Hennessy Advisors Inc. Takes $45.09 Million Position in Lumen Technologies, Inc. (NYSE:LUMN)

Hennessy Advisors Inc. bought a new position in Lumen Technologies, Inc. (NYSE:LUMN) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 8,491,400 shares of the technology company’s stock, valued at approximately $45,089,000. Lumen Technologies comprises 1.3% of Hennessy Advisors Inc.’s holdings, making the stock its 24th biggest position. Hennessy Advisors Inc. owned approximately 0.84% of Lumen Technologies as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Stephens Inc. AR increased its stake in shares of Lumen Technologies by 7.7% in the third quarter. Stephens Inc. AR now owns 27,070 shares of the technology company’s stock worth $192,000 after purchasing an additional 1,935 shares in the last quarter. Concord Wealth Partners grew its stake in Lumen Technologies by 98.8% in the 3rd quarter. Concord Wealth Partners now owns 4,008 shares of the technology company’s stock valued at $28,000 after buying an additional 1,992 shares in the last quarter. US Bancorp DE raised its holdings in Lumen Technologies by 18.6% during the 3rd quarter. US Bancorp DE now owns 15,012 shares of the technology company’s stock valued at $107,000 after acquiring an additional 2,350 shares during the period. Xponance Inc. lifted its position in shares of Lumen Technologies by 4.0% during the second quarter. Xponance Inc. now owns 64,444 shares of the technology company’s stock worth $71,000 after acquiring an additional 2,487 shares in the last quarter. Finally, Arkadios Wealth Advisors boosted its holdings in shares of Lumen Technologies by 23.6% in the third quarter. Arkadios Wealth Advisors now owns 13,367 shares of the technology company’s stock worth $95,000 after acquiring an additional 2,554 shares during the period. 66.19% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently issued reports on LUMN shares. Royal Bank of Canada reiterated a “sector perform” rating and set a $4.25 price objective (up from $4.00) on shares of Lumen Technologies in a research note on Friday, December 20th. TD Cowen lowered their price target on shares of Lumen Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a report on Wednesday, November 6th. The Goldman Sachs Group boosted their price objective on shares of Lumen Technologies from $4.50 to $5.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Finally, Citigroup increased their target price on shares of Lumen Technologies from $6.50 to $8.00 and gave the stock a “neutral” rating in a research note on Friday, November 29th. Three research analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. Based on data from MarketBeat.com, Lumen Technologies has a consensus rating of “Hold” and a consensus target price of $4.66.

Lumen Technologies Stock Down 0.4 %

NYSE LUMN opened at $5.53 on Friday. Lumen Technologies, Inc. has a 52-week low of $0.97 and a 52-week high of $10.33. The company has a fifty day moving average of $6.66 and a 200-day moving average of $5.56. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 53.05.

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