Cornerstone Wealth Management LLC Decreases Holdings in Lumen Technologies, Inc. (NYSE:LUMN)

Cornerstone Wealth Management LLC cut its holdings in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 21.0% in the 1st quarter, HoldingsChannel reports. The firm owned 17,337 shares of the technology company’s stock after selling 4,598 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Lumen Technologies were worth $68,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the business. Smartleaf Asset Management LLC grew its stake in shares of Lumen Technologies by 173.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 6,745 shares of the technology company’s stock worth $36,000 after acquiring an additional 4,277 shares during the period. Lazard Asset Management LLC grew its stake in shares of Lumen Technologies by 3,825.7% during the 4th quarter. Lazard Asset Management LLC now owns 7,498 shares of the technology company’s stock worth $39,000 after acquiring an additional 7,307 shares during the period. Ritholtz Wealth Management bought a new position in shares of Lumen Technologies during the 1st quarter worth $43,000. Quantinno Capital Management LP bought a new position in shares of Lumen Technologies during the 4th quarter worth $54,000. Finally, Seeds Investor LLC bought a new position in shares of Lumen Technologies during the 4th quarter worth $57,000. 66.19% of the stock is owned by hedge funds and other institutional investors.

Lumen Technologies Trading Down 0.7%

Shares of NYSE LUMN opened at $3.95 on Friday. The company has a debt-to-equity ratio of 59.98, a quick ratio of 1.21 and a current ratio of 1.21. The business’s 50 day moving average price is $3.86 and its 200-day moving average price is $4.63. Lumen Technologies, Inc. has a fifty-two week low of $0.97 and a fifty-two week high of $10.33. The company has a market cap of $4.06 billion, a price-to-earnings ratio of -12.75 and a beta of 1.38.

Lumen Technologies (NYSE:LUMN) last released its quarterly earnings data on Thursday, May 1st. The technology company reported ($0.13) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.16. Lumen Technologies had a negative return on equity of 75.08% and a negative net margin of 2.41%. The company had revenue of $3.18 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same period last year, the business posted ($0.04) EPS. Lumen Technologies’s quarterly revenue was down 3.3% on a year-over-year basis. On average, sell-side analysts expect that Lumen Technologies, Inc. will post -0.87 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have commented on LUMN shares. Citigroup upgraded Lumen Technologies from a “neutral” rating to a “buy” rating and cut their target price for the stock from $8.00 to $6.50 in a research note on Wednesday, February 26th. Raymond James Financial upgraded Lumen Technologies from a “market perform” rating to an “outperform” rating and set a $4.50 target price for the company in a research note on Monday, May 5th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $4.58.

Lumen Technologies Company 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.