Envestnet Portfolio Solutions Inc. Buys 87,727 Shares of Lumen Technologies, Inc. $LUMN

Key Points

• Envestnet Portfolio Solutions Inc. increased its stake in Lumen Technologies by 218.9%, acquiring an additional 87,727 shares during the second quarter to total 127,795 shares valued at approximately $560,000.
• Wall Street analysts have raised their price targets for Lumen Technologies, with Goldman Sachs increasing their target from $4.10 to $4.60 and Citigroup from $6.00 to $7.50, indicating a mix of "buy" and "hold" ratings among analysts.
• The company reported a negative return on equity of 158.40% and is anticipated to post a fiscal year EPS of -0.87, reflecting ongoing financial challenges despite some institutional investment growth.

Envestnet Portfolio Solutions Inc. lifted its stake in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 218.9% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 127,795 shares of the technology company's stock after buying an additional 87,727 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Lumen Technologies were worth $560,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Robertson Stephens Wealth Management LLC bought a new position in shares of Lumen Technologies in the second quarter worth about $66,000. Blair William & Co. IL bought a new position in shares of Lumen Technologies in the second quarter worth about $114,000. Maryland State Retirement & Pension System raised its stake in shares of Lumen Technologies by 1.7% in the second quarter. Maryland State Retirement & Pension System now owns 301,498 shares of the technology company's stock worth $1,321,000 after buying an additional 5,062 shares during the period. Gainplan LLC bought a new position in shares of Lumen Technologies in the second quarter worth about $53,000. Finally, KLP Kapitalforvaltning AS raised its stake in shares of Lumen Technologies by 11.6% in the second quarter. KLP Kapitalforvaltning AS now owns 204,400 shares of the technology company's stock worth $895,000 after buying an additional 21,200 shares during the period. Institutional investors own 66.19% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. The Goldman Sachs Group raised their price objective on Lumen Technologies from $4.10 to $4.60 and gave the stock a "neutral" rating in a research note on Friday, October 3rd. Raymond James Financial lifted their target price on Lumen Technologies from $4.50 to $5.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Citigroup lifted their target price on Lumen Technologies from $6.00 to $7.50 and gave the company a "buy" rating in a research note on Thursday, September 25th. BNP Paribas raised Lumen Technologies to a "hold" rating in a research note on Wednesday, June 25th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Lumen Technologies in a research note on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $5.39.

Lumen Technologies Stock Performance

NYSE LUMN opened at $7.18 on Wednesday. The stock has a market capitalization of $7.37 billion, a PE ratio of -6.08 and a beta of 1.45. The business has a 50 day simple moving average of $5.73 and a two-hundred day simple moving average of $4.61. The company has a debt-to-equity ratio of 59.98, a current ratio of 2.13 and a quick ratio of 2.13. Lumen Technologies, Inc. has a 1-year low of $3.01 and a 1-year high of $10.33.

Lumen Technologies (NYSE:LUMN - Get Free Report) last released its quarterly earnings results on Friday, January 27th. The technology company reported $0.49 earnings per share for the quarter. The business had revenue of $4.05 billion during the quarter. Lumen Technologies had a negative return on equity of 158.40% and a negative net margin of 9.19%. On average, research analysts predict that Lumen Technologies, Inc. will post -0.87 EPS for the current fiscal year.

Insider Activity at Lumen Technologies

In other news, CFO Christopher Stansbury purchased 42,000 shares of the business's stock in a transaction on Thursday, August 14th. The stock was acquired at an average price of $4.29 per share, for a total transaction of $180,180.00. Following the acquisition, the chief financial officer directly owned 518,000 shares of the company's stock, valued at $2,222,220. This represents a 8.82% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Kathleen E. Johnson purchased 135,870 shares of the business's stock in a transaction on Tuesday, August 5th. The shares were purchased at an average price of $3.69 per share, with a total value of $501,360.30. Following the acquisition, the chief executive officer directly owned 9,616,947 shares in the company, valued at $35,486,534.43. This represents a 1.43% increase in their ownership of the stock. 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 90 days. 2.30% of the stock is currently owned by company insiders.

Lumen Technologies Company Profile

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.

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