66,698 Shares in Lumen Technologies, Inc. (NYSE:LUMN) Purchased by United Services Automobile Association

United Services Automobile Association acquired a new position in Lumen Technologies, Inc. (NYSE:LUMN) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 66,698 shares of the technology company’s stock, valued at approximately $474,000.

Several other hedge funds have also modified their holdings of the company. Concord Wealth Partners increased its position in Lumen Technologies by 98.8% in the third quarter. Concord Wealth Partners now owns 4,008 shares of the technology company’s stock worth $28,000 after purchasing an additional 1,992 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Lumen Technologies in the 3rd quarter worth about $36,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Lumen Technologies during the 3rd quarter valued at about $46,000. GAMMA Investing LLC lifted its holdings in shares of Lumen Technologies by 1,901.8% in the 3rd quarter. GAMMA Investing LLC now owns 6,846 shares of the technology company’s stock valued at $49,000 after acquiring an additional 6,504 shares during the last quarter. Finally, ORG Wealth Partners LLC purchased a new position in Lumen Technologies in the third quarter worth about $59,000. 66.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on LUMN. TD Cowen decreased their price objective on Lumen Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a research report on Wednesday, November 6th. Citigroup boosted 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 raised their price target on Lumen Technologies from $4.50 to $5.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Finally, Wells Fargo & Company cut shares of Lumen Technologies from an “equal weight” rating to an “underweight” rating and boosted their price objective for the company from $1.75 to $4.00 in a research report on Friday, August 16th. Three investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $4.71.

Lumen Technologies Stock Performance

LUMN stock opened at $7.00 on Monday. The firm 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 twelve month low of $0.97 and a twelve month 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. The business’s fifty day simple moving average is $7.21 and its two-hundred day simple moving average is $4.68.

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