Steel Grove Capital Advisors LLC Reduces Holdings in Lumen Technologies, Inc. (NYSE:LUMN)

Steel Grove Capital Advisors LLC reduced its position in Lumen Technologies, Inc. (NYSE:LUMN) by 37.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 83,887 shares of the technology company’s stock after selling 50,000 shares during the period. Steel Grove Capital Advisors LLC’s holdings in Lumen Technologies were worth $154,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Hilltop Holdings Inc. bought a new stake in shares of Lumen Technologies in the second quarter worth $25,000. Equitable Holdings Inc. bought a new stake in shares of Lumen Technologies in the 2nd quarter worth about $25,000. Lazard Asset Management LLC raised its stake in shares of Lumen Technologies by 115.5% in the 3rd quarter. Lazard Asset Management LLC now owns 21,023 shares of the technology company’s stock valued at $29,000 after purchasing an additional 11,267 shares in the last quarter. DekaBank Deutsche Girozentrale bought a new position in shares of Lumen Technologies during the third quarter worth about $30,000. Finally, Meeder Advisory Services Inc. acquired a new position in Lumen Technologies in the first quarter worth about $31,000. 66.19% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Lumen Technologies

In other news, Director James Fowler purchased 33,500 shares of Lumen Technologies stock in a transaction dated Tuesday, February 13th. The stock was bought at an average price of $1.68 per share, with a total value of $56,280.00. Following the completion of the acquisition, the director now owns 216,538 shares in the company, valued at approximately $363,783.84. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Lumen Technologies news, Director T Michael Glenn purchased 50,000 shares of Lumen Technologies stock in a transaction on Monday, February 26th. The stock was bought at an average price of $1.47 per share, for a total transaction of $73,500.00. Following the transaction, the director now owns 272,019 shares of the company’s stock, valued at approximately $399,867.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director James Fowler acquired 33,500 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The shares were bought at an average price of $1.68 per share, for a total transaction of $56,280.00. Following the completion of the purchase, the director now owns 216,538 shares of the company’s stock, valued at $363,783.84. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 113,500 shares of company stock worth $174,780. 0.76% of the stock is currently owned by company insiders.

Lumen Technologies Stock Performance

NYSE:LUMN traded down $0.01 during trading hours on Thursday, reaching $1.57. 5,239,271 shares of the stock were exchanged, compared to its average volume of 13,928,956. The stock has a market capitalization of $1.59 billion, a P/E ratio of -0.15 and a beta of 1.11. The firm has a 50 day simple moving average of $1.54 and a 200-day simple moving average of $1.49. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 47.56. Lumen Technologies, Inc. has a 52 week low of $0.78 and a 52 week high of $2.73.

Lumen Technologies (NYSE:LUMN) last issued its earnings results on Tuesday, February 6th. The technology company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.11. Lumen Technologies had a negative net margin of 70.74% and a positive return on equity of 4.85%. The company had revenue of $3.52 billion for the quarter, compared to analysts’ expectations of $3.45 billion. During the same period in the prior year, the company earned $0.43 earnings per share. The firm’s revenue was down 7.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Lumen Technologies, Inc. will post -0.3 earnings per share for the current fiscal year.

Lumen Technologies 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.