Allianz Asset Management GmbH Buys 748,185 Shares of Lumen Technologies, Inc. $LUMN

Key Points

• Allianz Asset Management GmbH increased its stake in Lumen Technologies by 8.5%, acquiring an additional 748,185 shares, bringing its total ownership to approximately 9.5 million shares valued at about $41.7 million.
• Multiple research firms have revised their price targets for Lumen Technologies, with Raymond James increasing its target from $4.50 to $5.00, indicating a strong outlook for the stock.
• Insider transactions included CFO Christopher Stansbury buying 40,000 shares and CEO Kathleen E. Johnson purchasing 135,870 shares, signaling insider confidence in the company's future.

Allianz Asset Management GmbH grew its stake in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 8.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,520,500 shares of the technology company's stock after purchasing an additional 748,185 shares during the period. Allianz Asset Management GmbH owned approximately 0.93% of Lumen Technologies worth $41,700,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Envestnet Portfolio Solutions Inc. boosted its stake in shares of Lumen Technologies by 92.2% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 40,068 shares of the technology company's stock valued at $157,000 after purchasing an additional 19,216 shares in the last quarter. Strs Ohio bought a new stake in Lumen Technologies during the first quarter worth about $1,073,000. Woodline Partners LP bought a new stake in Lumen Technologies during the first quarter worth about $5,006,000. Voya Investment Management LLC boosted its stake in Lumen Technologies by 16.6% during the first quarter. Voya Investment Management LLC now owns 554,840 shares of the technology company's stock worth $2,175,000 after acquiring an additional 78,872 shares in the last quarter. Finally, McAdam LLC boosted its stake in Lumen Technologies by 52.0% during the second quarter. McAdam LLC now owns 172,330 shares of the technology company's stock worth $755,000 after acquiring an additional 58,980 shares in the last quarter. Institutional investors own 66.19% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on LUMN. 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 lifted their target price on shares of Lumen Technologies from $4.10 to $4.60 and gave the stock a "neutral" rating in a report on Friday, October 3rd. BNP Paribas raised shares of Lumen Technologies to a "hold" rating in a report on Wednesday, June 25th. Citigroup lifted their target price on shares of Lumen Technologies from $6.00 to $7.50 and gave the stock a "buy" rating in a report on Thursday, September 25th. Finally, Wall Street Zen raised shares of Lumen Technologies from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $5.39.

Insider Buying and Selling

In other Lumen Technologies news, CFO Christopher Stansbury bought 40,000 shares of Lumen Technologies stock in a transaction on Friday, August 15th. The stock was acquired at an average cost of $4.44 per share, with a total value of $177,600.00. Following the completion of the acquisition, the chief financial officer owned 535,000 shares in the company, valued at approximately $2,375,400. This represents a 8.08% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Kathleen E. Johnson bought 135,870 shares of Lumen Technologies stock in a transaction on Tuesday, August 5th. The shares were acquired at an average cost of $3.69 per share, with a total value of $501,360.30. Following the completion of the acquisition, the chief executive officer owned 9,616,947 shares of the company's stock, valued at $35,486,534.43. The trade was a 1.43% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 217,870 shares of company stock valued at $859,140. 2.30% of the stock is owned by corporate insiders.

Lumen Technologies Stock Down 1.9%

LUMN opened at $6.89 on Friday. The company has a quick ratio of 2.13, a current ratio of 2.13 and a debt-to-equity ratio of 59.98. The firm has a 50 day moving average price of $5.59 and a 200-day moving average price of $4.55. Lumen Technologies, Inc. has a twelve month low of $3.01 and a twelve month high of $10.33. The stock has a market capitalization of $7.06 billion, a price-to-earnings ratio of -5.83 and a beta of 1.45.

Lumen Technologies (NYSE:LUMN - Get Free Report) last released its quarterly earnings data on Friday, January 27th. The technology company reported $0.49 earnings per share for the quarter. Lumen Technologies had a negative net margin of 9.19% and a negative return on equity of 158.40%. The firm had revenue of $4.05 billion during the quarter. Equities research analysts forecast 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.

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