790,988 Shares in Lumen Technologies, Inc. $LUMN Acquired by Man Group plc

Key Points

• Man Group plc acquired 790,988 shares of Lumen Technologies during the second quarter, valued at approximately $6.1 million and representing a 0.08% stake.
• Institutional investors and hedge funds own 66.19% of Lumen, while CEO Kathleen E. Johnson bought 100,000 shares for about $613,000.
• Lumen beat quarterly earnings and revenue estimates, but revenue fell 9.3% year over year. Analysts maintain a predominantly cautious view, with an average “Reduce” rating and a $7.86 price target versus the stock’s $6.05 opening price.

Man Group plc purchased a new stake in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 790,988 shares of the technology company's stock, valued at approximately $6,075,000. Man Group plc owned 0.08% of Lumen Technologies as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of LUMN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Lumen Technologies by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 602,705 shares of the technology company's stock worth $2,363,000 after acquiring an additional 26,305 shares during the period. Empowered Funds LLC grew its position in Lumen Technologies by 26.8% in the 1st quarter. Empowered Funds LLC now owns 272,031 shares of the technology company's stock worth $1,066,000 after purchasing an additional 57,522 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Lumen Technologies by 11.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,985,216 shares of the technology company's stock worth $11,702,000 after purchasing an additional 300,328 shares during the period. Cetera Investment Advisers raised its position in shares of Lumen Technologies by 15.8% during the second quarter. Cetera Investment Advisers now owns 119,673 shares of the technology company's stock valued at $524,000 after buying an additional 16,332 shares during the last quarter. Finally, 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. 66.19% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Lumen Technologies

In other news, CEO Kathleen E. Johnson bought 100,000 shares of the business's stock in a transaction 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 purchase, the chief executive officer owned 100,000 shares of the company's stock, valued at approximately $613,000. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.30% of the stock is currently owned by company insiders.

Lumen Technologies Stock Performance

Shares of LUMN stock opened at $6.05 on Friday. The firm's 50 day moving average price is $6.59 and its two-hundred day moving average price is $7.60. Lumen Technologies, Inc. has a 52-week low of $4.57 and a 52-week high of $11.95. The stock has a market cap of $6.24 billion, a PE ratio of -5.93 and a beta of 1.78.

Lumen Technologies (NYSE:LUMN - Get Free Report) last issued its earnings results on Tuesday, August 4th. The technology company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.06. The firm had revenue of $2.81 billion during the quarter, compared to the consensus estimate of $2.74 billion. The firm's revenue for the quarter was down 9.3% on a year-over-year basis. During the same period in the previous year, the company posted ($0.03) EPS. As a group, sell-side analysts predict that Lumen Technologies, Inc. will post -0.52 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of Lumen Technologies in a research report on Friday, July 17th. UBS Group increased their target price on Lumen Technologies from $6.00 to $8.00 and gave the stock a "neutral" rating in a report on Wednesday, May 6th. The Goldman Sachs Group decreased their price target on Lumen Technologies from $8.50 to $7.25 and set a "neutral" rating on the stock in a research note on Wednesday, August 5th. Wells Fargo & Company lowered their price target on Lumen Technologies from $9.00 to $7.50 and set an "equal weight" rating on the stock in a research report on Wednesday, August 5th. Finally, TD Cowen lifted their price objective on Lumen Technologies from $8.00 to $9.00 and gave the company a "hold" rating in a report on Wednesday, May 6th. Nine equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Reduce" and an average target price of $7.86.

Lumen Technologies Company Profile

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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