First Trust Advisors LP Has $88.77 Million Stake in Lumen Technologies, Inc. $LUMN

Key Points

• First Trust Advisors LP cut its Lumen Technologies stake by 8.4% in the first quarter, but still held 12.77 million shares worth about $88.77 million at the end of the period.
• Lumen’s latest quarterly results showed a loss of $0.47 per share, wider than expected, even though revenue of $2.90 billion slightly beat analyst estimates; revenue was still down 8.9% year over year.
• Wall Street remains cautious on the stock: the consensus rating is “Reduce” with an average target price of $7.91, despite a few modest target-price increases from firms like Wells Fargo, JPMorgan, and TD Cowen.

First Trust Advisors LP lessened its position in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 8.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,772,723 shares of the technology company's stock after selling 1,167,198 shares during the period. First Trust Advisors LP owned 1.24% of Lumen Technologies worth $88,770,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. JPMorgan Chase & Co. increased its position in shares of Lumen Technologies by 324.7% during the 4th quarter. JPMorgan Chase & Co. now owns 22,211,742 shares of the technology company's stock valued at $172,585,000 after purchasing an additional 16,981,326 shares during the last quarter. Norges Bank purchased a new stake in Lumen Technologies in the fourth quarter worth approximately $106,557,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Lumen Technologies by 737.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,043,124 shares of the technology company's stock valued at $62,496,000 after purchasing an additional 7,082,560 shares during the period. Trexquant Investment LP increased its stake in shares of Lumen Technologies by 481.2% during the fourth quarter. Trexquant Investment LP now owns 5,605,410 shares of the technology company's stock valued at $43,554,000 after buying an additional 4,640,911 shares during the period. Finally, Balyasny Asset Management L.P. bought a new stake in shares of Lumen Technologies during the fourth quarter valued at approximately $16,854,000. Institutional investors own 66.19% of the company's stock.

Lumen Technologies Stock Performance

Shares of Lumen Technologies stock opened at $6.35 on Friday. The stock has a 50 day moving average of $8.14 and a 200 day moving average of $7.96. Lumen Technologies, Inc. has a fifty-two week low of $3.37 and a fifty-two week high of $11.95. The firm has a market capitalization of $6.54 billion, a price-to-earnings ratio of -3.65 and a beta of 1.75.

Lumen Technologies (NYSE:LUMN - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The technology company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.34). The firm had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.83 billion. The business's quarterly revenue was down 8.9% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.13) earnings per share. Analysts forecast that Lumen Technologies, Inc. will post -0.39 EPS for the current year.

Analyst Upgrades and Downgrades

LUMN has been the topic of a number of recent research reports. Wells Fargo & Company increased their target price on Lumen Technologies from $8.00 to $9.00 and gave the company an "equal weight" rating in a report on Friday, May 8th. JPMorgan Chase & Co. lifted their target price on Lumen Technologies from $6.00 to $7.00 and gave the company a "neutral" rating in a research note on Monday, May 11th. Wall Street Zen upgraded Lumen Technologies from a "sell" rating to a "hold" rating in a research report on Sunday, May 3rd. Weiss Ratings reiterated a "sell (d-)" rating on shares of Lumen Technologies in a research note on Friday, July 17th. Finally, TD Cowen raised their target price on shares of Lumen Technologies from $8.00 to $9.00 and gave the company a "hold" rating in a research note on Wednesday, May 6th. Nine equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Lumen Technologies presently has a consensus rating of "Reduce" and an average target price of $7.91.

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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