First Citizens Bank & Trust Co. Increases Stock Holdings in Lumen Technologies, Inc. $LUMN

First Citizens Bank & Trust Co. raised its stake in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 195.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 132,726 shares of the technology company's stock after purchasing an additional 87,727 shares during the quarter. First Citizens Bank & Trust Co.'s holdings in Lumen Technologies were worth $581,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in LUMN. Nuveen LLC purchased a new position in Lumen Technologies during the 1st quarter valued at $26,469,000. Invesco Ltd. increased its position in Lumen Technologies by 91.6% during the 1st quarter. Invesco Ltd. now owns 10,276,782 shares of the technology company's stock valued at $40,285,000 after purchasing an additional 4,911,803 shares during the period. Woodline Partners LP purchased a new position in Lumen Technologies during the 1st quarter valued at $5,006,000. Allianz Asset Management GmbH increased its position in Lumen Technologies by 12.6% during the 1st quarter. Allianz Asset Management GmbH now owns 8,772,315 shares of the technology company's stock valued at $34,387,000 after purchasing an additional 982,038 shares during the period. Finally, Carronade Capital Management LP purchased a new stake in Lumen Technologies in the first quarter worth $3,736,000. 66.19% of the stock is owned by hedge funds and other institutional investors.

Lumen Technologies Trading Up 3.6%

NYSE LUMN opened at $8.07 on Friday. Lumen Technologies, Inc. has a 12 month low of $3.01 and a 12 month high of $10.33. The stock has a market cap of $8.28 billion, a P/E ratio of -6.84 and a beta of 1.45. The stock's fifty day moving average price is $5.92 and its 200-day moving average price is $4.70. The company has a current ratio of 2.13, a quick ratio of 2.13 and a debt-to-equity ratio of 59.98.

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

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Citigroup upped their price target on Lumen Technologies from $6.00 to $7.50 and gave the stock a "buy" rating in a research note on Thursday, September 25th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Lumen Technologies in a research note on Saturday. The Goldman Sachs Group upped their price target 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 upped their price target on Lumen Technologies from $4.50 to $5.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Finally, Wall Street Zen raised Lumen Technologies from a "sell" rating to a "hold" rating in a research note on Sunday, August 3rd. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $5.39.

Insider Buying and Selling at Lumen Technologies

In other news, CFO Christopher Stansbury bought 40,000 shares of the company's stock in a transaction on Friday, August 15th. The shares were acquired at an average cost of $4.44 per share, with a total value of $177,600.00. Following the completion of the transaction, the chief financial officer owned 535,000 shares of the company's stock, valued at approximately $2,375,400. This trade represents a 8.08% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Kathleen E. Johnson bought 135,870 shares of the company's stock in a transaction on Tuesday, August 5th. The stock was purchased at an average cost of $3.69 per share, for a total transaction of $501,360.30. Following the completion of the transaction, the chief executive officer directly owned 9,616,947 shares of the company's stock, valued at approximately $35,486,534.43. The trade was a 1.43% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 217,870 shares of company stock worth $859,140 over the last ninety days. 2.30% of the stock is currently owned by insiders.

Lumen Technologies 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.

Want to see what other hedge funds are holding LUMN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lumen Technologies, Inc. (NYSE:LUMN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.