Lumen Technologies, Inc. (NYSE:LUMN) Receives Average Rating of “Reduce” from Brokerages

Lumen Technologies, Inc. (NYSE:LUMN) has been assigned an average rating of “Reduce” from the ten brokerages that are covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation and nine have given a hold recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $7.8571.

LUMN has been the topic of several research analyst reports. The Goldman Sachs Group lowered their price objective on Lumen Technologies from $8.50 to $7.25 and set a “neutral” rating on the stock in a report on Wednesday, August 5th. TD Cowen lifted their price target on Lumen Technologies from $8.00 to $9.00 and gave the stock a “hold” rating in a research note on Wednesday, May 6th. Wall Street Zen upgraded Lumen Technologies from a “sell” rating to a “hold” rating in a report on Sunday, August 9th. Citigroup reduced their target price on shares of Lumen Technologies from $10.00 to $8.25 and set a “neutral” rating for the company in a research report on Tuesday, August 11th. Finally, JPMorgan Chase & Co. raised their price target on shares of Lumen Technologies from $6.00 to $7.00 and gave the stock a “neutral” rating in a research note on Monday, May 11th.

Insider Activity at Lumen Technologies

In related news, CEO Kathleen E. Johnson acquired 100,000 shares of Lumen Technologies stock in a transaction that occurred on Thursday, August 6th. The shares were purchased at an average price of $6.13 per share, for a total transaction of $613,000.00. Following the completion of the transaction, the chief executive officer owned 100,000 shares in the company, valued at $613,000. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of LUMN. Allianz Asset Management GmbH raised its position in shares of Lumen Technologies by 18.7% during the 2nd quarter. Allianz Asset Management GmbH now owns 10,074,316 shares of the technology company’s stock valued at $77,371,000 after buying an additional 1,585,083 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Lumen Technologies during the second quarter worth $2,513,000. California State Teachers Retirement System raised its position in Lumen Technologies by 649.4% in the second quarter. California State Teachers Retirement System now owns 8,472,745 shares of the technology company’s stock valued at $65,071,000 after purchasing an additional 7,342,204 shares during the period. HB Wealth Management LLC lifted its stake in shares of Lumen Technologies by 15.8% in the 2nd quarter. HB Wealth Management LLC now owns 15,472 shares of the technology company’s stock valued at $119,000 after purchasing an additional 2,114 shares during the last quarter. Finally, Compass Financial Management LLC purchased a new position in shares of Lumen Technologies during the 2nd quarter worth $79,000. Hedge funds and other institutional investors own 66.19% of the company’s stock.

Lumen Technologies Stock Up 7.1%

LUMN opened at $6.83 on Thursday. The company has a market cap of $7.05 billion, a price-to-earnings ratio of -6.70 and a beta of 1.78. Lumen Technologies has a 52-week low of $4.57 and a 52-week high of $11.95. The firm’s fifty day simple moving average is $6.50 and its two-hundred day simple moving average is $7.57.

Lumen Technologies (NYSE:LUMN) last released its earnings results 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 analysts’ expectations of $2.74 billion. During the same period in the prior year, the firm earned ($0.03) EPS. The firm’s revenue for the quarter was down 9.3% on a year-over-year basis. On average, research analysts forecast that Lumen Technologies will post -0.52 EPS for the current year.

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.