Lumen Technologies, Inc. (NYSE:LUMN) Shares Sold by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. cut its position in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 14.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 22,673,771 shares of the technology company's stock after selling 3,798,721 shares during the quarter. Charles Schwab Investment Management Inc. owned about 2.21% of Lumen Technologies worth $88,881,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Dimensional Fund Advisors LP raised its position in Lumen Technologies by 368.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,812,495 shares of the technology company's stock valued at $52,111,000 after purchasing an additional 7,717,596 shares during the last quarter. Millennium Management LLC increased its stake in shares of Lumen Technologies by 474.8% in the fourth quarter. Millennium Management LLC now owns 5,744,368 shares of the technology company's stock valued at $30,503,000 after buying an additional 4,745,040 shares during the period. Deutsche Bank AG increased its stake in shares of Lumen Technologies by 182.3% in the fourth quarter. Deutsche Bank AG now owns 1,589,213 shares of the technology company's stock valued at $8,439,000 after buying an additional 1,026,248 shares during the period. Northern Trust Corp increased its stake in shares of Lumen Technologies by 8.6% in the fourth quarter. Northern Trust Corp now owns 12,354,499 shares of the technology company's stock valued at $65,602,000 after buying an additional 982,206 shares during the period. Finally, Allianz Asset Management GmbH grew its stake in Lumen Technologies by 12.6% during the first quarter. Allianz Asset Management GmbH now owns 8,772,315 shares of the technology company's stock worth $34,387,000 after purchasing an additional 982,038 shares during the period. 66.19% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

LUMN has been the subject of a number of research reports. BNP Paribas raised Lumen Technologies to a "hold" rating in a research note on Wednesday, June 25th. Wall Street Zen upgraded Lumen Technologies from a "sell" rating to a "hold" rating in a research note on Sunday, August 3rd. Finally, Raymond James Financial boosted their price objective on Lumen Technologies from $4.50 to $5.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $5.29.

Lumen Technologies Trading Up 2.1%

LUMN stock traded up $0.09 during midday trading on Friday, reaching $4.43. 11,018,535 shares of the company traded hands, compared to its average volume of 12,150,394. Lumen Technologies, Inc. has a 52-week low of $3.01 and a 52-week high of $10.33. The company has a debt-to-equity ratio of 59.98, a quick ratio of 2.13 and a current ratio of 2.13. The business has a 50 day moving average of $4.27 and a 200-day moving average of $4.23. The firm has a market capitalization of $4.55 billion, a price-to-earnings ratio of -3.75 and a beta of 1.43.

Lumen Technologies (NYSE:LUMN - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The technology company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.21. The company had revenue of $3.09 billion for the quarter, compared to analysts' expectations of $3.11 billion. Lumen Technologies had a negative return on equity of 158.40% and a negative net margin of 9.19%. Lumen Technologies's revenue was down 5.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.13) earnings per share. As a group, sell-side analysts expect that Lumen Technologies, Inc. will post -0.87 earnings per share for the current fiscal year.

Insider Transactions at Lumen Technologies

In other Lumen Technologies news, CEO Kathleen E. Johnson purchased 135,870 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The stock was purchased at an average price of $3.69 per share, for a total transaction of $501,360.30. Following the purchase, the chief executive officer directly owned 9,616,947 shares in the company, valued at approximately $35,486,534.43. This trade represents a 1.43% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Christopher Stansbury acquired 42,000 shares of the stock in a transaction that occurred on Thursday, August 14th. The stock was purchased at an average price of $4.29 per share, for a total transaction of $180,180.00. Following the completion of the acquisition, the chief financial officer owned 518,000 shares in the company, valued at $2,222,220. The trade was a 8.82% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 217,870 shares of company stock valued at $859,140 in the last quarter. Company insiders own 2.30% of the company's stock.

About Lumen Technologies

Lumen Technologies, Inc, a facilities-based technology and communications company, provides various integrated products and services to business and residential customers in the United States and internationally. The company operates in two segments, Business and Mass Markets. It offers dark fiber, edge cloud services, internet protocol, managed security, software-defined wide area networks, secure access service edge, unified communications and collaboration, and optical wavelengths services; ethernet and VPN data networks services; and legacy services to manage cash flow, including time division multiplexing voice, private line, and other legacy services, as well as sells communication equipment, and IT solutions.