Bank of America Corp DE Increases Stake in Lumen Technologies, Inc. $LUMN

Key Points

• Bank of America increased its Lumen Technologies stake by 28.9% in the first quarter, bringing its holdings to 3.01 million shares valued at approximately $20.9 million. Institutional investors collectively own 66.19% of LUMN.
• Lumen’s CEO purchased 100,000 shares for $613,000, while the company reported quarterly revenue of $2.81 billion and an adjusted loss of $0.07 per share—both better than analysts expected. However, revenue declined 9.3% year over year.
• LUMN shares opened at $6.14 after falling 6.6%, and analysts remain cautious: the stock has an average “Reduce” rating and an average price target of $7.86, with nine Holds and one Sell.

Bank of America Corp DE grew its holdings in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 28.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,010,141 shares of the technology company's stock after acquiring an additional 674,625 shares during the period. Bank of America Corp DE owned 0.29% of Lumen Technologies worth $20,920,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. JPMorgan Chase & Co. increased its position in Lumen Technologies by 324.7% in the fourth quarter. JPMorgan Chase & Co. now owns 22,211,742 shares of the technology company's stock worth $172,585,000 after buying an additional 16,981,326 shares in the last quarter. Norges Bank purchased a new position in shares of Lumen Technologies during the 4th quarter valued at about $106,557,000. Price T Rowe Associates Inc. MD lifted its position in shares of Lumen Technologies by 737.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,043,124 shares of the technology company's stock valued at $62,496,000 after buying an additional 7,082,560 shares in the last quarter. Trexquant Investment LP grew its stake in shares of Lumen Technologies by 481.2% during the 4th quarter. Trexquant Investment LP now owns 5,605,410 shares of the technology company's stock valued at $43,554,000 after acquiring an additional 4,640,911 shares during the period. Finally, Balyasny Asset Management L.P. purchased a new stake in Lumen Technologies in the 4th quarter worth approximately $16,854,000. Hedge funds and other institutional investors own 66.19% of the company's stock.

Insider Transactions at Lumen Technologies

In other news, CEO Kathleen E. Johnson acquired 100,000 shares of the company's stock in a transaction on Thursday, August 6th. The stock was bought at an average cost of $6.13 per share, with a total value of $613,000.00. Following the completion of the purchase, the chief executive officer directly owned 100,000 shares of the company's stock, valued at $613,000. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.30% of the stock is currently owned by corporate insiders.

Lumen Technologies Stock Down 6.6%

LUMN opened at $6.14 on Wednesday. The company has a market capitalization of $6.34 billion, a PE ratio of -6.02 and a beta of 1.79. The firm has a 50-day simple moving average of $6.97 and a two-hundred day simple moving average of $7.71. Lumen Technologies, Inc. has a 52 week low of $4.27 and a 52 week high of $11.95.

Lumen Technologies (NYSE:LUMN - Get Free Report) last issued its earnings results on Tuesday, August 4th. The technology company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.06. The firm had revenue of $2.81 billion during the quarter, compared to the consensus estimate of $2.74 billion. During the same period last year, the firm posted ($0.03) earnings per share. The company's revenue for the quarter was down 9.3% compared to the same quarter last year. As a group, sell-side analysts expect that Lumen Technologies, Inc. will post -0.42 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have commented on LUMN shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Lumen Technologies in a report on Friday, July 17th. TD Cowen increased their price objective on shares of Lumen Technologies from $8.00 to $9.00 and gave the stock a "hold" rating in a research note on Wednesday, May 6th. UBS Group raised their price objective on shares of Lumen Technologies from $6.00 to $8.00 and gave the company a "neutral" rating in a research report on Wednesday, May 6th. JPMorgan Chase & Co. lifted their target price on shares of Lumen Technologies from $6.00 to $7.00 and gave the company a "neutral" rating in a research note on Monday, May 11th. Finally, Citigroup dropped their target price on shares of Lumen Technologies from $10.00 to $8.25 and set a "neutral" rating for the company in a report on Tuesday, August 11th. Nine research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Reduce" and an average target price of $7.86.

Lumen Technologies Company Profile

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.

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