2,414,163 Shares in Lumen Technologies, Inc. $LUMN Bought by Legal & General Group Plc

Key Points

• Legal & General Group Plc purchased 2.41 million Lumen Technologies shares in the second quarter, valued at approximately $18.5 million and representing 0.23% of the company. Institutional investors and hedge funds collectively own 66.19% of Lumen.
• Lumen reported quarterly revenue of $2.81 billion and an adjusted loss of $0.07 per share, beating analyst estimates, though revenue declined 9.3% year over year.
• The stock opened at $6.05, well below its 12-month high of $11.95. Analysts maintain a largely cautious view, with a consensus “Reduce” rating and an average price target of $7.86.

Legal & General Group Plc purchased a new stake in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,414,163 shares of the technology company's stock, valued at approximately $18,541,000. Legal & General Group Plc owned 0.23% of Lumen Technologies at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Kemnay Advisory Services Inc. acquired a new position in shares of Lumen Technologies during the 4th quarter worth about $25,000. Ascentis Independent Advisors bought a new position in Lumen Technologies in the 1st quarter worth approximately $27,000. International Assets Investment Management LLC acquired a new position in shares of Lumen Technologies during the fourth quarter worth approximately $30,000. Versant Capital Management Inc boosted its position in shares of Lumen Technologies by 90.3% in the second quarter. Versant Capital Management Inc now owns 3,920 shares of the technology company's stock valued at $30,000 after acquiring an additional 1,860 shares during the period. Finally, Trust Asset Management LLC acquired a new stake in shares of Lumen Technologies in the second quarter worth $34,000. 66.19% of the stock is owned by institutional investors and hedge funds.

Lumen Technologies Stock Performance

Shares of Lumen Technologies stock opened at $6.05 on Monday. The firm has a market cap of $6.24 billion, a P/E ratio of -5.93 and a beta of 1.79. The firm's 50-day simple moving average is $6.59 and its 200-day simple moving average is $7.60. Lumen Technologies, Inc. has a twelve month low of $4.57 and a twelve month high of $11.95.

Lumen Technologies (NYSE:LUMN - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The technology company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.06. The business had revenue of $2.81 billion during the quarter, compared to analyst estimates of $2.74 billion. During the same period last year, the company earned ($0.03) EPS. The business's revenue for the quarter was down 9.3% on a year-over-year basis. On average, equities analysts forecast that Lumen Technologies, Inc. will post -0.52 earnings per share for the current fiscal year.

Insider Activity at Lumen Technologies

In related news, CEO Kathleen E. Johnson purchased 100,000 shares of the firm's stock in a transaction that occurred on Thursday, August 6th. The shares were acquired at an average price of $6.13 per share, with a total value of $613,000.00. Following the purchase, the chief executive officer directly owned 100,000 shares in the company, valued at $613,000. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.30% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Zacks Research cut shares of Lumen Technologies from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 5th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Lumen Technologies in a research note on Friday, July 17th. TD Cowen boosted their price target on Lumen Technologies from $8.00 to $9.00 and gave the company a "hold" rating in a research note on Wednesday, May 6th. The Goldman Sachs Group cut their price target on Lumen Technologies from $8.50 to $7.25 and set a "neutral" rating for the company in a report on Wednesday, August 5th. Finally, Wells Fargo & Company decreased their price objective 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. Nine equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Reduce" and a consensus price target 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.

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