Lumen Technologies (NYSE:LUMN) Rating Increased to Buy at Citigroup

Citigroup upgraded shares of Lumen Technologies (NYSE:LUMN) from a neutral rating to a buy rating in a research note published on Wednesday morning, MarketBeat reports. They currently have $6.50 price target on the technology company’s stock, down from their previous price target of $8.00.

Several other research analysts also recently issued reports on the company. The Goldman Sachs Group upped their price objective on Lumen Technologies from $4.50 to $5.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. TD Cowen cut their price target on Lumen Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a research note on Wednesday, November 6th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $4.25 price objective on shares of Lumen Technologies in a research report on Monday, February 10th. Finally, Wells Fargo & Company raised Lumen Technologies from an “underweight” rating to an “equal weight” rating and set a $5.00 price objective for the company in a report on Friday, February 21st. Two research analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $4.59.

Lumen Technologies Stock Performance

Shares of NYSE:LUMN opened at $4.71 on Wednesday. The business has a fifty day moving average of $5.25 and a 200-day moving average of $6.16. The company has a debt-to-equity ratio of 37.70, a quick ratio of 1.20 and a current ratio of 1.21. Lumen Technologies has a twelve month low of $0.97 and a twelve month high of $10.33. The firm has a market cap of $4.77 billion, a PE ratio of -94.08 and a beta of 1.28.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings data on Tuesday, February 4th. The technology company reported $0.09 earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.14. Lumen Technologies had a negative net margin of 0.42% and a negative return on equity of 46.17%. On average, equities research analysts predict that Lumen Technologies will post -0.87 EPS for the current fiscal year.

Hedge Funds Weigh In On Lumen Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LUMN. Geode Capital Management LLC raised its position in shares of Lumen Technologies by 1.7% in the 3rd quarter. Geode Capital Management LLC now owns 23,344,313 shares of the technology company’s stock valued at $165,776,000 after acquiring an additional 383,693 shares during the period. Northern Trust Corp increased its stake in Lumen Technologies by 8.6% in the fourth quarter. Northern Trust Corp now owns 12,354,499 shares of the technology company’s stock valued at $65,602,000 after purchasing an additional 982,206 shares in the last quarter. Norges Bank acquired a new stake in Lumen Technologies in the fourth quarter worth $63,638,000. Renaissance Technologies LLC boosted its position in shares of Lumen Technologies by 76.3% during the fourth quarter. Renaissance Technologies LLC now owns 11,664,009 shares of the technology company’s stock worth $61,936,000 after purchasing an additional 5,049,709 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Lumen Technologies by 368.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,812,495 shares of the technology company’s stock valued at $52,111,000 after buying an additional 7,717,596 shares during the period. Institutional investors own 66.19% of the company’s stock.

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.