Why Lumen Technologies Stock Tumbled by 4% on Monday
It's rarely comforting when an institutional investor cuts its stake in a company. That seemed to be the main catalyst behind Lumen Technologies' (NYSE: LUMN) 4.2% share price decline on Monday. By contrast, the somewhat sickly S&P 500 index endured a drop of only 0.6% that day.
In a regulatory document filed that morning, financial services company State Street disclosed that it currently holds just under 53.9 million shares of Lumen's common stock, giving it a stake of slightly over 5.2% in the telecom.
That represents a 12% drop from what State Street held at nearly the same time last year. In its most recent regulatory filing regarding the stake, dated Feb. 14, 2022, it was in possession of almost 61.5 million shares. At the time, that represented a holding of a bit more than 6%.
Source Fool.com
