Legal & General Group Plc Makes New Investment in Lumen Technologies, Inc. $LUMN

Legal & General Group Plc bought a new stake in Lumen Technologies, Inc. (NYSE:LUMN) in the second quarter, Holdings Channel reports. The institutional investor bought 2,414,163 shares of the technology company’s stock, valued at approximately $18,541,000.

A number of other large investors have also bought and sold shares of LUMN. CapWealth Advisors LLC increased its stake in shares of Lumen Technologies by 3.2% in the fourth quarter. CapWealth Advisors LLC now owns 6,699,685 shares of the technology company’s stock valued at $52,057,000 after buying an additional 204,970 shares in the last quarter. Russell Investments Group Ltd. lifted its position in Lumen Technologies by 50.1% during the 2nd quarter. Russell Investments Group Ltd. now owns 1,299,042 shares of the technology company’s stock worth $9,985,000 after buying an additional 433,624 shares in the last quarter. BlackRock Inc. grew its holdings in Lumen Technologies by 3.5% during the 2nd quarter. BlackRock Inc. now owns 142,261,845 shares of the technology company’s stock worth $1,092,571,000 after acquiring an additional 4,796,141 shares during the last quarter. Bank of America Corp DE increased its position in Lumen Technologies by 28.9% in the 1st quarter. Bank of America Corp DE now owns 3,010,141 shares of the technology company’s stock valued at $20,920,000 after acquiring an additional 674,625 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Lumen Technologies in the second quarter worth about $24,767,000. 66.19% of the stock is currently owned by institutional investors.

Lumen Technologies Stock Up 0.2%

LUMN stock opened at $6.05 on Monday. Lumen Technologies, Inc. has a twelve month low of $4.57 and a twelve month high of $11.95. The company has a market cap of $6.24 billion, a P/E ratio of -5.93 and a beta of 1.79. The business’s fifty day moving average is $6.59 and its 200-day moving average is $7.60.

Lumen Technologies (NYSE:LUMN) last announced its quarterly earnings data on Tuesday, August 4th. The technology company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.06. The company had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.74 billion. During the same period last year, the firm earned ($0.03) earnings per share. The firm’s revenue for the quarter was down 9.3% on a year-over-year basis. Research analysts anticipate that Lumen Technologies, Inc. will post -0.52 earnings per share for the current fiscal year.

Insider Buying and Selling at Lumen Technologies

In other news, CEO Kathleen E. Johnson purchased 100,000 shares of the business’s stock in a transaction that occurred on Thursday, August 6th. The shares were acquired at an average cost of $6.13 per share, for a total transaction of $613,000.00. Following the transaction, the chief executive officer directly owned 100,000 shares of the company’s stock, valued at approximately $613,000. The trade was a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. 2.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

LUMN has been the topic of several research analyst reports. Zacks Research cut shares of Lumen Technologies from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 5th. Wall Street Zen upgraded Lumen Technologies from a “sell” rating to a “hold” rating in a research report on Sunday, August 9th. The Goldman Sachs Group dropped their target price on Lumen Technologies from $8.50 to $7.25 and set a “neutral” rating for the company in a research report on Wednesday, August 5th. Wells Fargo & Company decreased their price target on Lumen Technologies from $9.00 to $7.50 and set an “equal weight” rating on the stock in a report on Wednesday, August 5th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Lumen Technologies in a report on Friday, July 17th. Nine investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Lumen Technologies presently has an average rating of “Reduce” and an average target price of $7.86.

About Lumen Technologies

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.