Arrowstreet Capital Limited Partnership Trims Position in Lumen Technologies, Inc. (NYSE:LUMN)

Arrowstreet Capital Limited Partnership reduced its holdings in Lumen Technologies, Inc. (NYSE:LUMN) by 16.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,725,190 shares of the technology company’s stock after selling 2,529,276 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Lumen Technologies were worth $67,571,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in LUMN. Pictet Asset Management Holding SA grew its position in Lumen Technologies by 12.3% during the 4th quarter. Pictet Asset Management Holding SA now owns 146,284 shares of the technology company’s stock worth $777,000 after purchasing an additional 15,991 shares during the period. Norges Bank acquired a new stake in Lumen Technologies during the fourth quarter worth about $63,638,000. Stevens Capital Management LP purchased a new position in Lumen Technologies during the fourth quarter valued at approximately $76,000. Fox Run Management L.L.C. acquired a new position in Lumen Technologies in the fourth quarter valued at approximately $293,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Lumen Technologies during the 4th quarter worth approximately $1,039,000. Institutional investors and hedge funds own 66.19% of the company’s stock.

Lumen Technologies Price Performance

Shares of Lumen Technologies stock opened at $3.94 on Tuesday. The company has a debt-to-equity ratio of 37.70, a current ratio of 1.21 and a quick ratio of 1.20. The business has a 50 day simple moving average of $4.85 and a two-hundred day simple moving average of $6.03. The stock has a market capitalization of $4.04 billion, a P/E ratio of -78.78 and a beta of 1.28. Lumen Technologies, Inc. has a 12 month low of $0.97 and a 12 month high of $10.33.

Lumen Technologies (NYSE:LUMN) last announced its quarterly earnings data 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, analysts predict that Lumen Technologies, Inc. will post -0.87 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Citigroup raised shares of Lumen Technologies from a “neutral” rating to a “buy” rating and lowered their price target for the stock from $8.00 to $6.50 in a report on Wednesday, February 26th. Royal Bank of Canada reissued a “sector perform” rating and set a $4.25 target price on shares of Lumen Technologies in a research note on Monday, February 10th. Finally, 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 research note on Friday, February 21st. Two equities 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 data from MarketBeat, Lumen Technologies has an average rating of “Hold” and an average target price of $4.59.

About Lumen Technologies

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.