Russell Investments Group Ltd. Purchases 433,624 Shares of Lumen Technologies, Inc. $LUMN

Russell Investments Group Ltd. lifted its position in Lumen Technologies, Inc. (NYSE:LUMN) by 50.1% in the second quarter, Holdings Channel.com reports. The firm owned 1,299,042 shares of the technology company’s stock after purchasing an additional 433,624 shares during the quarter. Russell Investments Group Ltd.’s holdings in Lumen Technologies were worth $9,985,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. Janney Montgomery Scott LLC purchased a new position in shares of Lumen Technologies during the 2nd quarter valued at about $99,000. Caitong International Asset Management Co. Ltd lifted its position in Lumen Technologies by 9,657.1% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 26,149 shares of the technology company’s stock worth $201,000 after buying an additional 25,881 shares during the last quarter. Hilton Capital Management LLC boosted its stake in Lumen Technologies by 5.4% in the second quarter. Hilton Capital Management LLC now owns 441,795 shares of the technology company’s stock worth $3,393,000 after buying an additional 22,654 shares in the last quarter. Fox Run Management L.L.C. grew its position in Lumen Technologies by 166.8% during the second quarter. Fox Run Management L.L.C. now owns 104,732 shares of the technology company’s stock valued at $804,000 after acquiring an additional 65,484 shares during the last quarter. Finally, Archer Investment Corp grew its position in Lumen Technologies by 18.1% during the second quarter. Archer Investment Corp now owns 26,095 shares of the technology company’s stock valued at $200,000 after acquiring an additional 4,000 shares during the last quarter. 66.19% of the stock is currently owned by institutional investors.

Insider Activity at Lumen Technologies

In other news, CEO Kathleen E. Johnson purchased 100,000 shares of the stock in a transaction that occurred on Thursday, August 6th. The stock was bought at an average cost of $6.13 per share, for a total transaction of $613,000.00. Following the acquisition, the chief executive officer directly owned 100,000 shares of the company’s stock, valued at $613,000. This represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 2.30% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on LUMN shares. JPMorgan Chase & Co. boosted their price objective on shares of Lumen Technologies from $6.00 to $7.00 and gave the stock a “neutral” rating in a report on Monday, May 11th. UBS Group increased their target price on shares of Lumen Technologies from $6.00 to $8.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Wells Fargo & Company decreased their target price on shares of Lumen Technologies from $9.00 to $7.50 and set an “equal weight” rating on the stock in a research report on Wednesday, August 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of Lumen Technologies in a research note on Friday, July 17th. Finally, The Goldman Sachs Group cut their price target on shares of Lumen Technologies from $8.50 to $7.25 and set a “neutral” rating for the company in a research report on Wednesday, August 5th. Nine analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and a consensus target price of $7.86.

Lumen Technologies Price Performance

Shares of Lumen Technologies stock opened at $6.70 on Friday. The business’s 50 day simple moving average is $7.06 and its two-hundred day simple moving average is $7.76. The stock has a market capitalization of $6.91 billion, a P/E ratio of -6.56 and a beta of 1.78. Lumen Technologies, Inc. has a one year low of $4.27 and a one year high of $11.95.

Lumen Technologies (NYSE:LUMN) last announced its quarterly earnings data 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 company had revenue of $2.81 billion during the quarter, compared to the consensus estimate of $2.74 billion. The business’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 firm posted ($0.03) EPS. Sell-side analysts expect that Lumen Technologies, Inc. will post -0.42 earnings per share for the current fiscal year.

Lumen Technologies Company 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.