Brigade Capital Management LP Makes New Investment in Lumen Technologies, Inc. $LUMN

Brigade Capital Management LP purchased a new position in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 550,000 shares of the technology company's stock, valued at approximately $4,224,000. Lumen Technologies accounts for about 0.8% of Brigade Capital Management LP's investment portfolio, making the stock its 9th biggest position. Brigade Capital Management LP owned approximately 0.05% of Lumen Technologies at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Kemnay Advisory Services Inc. purchased a new position in shares of Lumen Technologies during the 4th quarter valued at $25,000. Ascentis Independent Advisors bought a new stake in Lumen Technologies in the 1st quarter valued at about $27,000. International Assets Investment Management LLC purchased a new stake in Lumen Technologies during the fourth quarter valued at about $30,000. Versant Capital Management Inc boosted its position in Lumen Technologies by 90.3% during the second quarter. Versant Capital Management Inc now owns 3,920 shares of the technology company's stock worth $30,000 after purchasing an additional 1,860 shares during the period. Finally, Trust Asset Management LLC purchased a new position in shares of Lumen Technologies in the second quarter worth about $34,000. Hedge funds and other institutional investors own 66.19% of the company's stock.

Insiders Place Their Bets

In related news, CEO Kathleen E. Johnson acquired 100,000 shares of Lumen Technologies stock in a transaction dated Thursday, August 6th. The shares were purchased 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 owned 100,000 shares of the company's stock, valued at $613,000. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.30% of the stock is owned by corporate insiders.

Lumen Technologies Trading Down 4.7%

Shares of Lumen Technologies stock opened at $5.66 on Tuesday. The business's 50-day moving average price is $6.77 and its 200-day moving average price is $7.63. The firm has a market capitalization of $5.84 billion, a PE ratio of -5.55 and a beta of 1.79. Lumen Technologies, Inc. has a 12 month low of $4.57 and a 12 month 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 analysts' expectations of $2.74 billion. The firm's quarterly revenue was down 9.3% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.03) EPS. As a group, analysts predict that Lumen Technologies, Inc. will post -0.42 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Wells Fargo & Company cut their price objective on shares of Lumen Technologies from $9.00 to $7.50 and set an "equal weight" rating for the company in a report on Wednesday, August 5th. Weiss Ratings restated a "sell (d-)" rating on shares of Lumen Technologies in a research report on Friday, July 17th. 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. UBS Group raised their target price on Lumen Technologies from $6.00 to $8.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 6th. Finally, JPMorgan Chase & Co. increased their price target on shares of Lumen Technologies from $6.00 to $7.00 and gave the stock a "neutral" rating in a report on Monday, May 11th. Nine analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Lumen Technologies presently has an average rating of "Reduce" and a consensus price target of $7.86.

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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