Algert Global LLC Sells 103,347 Shares of Lumen Technologies, Inc. $LUMN

Key Points

• Algert Global LLC decreased its stake in Lumen Technologies, Inc. by 13.0%, now holding approximately 693,641 shares worth $2.7 million.
• Several hedge funds have significantly increased their positions in Lumen Technologies, with Invesco Ltd. boosting its holdings by 91.6% in the first quarter.
• Lumen Technologies reported earnings of ($0.03) per share, surpassing analysts' expectations, but experienced a year-over-year revenue decline of 5.4% to $3.09 billion.

Algert Global LLC decreased its stake in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 13.0% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 693,641 shares of the technology company's stock after selling 103,347 shares during the period. Algert Global LLC owned 0.07% of Lumen Technologies worth $2,719,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the stock. Northern Trust Corp increased its holdings in shares of Lumen Technologies by 8.6% during the 4th quarter. Northern Trust Corp now owns 12,354,499 shares of the technology company's stock valued at $65,602,000 after acquiring an additional 982,206 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Lumen Technologies by 91.6% during the 1st quarter. Invesco Ltd. now owns 10,276,782 shares of the technology company's stock valued at $40,285,000 after acquiring an additional 4,911,803 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Lumen Technologies by 368.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,812,495 shares of the technology company's stock valued at $52,111,000 after purchasing an additional 7,717,596 shares during the period. Allianz Asset Management GmbH boosted its stake in Lumen Technologies by 12.6% during the 1st quarter. Allianz Asset Management GmbH now owns 8,772,315 shares of the technology company's stock valued at $34,387,000 after purchasing an additional 982,038 shares during the period. Finally, Nuveen LLC bought a new stake in Lumen Technologies during the 1st quarter valued at approximately $26,469,000. Institutional investors and hedge funds own 66.19% of the company's stock.

Analyst Ratings Changes

LUMN has been the subject of several recent analyst reports. Raymond James Financial increased their target price on Lumen Technologies from $4.50 to $5.00 and gave the company 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. Finally, Wall Street Zen upgraded Lumen Technologies from a "sell" rating to a "hold" rating in a research note on Sunday, August 3rd. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, Lumen Technologies presently has an average rating of "Hold" and a consensus price target of $5.29.

Insiders Place Their Bets

In other Lumen Technologies news, CFO Christopher Stansbury purchased 40,000 shares of the company's stock in a transaction that occurred on Friday, August 15th. The stock was purchased at an average cost of $4.44 per share, with a total value of $177,600.00. Following the acquisition, the chief financial officer directly owned 535,000 shares of the company's stock, valued at approximately $2,375,400. This trade represents a 8.08% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, CEO Kathleen E. Johnson bought 135,870 shares of the stock in a transaction dated 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 directly 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 disclosure for this purchase can be found here. Insiders have purchased a total of 217,870 shares of company stock valued at $859,140 over the last ninety days. Insiders own 2.30% of the company's stock.

Lumen Technologies Price Performance

LUMN stock traded up $0.2850 during midday trading on Friday, reaching $4.5950. 11,141,458 shares of the company's stock traded hands, compared to its average volume of 13,130,422. The company has a 50-day simple moving average of $4.30 and a two-hundred day simple moving average of $4.22. Lumen Technologies, Inc. has a 1-year low of $3.01 and a 1-year high of $10.33. The company has a market cap of $4.72 billion, a price-to-earnings ratio of -3.89 and a beta of 1.43. The company has a quick ratio of 2.13, a current ratio of 2.13 and a debt-to-equity ratio of 59.98.

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 for the quarter, beating 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 firm had revenue of $3.09 billion during the quarter, compared to analysts' expectations of $3.11 billion. During the same period last year, the firm posted ($0.13) EPS. The business's revenue was down 5.4% on a year-over-year basis. On average, 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.