Citigroup Issues Positive Forecast for Lumen Technologies (NYSE:LUMN) Stock Price

Key Points

• Citigroup raised its price target for Lumen Technologies from $6.00 to $7.50, indicating a potential upside of 30.78% based on the company's previous close, and maintains a "buy" rating on the stock.
• Other analysts have also upgraded or adjusted their ratings on Lumen Technologies, leading to an average rating of "Hold" with a target price of $5.31.
• Insider buying activity has been noted, including a purchase of 135,870 shares by CEO Kathleen E. Johnson at $3.69 per share, suggesting increased confidence in the company's future.

Lumen Technologies (NYSE:LUMN - Get Free Report) had its price target raised by Citigroup from $6.00 to $7.50 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the technology company's stock. Citigroup's price target suggests a potential upside of 30.78% from the company's previous close.

A number of other research analysts have also weighed in on the company. Wall Street Zen upgraded Lumen Technologies from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd. The Goldman Sachs Group began coverage on Lumen Technologies in a report on Tuesday, September 2nd. They set a "neutral" rating and a $4.10 price target on the stock. Raymond James Financial lifted their price target on Lumen Technologies from $4.50 to $5.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Finally, BNP Paribas upgraded Lumen Technologies to a "hold" rating in a report on Wednesday, June 25th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $5.31.

Lumen Technologies Stock Up 1.3%

Shares of LUMN stock traded up $0.08 during trading hours on Thursday, reaching $5.74. The company had a trading volume of 3,186,814 shares, compared to its average volume of 13,068,687. Lumen Technologies has a 12 month low of $3.01 and a 12 month high of $10.33. The company has a debt-to-equity ratio of 59.98, a current ratio of 2.13 and a quick ratio of 2.13. The business has a fifty day simple moving average of $4.78 and a 200-day simple moving average of $4.32. The company has a market cap of $5.88 billion, a price-to-earnings ratio of -4.85 and a beta of 1.42.

Lumen Technologies (NYSE:LUMN - Get Free Report) last posted its earnings results on Thursday, July 31st. The technology company reported ($0.03) earnings per share for the quarter, beating analysts' consensus estimates of ($0.24) by $0.21. Lumen Technologies had a negative return on equity of 158.40% and a negative net margin of 9.19%.The company had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.11 billion. During the same quarter last year, the company earned ($0.13) earnings per share. The company's revenue for the quarter was down 5.4% on a year-over-year basis. On average, research analysts expect that Lumen Technologies will post -0.87 earnings per share for the current fiscal year.

Insider Buying and Selling at Lumen Technologies

In related news, CEO Kathleen E. Johnson purchased 135,870 shares of Lumen Technologies stock in a transaction dated Tuesday, August 5th. The stock was bought at an average cost of $3.69 per share, for a total transaction of $501,360.30. Following the completion of the transaction, the chief executive officer owned 9,616,947 shares in the company, valued at $35,486,534.43. This trade represents a 1.43% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Christopher Stansbury bought 42,000 shares of Lumen Technologies stock in a transaction that occurred on Thursday, August 14th. The shares were acquired at an average price of $4.29 per share, with a total value of $180,180.00. Following the completion of the transaction, the chief financial officer owned 518,000 shares of the company's stock, valued at $2,222,220. This represents a 8.82% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 217,870 shares of company stock valued at $859,140. 2.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Lumen Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Front Street Capital Management Inc. grew its position in Lumen Technologies by 1.1% during the second quarter. Front Street Capital Management Inc. now owns 11,969,084 shares of the technology company's stock worth $52,425,000 after buying an additional 132,131 shares in the last quarter. Man Group plc grew its position in Lumen Technologies by 3.3% during the second quarter. Man Group plc now owns 11,486,835 shares of the technology company's stock worth $50,312,000 after buying an additional 364,436 shares in the last quarter. Norges Bank purchased a new position in Lumen Technologies during the second quarter worth about $47,923,000. Invesco Ltd. grew its position in Lumen Technologies by 6.3% during the second quarter. Invesco Ltd. now owns 10,928,906 shares of the technology company's stock worth $47,869,000 after buying an additional 652,124 shares in the last quarter. Finally, Allianz Asset Management GmbH lifted its stake in Lumen Technologies by 8.5% during the second quarter. Allianz Asset Management GmbH now owns 9,520,500 shares of the technology company's stock worth $41,700,000 after purchasing an additional 748,185 shares during the last quarter. 66.19% of the stock is currently owned by hedge funds and other 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.

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