Bank of America Corp DE Has $27.27 Million Stake in Lumen Technologies, Inc. $LUMN

Key Points

• Bank of America increased its Lumen Technologies stake by 18% in the second quarter, ending with 3.55 million shares valued at approximately $27.27 million. Institutional investors and hedge funds collectively own 66.19% of LUMN.
• Analysts remain cautious, with a consensus “Reduce” rating and an average price target of $7.86 after several brokerages lowered their targets. Nine analysts rate the stock Hold, while one rates it Sell.
• Lumen beat quarterly earnings and revenue expectations, reporting a loss of $0.07 per share versus the expected $0.13 loss and revenue of $2.81 billion, though revenue declined 9.3% year over year. CEO Kathleen Johnson also purchased 100,000 shares at an average price of $6.13.

Bank of America Corp DE increased its holdings in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 18.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,551,176 shares of the technology company's stock after purchasing an additional 541,035 shares during the period. Bank of America Corp DE owned approximately 0.34% of Lumen Technologies worth $27,273,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of LUMN. BlackRock Inc. grew its stake in shares of Lumen Technologies by 3.5% during the 2nd quarter. BlackRock Inc. now owns 142,261,845 shares of the technology company's stock worth $1,092,571,000 after acquiring an additional 4,796,141 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Lumen Technologies by 1.0% in the first quarter. Dimensional Fund Advisors LP now owns 14,994,640 shares of the technology company's stock valued at $104,156,000 after purchasing an additional 144,664 shares in the last quarter. Norges Bank bought a new position in Lumen Technologies in the fourth quarter valued at $106,557,000. Bank of New York Mellon Corp increased its stake in Lumen Technologies by 87.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 10,489,367 shares of the technology company's stock valued at $80,558,000 after buying an additional 4,886,999 shares during the last quarter. Finally, Hsbc Holdings PLC bought a new stake in Lumen Technologies during the 2nd quarter worth about $74,242,000. 66.19% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently commented on LUMN. The Goldman Sachs Group reduced their price target on Lumen Technologies from $8.50 to $7.25 and set a "neutral" rating for the company in a research report on Wednesday, August 5th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Lumen Technologies in a research report on Friday, July 17th. Wells Fargo & Company cut their price objective on Lumen Technologies from $9.00 to $7.50 and set an "equal weight" rating for the company in a report on Wednesday, August 5th. Wall Street Zen raised shares of Lumen Technologies from a "sell" rating to a "hold" rating in a research note on Sunday, August 9th. Finally, Citigroup lowered their target price on shares of Lumen Technologies from $10.00 to $8.25 and set a "neutral" rating on the stock in a report on Tuesday, August 11th. Nine equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and a consensus price target of $7.86.

Insiders Place Their Bets

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

Lumen Technologies Stock Performance

LUMN opened at $6.12 on Thursday. The stock has a fifty day moving average of $6.42 and a 200-day moving average of $7.49. The company has a market capitalization of $6.31 billion, a P/E ratio of -6.00 and a beta of 1.78. Lumen Technologies, Inc. has a fifty-two week low of $5.52 and a fifty-two week high of $11.95.

Lumen Technologies (NYSE:LUMN - Get Free Report) last released its earnings results on Tuesday, August 4th. The technology company reported ($0.07) earnings per share for the quarter, beating analysts' consensus estimates of ($0.13) by $0.06. The company had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.74 billion. During the same quarter in the previous year, the company posted ($0.03) earnings per share. The business's revenue was down 9.3% compared to the same quarter last year. On average, equities research analysts predict that Lumen Technologies, Inc. will post -0.54 earnings per share for the current fiscal year.

Lumen Technologies Profile

Lumen Technologies, Inc NYSE: LUMN is a communications and technology company that provides connectivity, networking and digital services to businesses, government organizations and other institutions. Its offerings include fiber-based internet access, wide-area networking, ethernet, software-defined networking, managed network services, cloud connectivity, cybersecurity and unified communications.

The company operates one of the largest fiber networks in the United States and also provides international connectivity through its global network infrastructure.

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.