Canada Pension Plan Investment Board Buys Shares of 1,075,012 Lumen Technologies, Inc. $LUMN

Key Points

• Canada Pension Plan Investment Board bought 1,075,012 shares of Lumen Technologies in the second quarter, valued at approximately $8.26 million. Institutional investors collectively own 66.19% of the company.
• Lumen’s latest quarterly results beat expectations, with adjusted earnings of a $0.07 loss per share versus estimates of a $0.13 loss and revenue of $2.81 billion. However, revenue declined 9.3% year over year.
• Analyst sentiment remains cautious: nine analysts rate the stock Hold and one rates it Sell, producing an average “Reduce” rating and a $7.86 target price. Lumen shares recently traded at $6.05, while CEO Kathleen E. Johnson bought 100,000 shares at $6.13 each.

Canada Pension Plan Investment Board purchased a new position in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,075,012 shares of the technology company's stock, valued at approximately $8,256,000. Canada Pension Plan Investment Board owned approximately 0.10% of Lumen Technologies at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. BlackRock Inc. lifted its holdings 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 valued at $1,092,571,000 after purchasing an additional 4,796,141 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Lumen Technologies by 324.7% during the 4th quarter. JPMorgan Chase & Co. now owns 22,211,742 shares of the technology company's stock worth $172,585,000 after purchasing an additional 16,981,326 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Lumen Technologies by 2.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 18,390,473 shares of the technology company's stock worth $142,894,000 after buying an additional 473,242 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of 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 buying an additional 144,664 shares during the period. Finally, Norges Bank bought a new stake in shares of Lumen Technologies during the fourth quarter worth $106,557,000. Institutional investors and hedge funds own 66.19% of the company's stock.

Wall Street Analysts Forecast Growth

LUMN has been the subject of a number of research analyst reports. Citigroup reduced their target price on shares of Lumen Technologies from $10.00 to $8.25 and set a "neutral" rating for the company in a research note on Tuesday, August 11th. Weiss Ratings reissued a "sell (d-)" rating on shares of Lumen Technologies in a research note on Friday, July 17th. TD Cowen upped 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. UBS Group increased their price objective on Lumen Technologies from $6.00 to $8.00 and gave the stock a "neutral" rating in a report on Wednesday, May 6th. Finally, The Goldman Sachs Group dropped their target price on Lumen Technologies from $8.50 to $7.25 and set a "neutral" rating on the stock in a research report on Wednesday, August 5th. Nine investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Lumen Technologies presently has an average rating of "Reduce" and an average target price of $7.86.

Lumen Technologies Stock Performance

Shares of NYSE LUMN opened at $6.05 on Friday. The stock has a 50 day moving average price of $6.59 and a 200 day moving average price of $7.60. The stock has a market capitalization of $6.24 billion, a PE ratio of -5.93 and a beta of 1.78. Lumen Technologies, Inc. has a 52 week low of $4.57 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 for the quarter, topping analysts' consensus estimates of ($0.13) by $0.06. The firm had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.74 billion. Lumen Technologies's quarterly revenue was down 9.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.03) earnings per share. As a group, research analysts forecast that Lumen Technologies, Inc. will post -0.52 EPS for the current year.

Insider Buying and Selling at Lumen Technologies

In other news, CEO Kathleen E. Johnson acquired 100,000 shares of the stock in a transaction dated Thursday, August 6th. The shares were bought 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 of the company's stock, valued at approximately $613,000. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.30% of the stock is owned by corporate insiders.

Lumen Technologies 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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