Bank of New York Mellon Corp Raises Position in Lumen Technologies, Inc. $LUMN

Bank of New York Mellon Corp raised its holdings in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 87.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,489,367 shares of the technology company's stock after buying an additional 4,886,999 shares during the quarter. Bank of New York Mellon Corp owned about 1.02% of Lumen Technologies worth $80,558,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of LUMN. Universal Beteiligungs und Servicegesellschaft mbH lifted its position in Lumen Technologies by 210.6% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 562,520 shares of the technology company's stock worth $4,372,000 after buying an additional 381,391 shares during the last quarter. CapWealth Advisors LLC grew its position in Lumen Technologies by 3.2% during the fourth quarter. CapWealth Advisors LLC now owns 6,699,685 shares of the technology company's stock valued at $52,057,000 after acquiring an additional 204,970 shares during the last quarter. Russell Investments Group Ltd. raised its stake in shares of Lumen Technologies by 50.1% during the second quarter. Russell Investments Group Ltd. now owns 1,299,042 shares of the technology company's stock worth $9,985,000 after acquiring an additional 433,624 shares in the last quarter. Bank of America Corp DE raised its stake in shares of Lumen Technologies by 28.9% during the first quarter. Bank of America Corp DE now owns 3,010,141 shares of the technology company's stock worth $20,920,000 after acquiring an additional 674,625 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in shares of Lumen Technologies by 8.3% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 7,954,306 shares of the technology company's stock worth $55,282,000 after acquiring an additional 610,364 shares during the last quarter. Hedge funds and other institutional investors own 66.19% of the company's stock.

Wall Street Analysts Forecast Growth

LUMN has been the subject of a number of analyst reports. Zacks Research lowered Lumen Technologies from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 5th. Citigroup lowered their price target 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. TD Cowen increased their price target on shares of Lumen Technologies from $8.00 to $9.00 and gave the company a "hold" rating in a research report on Wednesday, May 6th. The Goldman Sachs Group decreased their price objective on shares of Lumen Technologies from $8.50 to $7.25 and set a "neutral" rating on the stock in a research report on Wednesday, August 5th. Finally, JPMorgan Chase & Co. upped their price objective 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. Nine equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Reduce" and an average price target of $7.86.

Insiders Place Their Bets

In other news, CEO Kathleen E. Johnson purchased 100,000 shares of the company's stock in a transaction dated Thursday, August 6th. The shares were purchased at an average cost of $6.13 per share, for a total transaction of $613,000.00. Following the purchase, the chief executive officer directly owned 100,000 shares in the company, valued at approximately $613,000. This represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 2.30% of the stock is currently owned by company insiders.

Lumen Technologies Price Performance

Shares of NYSE LUMN opened at $5.88 on Wednesday. Lumen Technologies, Inc. has a 1 year low of $4.57 and a 1 year high of $11.95. The stock has a market cap of $6.07 billion, a P/E ratio of -5.77 and a beta of 1.78. The firm has a 50-day moving average of $6.71 and a 200 day moving average of $7.63.

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

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.

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