BlackRock Inc. boosted its position in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 3.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 142,261,845 shares of the technology company's stock after acquiring an additional 4,796,141 shares during the period. BlackRock Inc. owned 13.79% of Lumen Technologies worth $1,092,571,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also bought and sold shares of LUMN. JPMorgan Chase & Co. grew its position in shares of Lumen Technologies by 324.7% during the 4th quarter. JPMorgan Chase & Co. now owns 22,211,742 shares of the technology company's stock valued at $172,585,000 after purchasing an additional 16,981,326 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Lumen Technologies by 2.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 18,390,473 shares of the technology company's stock valued at $142,894,000 after acquiring an additional 473,242 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Lumen Technologies by 1.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 14,994,640 shares of the technology company's stock worth $104,156,000 after purchasing an additional 144,664 shares during the period. Norges Bank bought a new stake in shares of Lumen Technologies in the 4th quarter valued at about $106,557,000. Finally, Front Street Capital Management Inc. boosted its stake in shares of Lumen Technologies by 1.1% during the second quarter. Front Street Capital Management Inc. now owns 11,969,084 shares of the technology company's stock valued at $52,425,000 after purchasing an additional 132,131 shares during the period. 66.19% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity at Lumen Technologies
In other Lumen Technologies news, CEO Kathleen E. Johnson purchased 100,000 shares of Lumen Technologies stock in a transaction dated Thursday, August 6th. The shares were acquired at an average cost of $6.13 per share, with a total value of $613,000.00. Following the completion of the transaction, the chief executive officer owned 100,000 shares in the company, valued at approximately $613,000. This trade represents a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 2.30% of the company's stock.
Analysts Set New Price Targets
A number of equities research analysts have recently weighed in on LUMN shares. TD Cowen lifted their price objective on Lumen Technologies from $8.00 to $9.00 and gave the stock a "hold" rating in a research report on Wednesday, May 6th. Citigroup dropped their price target on Lumen Technologies from $10.00 to $8.25 and set a "neutral" rating on the stock in a research report on Tuesday, August 11th. Wall Street Zen upgraded Lumen Technologies from a "sell" rating to a "hold" rating in a report on Sunday, August 9th. Weiss Ratings reissued a "sell (d-)" rating on shares of Lumen Technologies in a research report on Friday, July 17th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Lumen Technologies from $6.00 to $7.00 and gave the company a "neutral" rating in a report on Monday, May 11th. Nine investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Reduce" and an average target price of $7.86.
Read Our Latest Stock Analysis on Lumen Technologies
Lumen Technologies Stock Performance
NYSE:LUMN opened at $5.94 on Friday. The stock has a 50-day simple moving average of $6.82 and a two-hundred day simple moving average of $7.66. The firm has a market capitalization of $6.13 billion, a PE ratio of -5.82 and a beta of 1.78. Lumen Technologies, Inc. has a 52-week low of $4.33 and a 52-week high of $11.95.
Lumen Technologies (NYSE:LUMN - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The technology company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.06. The firm had revenue of $2.81 billion for the quarter, compared to analysts' expectations of $2.74 billion. During the same quarter in the prior year, the business earned ($0.03) EPS. The business's quarterly revenue was down 9.3% compared to the same quarter last year. Equities analysts forecast that Lumen Technologies, Inc. will post -0.42 earnings per share for the current fiscal year.
Lumen Technologies Company Profile
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Free Report)
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.
See Also
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