Strs Ohio Acquires Shares of 273,800 Lumen Technologies, Inc. $LUMN

Key Points

• Strs Ohio acquired 273,800 shares of Lumen Technologies, valued at approximately $1,073,000, indicating growing institutional interest in the company.
• Several institutional investors, including GK Wealth Management and McAdam LLC, have recently increased their stakes in Lumen Technologies, reflecting rising confidence in its potential despite challenging earnings reports.
• Lumen Technologies reported a negative return on equity of 158.40% and a decline in revenue compared to the previous year, raising concerns about its financial performance amidst the current market environment.

Strs Ohio acquired a new stake in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 273,800 shares of the technology company's stock, valued at approximately $1,073,000.

Other large investors also recently made changes to their positions in the company. Envestnet Portfolio Solutions Inc. increased its stake in shares of Lumen Technologies by 92.2% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 40,068 shares of the technology company's stock worth $157,000 after purchasing an additional 19,216 shares during the period. Woodline Partners LP bought a new position in shares of Lumen Technologies during the first quarter worth approximately $5,006,000. Lazard Asset Management LLC increased its stake in shares of Lumen Technologies by 3,825.7% during the fourth quarter. Lazard Asset Management LLC now owns 7,498 shares of the technology company's stock worth $39,000 after purchasing an additional 7,307 shares during the period. Ritholtz Wealth Management bought a new position in shares of Lumen Technologies during the first quarter worth approximately $43,000. Finally, Cambridge Investment Research Advisors Inc. increased its stake in shares of Lumen Technologies by 88.3% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 84,475 shares of the technology company's stock worth $331,000 after purchasing an additional 39,619 shares during the period. Institutional investors own 66.19% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on LUMN. Raymond James Financial raised their price objective on Lumen Technologies from $4.50 to $5.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. BNP Paribas upgraded Lumen Technologies to a "hold" rating in a research note on Wednesday, June 25th. Wall Street Zen upgraded Lumen Technologies from a "sell" rating to a "hold" rating in a research note on Sunday, August 3rd. Finally, The Goldman Sachs Group began coverage on Lumen Technologies in a research note on Tuesday, September 2nd. They set a "neutral" rating and a $4.10 price objective on the stock. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $5.14.

Insider Buying and Selling

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

Lumen Technologies Price Performance

Shares of NYSE LUMN traded down $0.05 during mid-day trading on Friday, hitting $5.70. 49,965,378 shares of the stock traded hands, compared to its average volume of 16,366,805. The company has a market cap of $5.85 billion, a PE ratio of -4.83 and a beta of 1.42. Lumen Technologies, Inc. has a twelve month low of $3.01 and a twelve month high of $10.33. The firm has a 50 day simple moving average of $4.69 and a two-hundred day simple moving average of $4.30. The company has a debt-to-equity ratio of 59.98, a current ratio of 2.13 and a quick ratio of 2.13.

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

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.