Quarry LP Takes $216,000 Position in Lumen Technologies, Inc. $LUMN

Key Points

• Quarry LP acquired 55,000 shares of Lumen Technologies, valued at approximately $216,000, in the first quarter, highlighting increased institutional interest in the company.
• CEO Kathleen Johnson and CFO Christopher Stansbury recently made significant insider purchases, buying 135,870 and 42,000 shares respectively, indicating confidence in Lumen's future performance.
• Analysts have upgraded their ratings on Lumen Technologies, with a consensus price target of $5.29, reflecting optimism about the company's growth despite recent earnings reporting a revenue decline.

Quarry LP bought a new position in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 55,000 shares of the technology company's stock, valued at approximately $216,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Lazard Asset Management LLC raised its stake in Lumen Technologies by 3,825.7% during the 4th quarter. Lazard Asset Management LLC now owns 7,498 shares of the technology company's stock valued at $39,000 after purchasing an additional 7,307 shares during the period. Conning Inc. acquired a new position in shares of Lumen Technologies in the 1st quarter worth approximately $39,000. Quantinno Capital Management LP acquired a new position in shares of Lumen Technologies in the 4th quarter worth approximately $54,000. OneDigital Investment Advisors LLC acquired a new stake in shares of Lumen Technologies in the first quarter valued at approximately $41,000. Finally, Meeder Advisory Services Inc. acquired a new stake in shares of Lumen Technologies in the first quarter valued at approximately $41,000. Institutional investors and hedge funds own 66.19% of the company's stock.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at Lumen Technologies

In related news, CEO Kathleen E. Johnson purchased 135,870 shares of the firm's stock in a transaction on Tuesday, August 5th. The stock was purchased 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 in the company, valued at approximately $35,486,534.43. This trade represents a 1.43% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Christopher Stansbury purchased 42,000 shares of the firm's stock in a transaction on Thursday, August 14th. The stock was bought at an average cost of $4.29 per share, with a total value of $180,180.00. Following the completion of the purchase, the chief financial officer owned 518,000 shares of the company's stock, valued at approximately $2,222,220. This represents a 8.82% increase in their position. The disclosure for this purchase can be found here. Insiders have bought 217,870 shares of company stock valued at $859,140 in the last ninety days. Insiders own 2.30% of the company's stock.

Lumen Technologies Price Performance

Shares of NYSE LUMN traded down $0.23 during trading hours on Friday, hitting $4.75. 16,225,832 shares of the stock were exchanged, compared to its average volume of 12,601,550. Lumen Technologies, Inc. has a 1-year low of $3.01 and a 1-year high of $10.33. The company has a debt-to-equity ratio of 59.98, a quick ratio of 2.13 and a current ratio of 2.13. The company has a market cap of $4.87 billion, a PE ratio of -4.02 and a beta of 1.42. The company's fifty day simple moving average is $4.45 and its two-hundred day simple moving average is $4.22.

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

Lumen Technologies Profile

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.