Insider Buying: Lumen Technologies, Inc. (NYSE:LUMN) Director Purchases 10,000 Shares of Stock

Lumen Technologies, Inc. (NYSE:LUMN) Director James Fowler bought 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average cost of $4.70 per share, with a total value of $47,000.00. Following the completion of the purchase, the director now directly owns 384,056 shares of the company’s stock, valued at approximately $1,805,063.20. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Lumen Technologies Price Performance

NYSE LUMN traded down $0.54 during trading on Tuesday, hitting $4.71. 25,906,331 shares of the company’s stock were exchanged, compared to its average volume of 20,518,906. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 39.51. The company has a market cap of $4.78 billion, a PE ratio of -0.43 and a beta of 1.14. Lumen Technologies, Inc. has a fifty-two week low of $0.78 and a fifty-two week high of $7.83. The stock’s 50 day moving average price is $3.17 and its two-hundred day moving average price is $2.02.

Lumen Technologies (NYSE:LUMN) last released its quarterly earnings results on Tuesday, August 6th. The technology company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.07). The firm had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.25 billion. Lumen Technologies had a negative return on equity of 18.52% and a negative net margin of 15.06%. The business’s revenue for the quarter was down 10.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.10 earnings per share. Research analysts expect that Lumen Technologies, Inc. will post -0.17 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have commented on LUMN. Wells Fargo & Company cut shares of Lumen Technologies from an “equal weight” rating to an “underweight” rating and lifted their price objective for the stock from $1.75 to $4.00 in a research report on Friday, August 16th. Moffett Nathanson lifted their target price on Lumen Technologies from $1.00 to $3.00 and gave the stock a “sell” rating in a report on Wednesday, August 7th. The Goldman Sachs Group raised Lumen Technologies from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $1.00 to $4.00 in a report on Wednesday, August 7th. Bank of America lifted their target price on Lumen Technologies from $1.00 to $2.00 and gave the stock an “underperform” rating in a report on Thursday, August 8th. Finally, TD Cowen lifted their target price on Lumen Technologies from $2.50 to $7.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. Four analysts have rated the stock with a sell rating and five have given a hold rating to the company. Based on data from MarketBeat.com, Lumen Technologies presently has an average rating of “Hold” and a consensus price target of $3.74.

Institutional Trading of Lumen Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its holdings in Lumen Technologies by 28.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 26,304,001 shares of the technology company’s stock valued at $48,136,000 after acquiring an additional 5,782,249 shares during the last quarter. Palestra Capital Management LLC boosted its holdings in Lumen Technologies by 71.0% in the fourth quarter. Palestra Capital Management LLC now owns 11,167,585 shares of the technology company’s stock valued at $20,437,000 after acquiring an additional 4,637,585 shares during the last quarter. Millennium Management LLC boosted its holdings 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 acquiring an additional 4,436,710 shares during the last quarter. Front Street Capital Management Inc. boosted its holdings in shares of 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 worth $12,827,000 after buying an additional 2,697,423 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Lumen Technologies by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 120,303,220 shares of the technology company’s stock worth $187,673,000 after buying an additional 1,975,400 shares in the last quarter. 66.19% of the stock is currently owned by institutional investors.

About Lumen Technologies

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.