 3.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 71,539 shares of the technology company’s stock valued at $497,000 after purchasing an additional 2,704 shares during the period. Institutional investors own 66.19% of the company’s stock.

Lumen Technologies Stock Up 0.1%

NYSE LUMN opened at $6.35 on Monday. The firm has a market cap of $6.54 billion, a P/E ratio of -3.65 and a beta of 1.75. The company’s 50 day moving average is $8.14 and its 200-day moving average 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 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. Equities analysts expect that Lumen Technologies, Inc. will post -0.39 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have recently commented on LUMN. TD Cowen lifted their target price on Lumen Technologies from $8.00 to $9.00 and gave the stock a “hold” rating in a research note on Wednesday, May 6th. Zacks Research lowered shares of Lumen Technologies from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 5th. Wall Street Zen upgraded shares of Lumen Technologies from a “sell” rating to a “hold” rating in a report on Sunday, May 3rd. UBS Group lifted their price objective 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. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Lumen Technologies in a research report on Friday, July 17th. Nine research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently 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.