Bank of New York Mellon Corp Has $38.94 Million Stock Holdings in Lumen Technologies, Inc. $LUMN

Bank of New York Mellon Corp trimmed its position in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 7.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,602,368 shares of the technology company’s stock after selling 451,359 shares during the period. Bank of New York Mellon Corp’s holdings in Lumen Technologies were worth $38,936,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of LUMN. JPMorgan Chase & Co. increased its position in Lumen Technologies by 324.7% in the 4th quarter. JPMorgan Chase & Co. now owns 22,211,742 shares of the technology company’s stock worth $172,585,000 after purchasing an additional 16,981,326 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Lumen Technologies by 2.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 18,390,473 shares of the technology company’s stock valued at $142,894,000 after buying an additional 473,242 shares during the last quarter. Norges Bank acquired a new stake in shares of Lumen Technologies during the 4th quarter valued at about $106,557,000. Front Street Capital Management Inc. grew its stake in shares of Lumen Technologies by 1.1% in the 2nd 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. Finally, Man Group plc increased its holdings in Lumen Technologies by 3.3% in the second quarter. Man Group plc now owns 11,486,835 shares of the technology company’s stock worth $50,312,000 after buying an additional 364,436 shares during the last quarter. Hedge funds and other institutional investors own 66.19% of the company’s stock.

Lumen Technologies Stock Performance

Shares of LUMN stock opened at $6.35 on Friday. The stock’s 50 day simple moving average is $8.14 and its 200 day simple moving average is $7.96. 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 $6.54 billion, a price-to-earnings ratio of -3.65 and a beta of 1.75.

Lumen Technologies (NYSE:LUMN) last announced its earnings results 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 business had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.83 billion. During the same period in the prior year, the firm earned ($0.13) earnings per share. The firm’s revenue for the quarter was down 8.9% on a year-over-year basis. On average, analysts forecast that Lumen Technologies, Inc. will post -0.39 EPS for the current fiscal year.

Analysts Set New Price Targets

LUMN has been the topic of several recent research reports. Zacks Research lowered shares of Lumen Technologies from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 5th. Wells Fargo & Company boosted their target price on shares of Lumen Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a research report on Friday, May 8th. UBS Group increased their price target on shares of Lumen Technologies from $6.00 to $8.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Wall Street Zen upgraded shares of Lumen Technologies from a “sell” rating to a “hold” rating in a report on Sunday, May 3rd. Finally, TD Cowen lifted their price objective on shares of Lumen Technologies from $8.00 to $9.00 and gave the company a “hold” rating in a research note on Wednesday, May 6th. Nine investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $7.91.

About Lumen Technologies

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.