Texas Permanent School Fund Corp Sells 118,249 Shares of Lumen Technologies, Inc. $LUMN

Texas Permanent School Fund Corp reduced its position in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 13.3% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 773,460 shares of the technology company’s stock after selling 118,249 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Lumen Technologies were worth $3,388,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Front Street Capital Management Inc. lifted its stake in Lumen Technologies by 1.1% in the 2nd quarter. Front Street Capital Management Inc. now owns 11,969,084 shares of the technology company’s stock valued at $52,425,000 after acquiring an additional 132,131 shares in the last quarter. Man Group plc lifted its position in shares of Lumen Technologies by 3.3% in the second quarter. Man Group plc now owns 11,486,835 shares of the technology company’s stock worth $50,312,000 after purchasing an additional 364,436 shares in the last quarter. Norges Bank bought a new stake in shares of Lumen Technologies in the second quarter worth $47,923,000. Invesco Ltd. boosted its holdings in Lumen Technologies by 6.3% during the second quarter. Invesco Ltd. now owns 10,928,906 shares of the technology company’s stock worth $47,869,000 after purchasing an additional 652,124 shares during the last quarter. Finally, Allianz Asset Management GmbH grew its position in Lumen Technologies by 8.5% in the second quarter. Allianz Asset Management GmbH now owns 9,520,500 shares of the technology company’s stock valued at $41,700,000 after purchasing an additional 748,185 shares in the last quarter. Institutional investors and hedge funds own 66.19% of the company’s stock.

Lumen Technologies Price Performance

NYSE:LUMN opened at $8.16 on Friday. Lumen Technologies, Inc. has a 12-month low of $3.01 and a 12-month high of $11.95. The firm has a market capitalization of $8.37 billion, a price-to-earnings ratio of -4.94 and a beta of 1.42. The stock’s 50 day moving average price is $8.54 and its two-hundred day moving average price is $6.11. The company has a quick ratio of 2.21, a current ratio of 2.21 and a debt-to-equity ratio of 59.98.

Lumen Technologies (NYSE:LUMN) last issued its earnings results on Friday, January 27th. The technology company reported $0.49 EPS for the quarter. The company had revenue of $4.05 billion during the quarter. Lumen Technologies had a negative return on equity of 158.40% and a negative net margin of 13.02%. On average, analysts anticipate that Lumen Technologies, Inc. will post -0.87 earnings per share for the current year.

Analyst Ratings Changes

LUMN has been the subject of a number of recent research reports. Citigroup downgraded shares of Lumen Technologies from a “buy” rating to a “neutral” rating and set a $11.00 price objective for the company. in a research note on Friday, October 31st. Wall Street Zen upgraded Lumen Technologies from a “sell” rating to a “hold” rating in a report on Sunday, November 9th. The Goldman Sachs Group raised their price target on Lumen Technologies from $4.10 to $4.60 and gave the company a “neutral” rating in a research note on Friday, October 3rd. Royal Bank Of Canada upped their price objective on Lumen Technologies from $4.25 to $8.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 25th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Lumen Technologies in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $6.72.

About Lumen Technologies

Lumen Technologies is a multinational technology company specializing in integrated network, edge cloud, security and collaboration services for enterprise and public sector clients. The company’s core offerings include high-capacity fiber and IP-based connectivity, managed edge computing solutions designed to accelerate applications and data processing closer to end users, and cybersecurity services ranging from DDoS protection to unified threat management. Through its unified portfolio, Lumen enables organizations to support digital transformation initiatives, modernize infrastructure and enhance operational resilience.

Leveraging one of the largest fiber footprints in North America, as well as infrastructure in Latin America and parts of Europe, Lumen connects customers across more than 60 countries.