Principal Financial Group Inc. Has $32.05 Million Stock Holdings in Lumen Technologies, Inc. $LUMN

Principal Financial Group Inc. increased its holdings in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 2.2% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 4,611,749 shares of the technology company’s stock after purchasing an additional 100,577 shares during the quarter. Principal Financial Group Inc.’s holdings in Lumen Technologies were worth $32,052,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of LUMN. Citizens Financial Group Inc. RI boosted its position in Lumen Technologies by 13.6% during the 1st quarter. Citizens Financial Group Inc. RI now owns 12,174 shares of the technology company’s stock worth $85,000 after acquiring an additional 1,457 shares during the period. Fifth Third Bancorp increased its holdings in shares of Lumen Technologies by 3,775.1% in the 1st quarter. Fifth Third Bancorp now owns 224,216 shares of the technology company’s stock valued at $1,558,000 after purchasing an additional 218,430 shares during the period. Kestra Advisory Services LLC increased its holdings in shares of Lumen Technologies by 163.6% in the 1st quarter. Kestra Advisory Services LLC now owns 323,813 shares of the technology company’s stock valued at $2,251,000 after purchasing an additional 200,969 shares during the period. Ascentis Independent Advisors purchased a new stake in shares of Lumen Technologies in the first quarter worth approximately $27,000. Finally, Berger Financial Group Inc acquired a new stake in shares of Lumen Technologies during the first quarter worth approximately $81,000. 66.19% of the stock is owned by hedge funds and other institutional investors.

Lumen Technologies Trading Down 0.4%

Lumen Technologies stock opened at $6.25 on Monday. Lumen Technologies, Inc. has a 1-year low of $3.37 and a 1-year high of $11.95. The firm’s fifty day simple moving average is $8.42 and its 200-day simple moving average is $8.00. The company has a market capitalization of $6.44 billion, a P/E ratio of -3.59 and a beta of 1.75.

Lumen Technologies (NYSE:LUMN) last issued its quarterly earnings data on Tuesday, May 5th. The technology company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.34). The company had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.83 billion. The company’s quarterly revenue was down 8.9% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.13) EPS. On average, equities research analysts predict that Lumen Technologies, Inc. will post -0.39 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on LUMN shares. TD Cowen increased their target price on shares of Lumen Technologies from $8.00 to $9.00 and gave the stock a “hold” rating in a research report on Wednesday, May 6th. UBS Group upped their price target on shares of Lumen Technologies from $6.00 to $8.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Lumen Technologies in a report on Tuesday, April 21st. Zacks Research downgraded Lumen Technologies from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 5th. Finally, Wall Street Zen raised Lumen Technologies from a “sell” rating to a “hold” rating in a research note on Sunday, May 3rd. Nine equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Lumen Technologies currently has an average rating of “Reduce” and a consensus price target of $7.91.

Lumen Technologies Profile

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.