Glenmede Trust Co. NA Boosts Position in Lumen Technologies, Inc. (NYSE:LUMN)

Glenmede Trust Co. NA lifted its stake in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 51.6% during the 3rd quarter, Holdings Channel reports. The fund owned 23,961 shares of the technology company’s stock after buying an additional 8,152 shares during the quarter. Glenmede Trust Co. NA’s holdings in Lumen Technologies were worth $170,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Sawgrass Asset Management LLC increased its position in shares of Lumen Technologies by 68.5% during the 2nd quarter. Sawgrass Asset Management LLC now owns 22,786 shares of the technology company’s stock worth $25,000 after purchasing an additional 9,263 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in shares of Lumen Technologies during the 2nd quarter worth about $25,000. ANTIPODES PARTNERS Ltd acquired a new position in Lumen Technologies in the 2nd quarter valued at about $26,000. Concord Wealth Partners grew its position in Lumen Technologies by 98.8% in the 3rd quarter. Concord Wealth Partners now owns 4,008 shares of the technology company’s stock valued at $28,000 after acquiring an additional 1,992 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC acquired a new position in Lumen Technologies in the 2nd quarter valued at about $33,000. Hedge funds and other institutional investors own 66.19% of the company’s stock.

Lumen Technologies Price Performance

LUMN stock opened at $7.00 on Friday. The business has a 50 day moving average price of $7.21 and a 200 day moving average price of $4.64. The stock has a market cap of $7.10 billion, a price-to-earnings ratio of -3.23 and a beta of 1.21. 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 quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 53.05.

Lumen Technologies (NYSE:LUMN) last posted its earnings results on Tuesday, November 5th. The technology company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.04). Lumen Technologies had a negative return on equity of 49.74% and a negative net margin of 16.06%. The business had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.21 billion. During the same quarter in the previous year, the firm earned ($0.09) EPS. Lumen Technologies’s revenue for the quarter was down 11.5% compared to the same quarter last year. Equities research analysts anticipate that Lumen Technologies, Inc. will post -0.38 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have weighed in on LUMN. Wells Fargo & Company downgraded Lumen Technologies from an “equal weight” rating to an “underweight” rating and lifted their target price for the company from $1.75 to $4.00 in a research report on Friday, August 16th. Citigroup lifted their target price on Lumen Technologies from $6.50 to $8.00 and gave the company a “neutral” rating in a research report on Friday, November 29th. The Goldman Sachs Group lifted their price objective on Lumen Technologies from $4.50 to $5.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Finally, TD Cowen decreased their price objective on Lumen Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a research note on Wednesday, November 6th. Three equities research analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $4.71.

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.