Geode Capital Management LLC Sells 149,000 Shares of Lumen Technologies, Inc. $LUMN

Geode Capital Management LLC trimmed its holdings in Lumen Technologies, Inc. (NYSE:LUMN) by 0.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 22,123,623 shares of the technology company’s stock after selling 149,000 shares during the period. Geode Capital Management LLC owned about 2.16% of Lumen Technologies worth $171,930,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in shares of Lumen Technologies by 1.2% in the third quarter. Vanguard Group Inc. now owns 113,552,549 shares of the technology company’s stock valued at $694,942,000 after buying an additional 1,295,177 shares in the last quarter. Front Street Capital Management Inc. lifted its stake in shares of Lumen Technologies by 1.1% in the second quarter. Front Street Capital Management Inc. now owns 11,969,084 shares of the technology company’s stock valued at $52,425,000 after buying an additional 132,131 shares in the last quarter. Man Group plc lifted its stake in shares of Lumen Technologies by 3.3% in the second quarter. Man Group plc now owns 11,486,835 shares of the technology company’s stock valued at $50,312,000 after buying an additional 364,436 shares in the last quarter. Invesco Ltd. lifted its stake in shares of Lumen Technologies by 6.3% in the second quarter. Invesco Ltd. now owns 10,928,906 shares of the technology company’s stock valued at $47,869,000 after buying an additional 652,124 shares in the last quarter. Finally, Allianz Asset Management GmbH lifted its stake in shares of Lumen Technologies by 5.6% in the third quarter. Allianz Asset Management GmbH now owns 10,056,824 shares of the technology company’s stock valued at $61,548,000 after buying an additional 536,324 shares in the last quarter. 66.19% of the stock is owned by institutional investors.

Lumen Technologies Price Performance

Shares of 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. The company has a market cap of $10.27 billion, a P/E ratio of -5.73 and a beta of 1.70. Lumen Technologies, Inc. has a one year low of $3.37 and a one year high of $11.95.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings data on Tuesday, May 5th. The technology company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.34). The company had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.83 billion. During the same period in the previous year, the business earned ($0.13) EPS. The business’s revenue was down 8.9% compared to the same quarter last year. As a group, research analysts expect that Lumen Technologies, Inc. will post -0.39 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on LUMN shares. TD Cowen increased their target price on shares of Lumen Technologies from $8.00 to $9.00 and gave the company a “hold” rating in a report on Wednesday, May 6th. Wells Fargo & Company increased their target price on shares of Lumen Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a report on Friday, May 8th. JPMorgan Chase & Co. increased their target price on shares of Lumen Technologies from $6.00 to $7.00 and gave the company a “neutral” rating in a report on Monday, May 11th. The Goldman Sachs Group increased their target price on shares of Lumen Technologies from $5.50 to $7.25 and gave the company a “neutral” rating in a report on Wednesday, February 4th. Finally, Raymond James Financial reiterated a “market perform” rating on shares of Lumen Technologies in a report on Wednesday, February 4th. Ten investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average 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.