Algert Global LLC Raises Holdings in Lumen Technologies, Inc. $LUMN

Key Points

• Algert Global increased its Lumen Technologies stake by 61% in the second quarter, adding 447,104 shares to hold 1.18 million shares valued at approximately $9.1 million. Institutional investors now own 66.19% of the company.
• Lumen CEO Kathleen E. Johnson purchased 100,000 shares at an average price of $6.13, while the company’s latest quarterly results beat expectations with an adjusted loss of $0.07 per share and $2.81 billion in revenue. Revenue nevertheless declined 9.3% year over year.
• Analyst sentiment remains cautious: nine analysts rate Lumen “Hold” and one rates it “Sell,” producing a consensus “Reduce” rating and an average price target of $7.86. Shares opened at $6.08, within a 12-month range of $4.57 to $11.95.

Algert Global LLC raised its holdings in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 61.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,179,678 shares of the technology company's stock after purchasing an additional 447,104 shares during the period. Algert Global LLC owned 0.11% of Lumen Technologies worth $9,060,000 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. purchased a new position in shares of Lumen Technologies during the 4th quarter valued at $25,000. Ascentis Independent Advisors purchased a new stake in Lumen Technologies in the first quarter worth approximately $27,000. International Assets Investment Management LLC bought a new stake in Lumen Technologies in the fourth quarter worth $30,000. Versant Capital Management Inc grew its position in Lumen Technologies by 90.3% during the 2nd quarter. Versant Capital Management Inc now owns 3,920 shares of the technology company's stock worth $30,000 after acquiring an additional 1,860 shares during the last quarter. Finally, Trust Asset Management LLC purchased a new position in shares of Lumen Technologies in the second quarter worth $34,000. 66.19% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Lumen Technologies

In other Lumen Technologies news, CEO Kathleen E. Johnson acquired 100,000 shares of the company's stock in a transaction that occurred on Thursday, August 6th. The stock was bought at an average price of $6.13 per share, for a total transaction of $613,000.00. Following the acquisition, the chief executive officer directly owned 100,000 shares in the company, valued at $613,000. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.30% of the company's stock.

Lumen Technologies Trading Up 3.2%

Shares of LUMN stock opened at $6.08 on Thursday. The stock has a market capitalization of $6.27 billion, a price-to-earnings ratio of -5.96 and a beta of 1.78. Lumen Technologies, Inc. has a 12-month low of $4.57 and a 12-month high of $11.95. The stock's 50-day moving average price is $6.67 and its 200-day moving average price is $7.63.

Lumen Technologies (NYSE:LUMN - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The technology company reported ($0.07) earnings per share 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 the consensus estimate of $2.74 billion. The company's revenue for the quarter was down 9.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.03) EPS. As a group, research analysts predict that Lumen Technologies, Inc. will post -0.42 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on LUMN. JPMorgan Chase & Co. lifted their price objective on Lumen Technologies from $6.00 to $7.00 and gave the stock a "neutral" rating in a research report on Monday, May 11th. Citigroup lowered their price target on Lumen Technologies from $10.00 to $8.25 and set a "neutral" rating for the company in a research report on Tuesday, August 11th. Wall Street Zen upgraded Lumen Technologies from a "sell" rating to a "hold" rating in a research note on Sunday, August 9th. Wells Fargo & Company decreased their target price on shares of Lumen Technologies from $9.00 to $7.50 and set an "equal weight" rating for the company in a research note on Wednesday, August 5th. Finally, Zacks Research downgraded shares of Lumen Technologies from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 5th. Nine investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Reduce" and an average 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.

Want to see what other hedge funds are holding LUMN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lumen Technologies, Inc. (NYSE:LUMN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source