Victory Capital Management Inc. Reduces Holdings in Lumen Technologies, Inc. (NYSE:LUMN)

Victory Capital Management Inc. reduced its position in Lumen Technologies, Inc. (NYSE:LUMN) by 1.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,332,699 shares of the technology company’s stock after selling 36,212 shares during the period. Victory Capital Management Inc. owned approximately 0.23% of Lumen Technologies worth $12,387,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Hennessy Advisors Inc. acquired a new stake in Lumen Technologies during the 4th quarter valued at approximately $45,089,000. Allianz Asset Management GmbH increased its stake in shares of Lumen Technologies by 28.1% in the fourth quarter. Allianz Asset Management GmbH now owns 7,790,277 shares of the technology company’s stock worth $41,366,000 after buying an additional 1,710,373 shares during the last quarter. FORA Capital LLC bought a new position in Lumen Technologies during the 3rd quarter valued at $2,909,000. Geode Capital Management LLC grew its holdings in Lumen Technologies by 1.7% during the 3rd quarter. Geode Capital Management LLC now owns 23,344,313 shares of the technology company’s stock worth $165,776,000 after acquiring an additional 383,693 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D bought a new stake in shares of Lumen Technologies in the 3rd quarter worth about $2,710,000. 66.19% of the stock is currently owned by institutional investors and hedge funds.

Lumen Technologies Price Performance

Shares of NYSE:LUMN opened at $4.98 on Thursday. The company has a debt-to-equity ratio of 37.70, a quick ratio of 1.20 and a current ratio of 1.21. The company has a market capitalization of $5.04 billion, a PE ratio of -99.48 and a beta of 1.28. The stock has a fifty day moving average of $5.10 and a 200-day moving average of $6.10. Lumen Technologies, Inc. has a one year low of $0.97 and a one year high of $10.33.

Lumen Technologies (NYSE:LUMN) last released its quarterly earnings results on Tuesday, February 4th. The technology company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.14. Lumen Technologies had a negative return on equity of 46.17% and a negative net margin of 0.42%. As a group, equities analysts anticipate that Lumen Technologies, Inc. will post -0.87 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on LUMN. Royal Bank of Canada reissued a “sector perform” rating and issued a $4.25 price objective on shares of Lumen Technologies in a report on Monday, February 10th. Wells Fargo & Company upgraded Lumen Technologies from an “underweight” rating to an “equal weight” rating and set a $5.00 price target for the company in a report on Friday, February 21st. Finally, Citigroup upgraded Lumen Technologies from a “neutral” rating to a “buy” rating and reduced their price objective for the stock from $8.00 to $6.50 in a research note on Wednesday, February 26th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $4.59.

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.