Lumen Technologies, Inc. (NYSE:LUMN) Receives Average Rating of “Reduce” from Brokerages

Lumen Technologies, Inc. (NYSE:LUMN) has been assigned a consensus rating of “Reduce” from the ten analysts that are covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation and nine have assigned a hold recommendation to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $7.86.

LUMN has been the subject of a number of recent research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Lumen Technologies in a research report on Friday, July 17th. Wells Fargo & Company cut their price objective on Lumen Technologies from $9.00 to $7.50 and set an “equal weight” rating on the stock in a research report on Wednesday, August 5th. Wall Street Zen upgraded shares of Lumen Technologies from a “sell” rating to a “hold” rating in a research report on Sunday, August 9th. The Goldman Sachs Group decreased their price objective on Lumen Technologies from $8.50 to $7.25 and set a “neutral” rating for the company in a report on Wednesday, August 5th. Finally, Citigroup dropped their price target on Lumen Technologies from $10.00 to $8.25 and set a “neutral” rating on the stock in a research report on Tuesday, August 11th.

Lumen Technologies News Roundup

Here are the key news stories impacting Lumen Technologies this week:

• Positive Sentiment: Lumen plans to transfer its common-stock listing from the New York Stock Exchange to Nasdaq, along with two Qwest Corporation notes. Management said Nasdaq better aligns with Lumen’s technology-focused strategy and its expansion of networking services for artificial-intelligence customers. The move could improve visibility among technology and AI-focused investors, although it does not directly affect operations or valuation. Lumen Technologies to move stock listing to Nasdaq
• Positive Sentiment: Lumen introduced “Intelligent Internet,” a service offering flexible bandwidth, term-based pricing and security features for enterprise customers. The launch is aimed at meeting rising connectivity and security requirements from AI workloads and supports the company’s effort to reposition its network business toward higher-value enterprise services. Lumen Unveils Intelligent Internet to Transform Enterprise Networking
• Neutral Sentiment: Lumen’s controller disclosed a stock disposal to cover tax-withholding obligations. Because the transaction appears to be an automatic tax-related sale rather than a discretionary reduction in ownership, it is unlikely to be a meaningful signal about management’s view of LUMN’s prospects. Lumen Technologies Controller Discloses Stock Share Disposal for Tax Withholding

Insider Buying and Selling at Lumen Technologies

In other news, CEO Kathleen Johnson bought 100,000 shares of the company’s stock in a transaction on Thursday, August 6th. The shares were acquired at an average cost of $6.13 per share, with a total value of $613,000.00. Following the completion of the transaction, the chief executive officer owned 100,000 shares of the company’s stock, valued at approximately $613,000. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.30% of the stock is owned by insiders.

Institutional Trading of Lumen Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. raised its position in shares of Lumen Technologies by 3.5% during the 2nd quarter. BlackRock Inc. now owns 142,261,845 shares of the technology company’s stock valued at $1,092,571,000 after buying an additional 4,796,141 shares in the last quarter. State Street Corp increased its holdings in shares of Lumen Technologies by 4.3% in the 2nd quarter. State Street Corp now owns 48,003,189 shares of the technology company’s stock valued at $368,664,000 after acquiring an additional 1,990,860 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Lumen Technologies by 1.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 14,994,640 shares of the technology company’s stock worth $104,156,000 after acquiring an additional 144,664 shares in the last quarter. Norges Bank purchased a new stake in Lumen Technologies in the fourth quarter valued at about $106,557,000. Finally, Bank of New York Mellon Corp lifted its stake in shares of Lumen Technologies by 87.2% during the second quarter. Bank of New York Mellon Corp now owns 10,489,367 shares of the technology company’s stock worth $80,558,000 after buying an additional 4,886,999 shares during the period. 66.19% of the stock is owned by hedge funds and other institutional investors.

Lumen Technologies Stock Performance

Shares of NYSE:LUMN opened at $5.71 on Monday. Lumen Technologies has a fifty-two week low of $5.65 and a fifty-two week high of $11.95. The company’s 50-day moving average is $6.40 and its 200 day moving average is $7.47. The company has a market capitalization of $5.89 billion, a P/E ratio of -5.60 and a beta of 1.78.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings results on Tuesday, August 4th. The technology company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.06. The business had revenue of $2.81 billion during the quarter, compared to the consensus estimate of $2.74 billion. During the same period last year, the firm earned ($0.03) EPS. The business’s revenue for the quarter was down 9.3% on a year-over-year basis. As a group, research analysts predict that Lumen Technologies will post -0.54 earnings per share for the current year.

About Lumen Technologies

Lumen Technologies, Inc (NYSE: LUMN) is a communications and technology company that provides connectivity, networking and digital services to businesses, government organizations and other institutions. Its offerings include fiber-based internet access, wide-area networking, ethernet, software-defined networking, managed network services, cloud connectivity, cybersecurity and unified communications.

The company operates one of the largest fiber networks in the United States and also provides international connectivity through its global network infrastructure.