Acadian Asset Management LLC Increases Holdings in Lumen Technologies, Inc. $LUMN

Key Points

• Acadian Asset Management LLC increased its stake in Lumen Technologies by 50.6%, acquiring an additional 270,027 shares to hold a total of 804,061 shares, valued at approximately $3.15 million.
• Recent insider purchases at Lumen include CEO Kathleen E. Johnson buying 135,870 shares and CFO Christopher Stansbury acquiring 40,000 shares, indicating increased confidence from company leadership.
• Lumen Technologies' stock has received mixed ratings from analysts, with a consensus of "Hold" and an average price target of $5.14, despite a recent stock price decline of 3.6%.

Acadian Asset Management LLC boosted its position in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 50.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 804,061 shares of the technology company's stock after purchasing an additional 270,027 shares during the quarter. Acadian Asset Management LLC owned about 0.08% of Lumen Technologies worth $3,146,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the company. Intech Investment Management LLC boosted its stake in shares of Lumen Technologies by 24.7% during the 1st quarter. Intech Investment Management LLC now owns 1,221,905 shares of the technology company's stock valued at $4,790,000 after purchasing an additional 242,418 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake 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 valued at $11,702,000 after purchasing an additional 300,328 shares in the last quarter. Optimize Financial Inc boosted its stake in shares of Lumen Technologies by 74.0% during the 1st quarter. Optimize Financial Inc now owns 278,527 shares of the technology company's stock valued at $1,092,000 after purchasing an additional 118,430 shares in the last quarter. Woodline Partners LP bought a new stake in shares of Lumen Technologies during the 1st quarter valued at about $5,006,000. Finally, Empowered Funds LLC boosted its stake in shares of Lumen Technologies by 26.8% during the 1st quarter. Empowered Funds LLC now owns 272,031 shares of the technology company's stock valued at $1,066,000 after purchasing an additional 57,522 shares in the last quarter. Institutional investors own 66.19% of the company's stock.

Insiders Place Their Bets

In other Lumen Technologies news, CEO Kathleen E. Johnson purchased 135,870 shares of the business's 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 acquisition, the chief executive officer directly owned 9,616,947 shares in the company, valued at $35,486,534.43. This represents a 1.43% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Christopher Stansbury acquired 42,000 shares of the stock in a transaction dated Thursday, August 14th. The shares were purchased at an average price of $4.29 per share, for a total transaction 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 trade represents a 8.82% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 217,870 shares of company stock valued at $859,140 in the last quarter. 2.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Raymond James Financial boosted their price objective 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. The Goldman Sachs Group initiated coverage on shares of Lumen Technologies in a report on Tuesday, September 2nd. They set a "neutral" rating and a $4.10 price objective for the company. BNP Paribas raised shares of Lumen Technologies to a "hold" rating in a report on Wednesday, June 25th. Finally, Wall Street Zen upgraded shares of Lumen Technologies from a "sell" rating to a "hold" rating in a research report on Sunday, August 3rd. Two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $5.14.

Lumen Technologies Trading Down 0.9%

LUMN traded down $0.05 during midday trading on Friday, hitting $5.70. The company's stock had a trading volume of 49,965,378 shares, compared to its average volume of 16,366,805. The company has a current ratio of 2.13, a quick ratio of 2.13 and a debt-to-equity ratio of 59.98. Lumen Technologies, Inc. has a 52-week low of $3.01 and a 52-week high of $10.33. The firm has a market cap of $5.85 billion, a P/E ratio of -4.83 and a beta of 1.42. The firm has a 50-day moving average price of $4.69 and a two-hundred day moving average price of $4.30.

Lumen Technologies (NYSE:LUMN - Get Free Report) last issued its earnings results on Thursday, July 31st. The technology company reported ($0.03) earnings per share (EPS) for the quarter, topping 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 business had revenue of $3.09 billion during the quarter, compared to analysts' expectations of $3.11 billion. During the same quarter in the previous year, the business earned ($0.13) EPS. The company's revenue for the quarter was down 5.4% on a year-over-year basis. On average, research analysts anticipate that Lumen Technologies, Inc. will post -0.87 earnings per share 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.