Hennessy Advisors Inc. Purchases Shares of 8,491,400 Lumen Technologies, Inc. (NYSE:LUMN)

Hennessy Advisors Inc. acquired a new position in Lumen Technologies, Inc. (NYSE:LUMN) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 8,491,400 shares of the technology company’s stock, valued at approximately $45,089,000. Lumen Technologies accounts for 1.3% of Hennessy Advisors Inc.’s holdings, making the stock its 24th largest position.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Millennium Management LLC lifted its position in Lumen Technologies by 129.8% in the second quarter. Millennium Management LLC now owns 7,854,906 shares of the technology company’s stock valued at $8,640,000 after purchasing an additional 4,436,710 shares during the last quarter. Front Street Capital Management Inc. raised its holdings in Lumen Technologies by 30.1% during the 2nd quarter. Front Street Capital Management Inc. now owns 11,661,112 shares of the technology company’s stock valued at $12,827,000 after buying an additional 2,697,423 shares during the last quarter. Victory Capital Management Inc. boosted its position in Lumen Technologies by 1,081.0% during the 3rd quarter. Victory Capital Management Inc. now owns 2,368,911 shares of the technology company’s stock valued at $16,819,000 after buying an additional 2,168,325 shares during the period. Sequoia Financial Advisors LLC bought a new stake in Lumen Technologies in the 3rd quarter worth $10,062,000. Finally, AQR Capital Management LLC increased its position in shares of Lumen Technologies by 52.5% in the second quarter. AQR Capital Management LLC now owns 3,621,874 shares of the technology company’s stock valued at $3,712,000 after acquiring an additional 1,246,289 shares during the period. Institutional investors own 66.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on LUMN shares. Citigroup raised their target price on Lumen Technologies from $6.50 to $8.00 and gave the stock a “neutral” rating in a research note on Friday, November 29th. TD Cowen cut 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. Royal Bank of Canada reiterated a “sector perform” rating and issued a $4.25 price target (up previously from $4.00) on shares of Lumen Technologies in a report on Friday, December 20th. Finally, The Goldman Sachs Group boosted their price target on shares of Lumen Technologies from $4.50 to $5.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Three investment analysts have rated the stock with a sell rating and six have issued a hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $4.66.

Lumen Technologies Price Performance

Lumen Technologies stock opened at $5.53 on Friday. The business’s fifty day simple moving average is $6.66 and its two-hundred day simple moving average is $5.56. The company has a debt-to-equity ratio of 53.05, a current ratio of 1.20 and a quick ratio of 1.20. Lumen Technologies, Inc. has a 12 month low of $0.97 and a 12 month high of $10.33.

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

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.