Lumen Technologies, Inc. (NYSE:LUMN) Shares Purchased by Intech Investment Management LLC

Intech Investment Management LLC grew its stake in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 203.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 404,207 shares of the technology company’s stock after purchasing an additional 271,118 shares during the quarter. Intech Investment Management LLC’s holdings in Lumen Technologies were worth $2,870,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Millennium Management LLC raised its stake in Lumen Technologies by 129.8% during the 2nd quarter. Millennium Management LLC now owns 7,854,906 shares of the technology company’s stock worth $8,640,000 after acquiring an additional 4,436,710 shares in the last quarter. Front Street Capital Management Inc. increased its position in shares of Lumen Technologies by 30.1% during the second quarter. Front Street Capital Management Inc. now owns 11,661,112 shares of the technology company’s stock worth $12,827,000 after purchasing an additional 2,697,423 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Lumen Technologies by 1,081.0% in 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 purchasing an additional 2,168,325 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Lumen Technologies by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 120,303,220 shares of the technology company’s stock valued at $187,673,000 after purchasing an additional 1,975,400 shares during the period. Finally, Sequoia Financial Advisors LLC purchased a new position in Lumen Technologies during the 3rd quarter worth approximately $10,062,000. Hedge funds and other institutional investors own 66.19% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Bank of America boosted their price objective on Lumen Technologies from $1.00 to $2.00 and gave the company an “underperform” rating in a research note on Thursday, August 8th. Wells Fargo & Company downgraded shares of Lumen Technologies from an “equal weight” rating to an “underweight” rating and upped their price target for the company from $1.75 to $4.00 in a research report on Friday, August 16th. TD Cowen lowered their price objective on shares of Lumen Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a research report on Wednesday, November 6th. UBS Group upped their target price on shares of Lumen Technologies from $1.50 to $5.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Finally, The Goldman Sachs Group raised their price target on Lumen Technologies from $4.50 to $5.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Three research analysts have rated the stock with a sell rating and five have given a hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $4.02.

Insider Transactions at Lumen Technologies

In other news, Director James Fowler purchased 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were acquired at an average price of $4.70 per share, with a total value of $47,000.00. Following the purchase, the director now directly owns 384,056 shares of the company’s stock, valued at $1,805,063.20. The trade was a 2.67 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 1.68% of the company’s stock.

Lumen Technologies Price Performance

Shares of NYSE:LUMN opened at $7.88 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 50-day moving average price of $7.15 and a 200 day moving average price of $4.25. The company has a market cap of $8.00 billion, a P/E ratio of -3.63 and a beta of 1.21. 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 posted its quarterly earnings results on Tuesday, November 5th. The technology company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.04). The business had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.21 billion. Lumen Technologies had a negative net margin of 16.06% and a negative return on equity of 49.74%. The firm’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.09) earnings per share. Research analysts predict 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.