Quantbot Technologies LP Purchases New Position in Lumen Technologies, Inc. $LUMN

Quantbot Technologies LP acquired a new position in Lumen Technologies, Inc. (NYSE:LUMN) during the second quarter, Holdings Channel reports. The institutional investor acquired 105,183 shares of the technology company’s stock, valued at approximately $808,000.

A number of other institutional investors have also recently added to or reduced their stakes in LUMN. JPMorgan Chase & Co. increased its stake in shares of Lumen Technologies by 324.7% during the 4th quarter. JPMorgan Chase & Co. now owns 22,211,742 shares of the technology company’s stock worth $172,585,000 after purchasing an additional 16,981,326 shares during the last quarter. Norges Bank acquired a new stake in shares of Lumen Technologies in the 4th quarter valued at $106,557,000. Price T Rowe Associates Inc. MD boosted its holdings in Lumen Technologies by 737.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,043,124 shares of the technology company’s stock worth $62,496,000 after purchasing an additional 7,082,560 shares in the last quarter. Bank of New York Mellon Corp increased its position in Lumen Technologies by 87.2% during the second quarter. Bank of New York Mellon Corp now owns 10,489,367 shares of the technology company’s stock worth $80,558,000 after buying an additional 4,886,999 shares during the last quarter. Finally, BlackRock Inc. raised its holdings in Lumen Technologies by 3.5% during the second quarter. BlackRock Inc. now owns 142,261,845 shares of the technology company’s stock valued at $1,092,571,000 after buying an additional 4,796,141 shares in the last quarter. 66.19% of the stock is currently owned by institutional investors and hedge funds.

Lumen Technologies Stock Performance

Lumen Technologies stock opened at $6.08 on Thursday. Lumen Technologies, Inc. has a 52 week low of $4.57 and a 52 week high of $11.95. The firm has a market capitalization of $6.27 billion, a PE ratio of -5.96 and a beta of 1.78. The business’s 50-day simple moving average is $6.67 and its 200-day simple moving average is $7.63.

Lumen Technologies (NYSE:LUMN) last announced its earnings results on Tuesday, August 4th. The technology company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.06. The business had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.74 billion. Lumen Technologies’s revenue for the quarter was down 9.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.03) EPS. Research analysts forecast that Lumen Technologies, Inc. will post -0.42 earnings per share for the current year.

Insider Buying and Selling at Lumen Technologies

In other Lumen Technologies news, CEO Kathleen E. Johnson acquired 100,000 shares of Lumen Technologies stock in a transaction dated Thursday, August 6th. The stock was bought at an average cost of $6.13 per share, with a total value of $613,000.00. Following the completion of the transaction, the chief executive officer owned 100,000 shares of the company’s stock, valued at $613,000. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.30% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on LUMN. TD Cowen boosted their price target on Lumen Technologies from $8.00 to $9.00 and gave the stock a “hold” rating in a research report on Wednesday, May 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Lumen Technologies in a report on Friday, July 17th. UBS Group upped their target price on Lumen Technologies from $6.00 to $8.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Citigroup dropped their price target on shares of Lumen Technologies from $10.00 to $8.25 and set a “neutral” rating on the stock in a research report on Tuesday, August 11th. Finally, Wells Fargo & Company reduced their price objective on shares of Lumen Technologies from $9.00 to $7.50 and set an “equal weight” rating for the company in a research note on Wednesday, August 5th. Nine equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus target price of $7.86.

Lumen Technologies Profile

Lumen Technologies is a multinational technology company specializing in integrated network, edge cloud, security and collaboration services for enterprise and public sector clients. The company’s core offerings include high-capacity fiber and IP-based connectivity, managed edge computing solutions designed to accelerate applications and data processing closer to end users, and cybersecurity services ranging from DDoS protection to unified threat management. Through its unified portfolio, Lumen enables organizations to support digital transformation initiatives, modernize infrastructure and enhance operational resilience.

Leveraging one of the largest fiber footprints in North America, as well as infrastructure in Latin America and parts of Europe, Lumen connects customers across more than 60 countries.