Hennessy Advisors Inc. Has $30.51 Million Holdings in Lumen Technologies, Inc. $LUMN

Key Points

• Hennessy Advisors Inc. has reduced its stake in Lumen Technologies, Inc. by 9.9%, now owning approximately 6.97 million shares valued at about $30.51 million.
• Analysts have mixed views on Lumen, with Citigroup upgrading the stock to a "buy" rating and increasing the price target from $6.00 to $7.50, while others like Weiss Ratings maintain a "sell" rating.
• Insider trading activity includes CEO Kathleen E. Johnson acquiring 135,870 shares, indicating confidence in the company as she now owns around 9.62 million shares valued at approximately $35.49 million.

Hennessy Advisors Inc. cut its stake in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 9.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,966,200 shares of the technology company's stock after selling 768,900 shares during the period. Lumen Technologies makes up approximately 1.0% of Hennessy Advisors Inc.'s investment portfolio, making the stock its 26th largest holding. Hennessy Advisors Inc. owned about 0.68% of Lumen Technologies worth $30,512,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Farther Finance Advisors LLC grew its stake in shares of Lumen Technologies by 132.3% during the second quarter. Farther Finance Advisors LLC now owns 5,954 shares of the technology company's stock worth $26,000 after purchasing an additional 3,391 shares during the period. Conning Inc. acquired a new position in Lumen Technologies in the first quarter valued at about $39,000. OneDigital Investment Advisors LLC acquired a new position in Lumen Technologies in the first quarter valued at about $41,000. Meeder Advisory Services Inc. acquired a new position in Lumen Technologies in the first quarter valued at about $41,000. Finally, Smartleaf Asset Management LLC lifted its holdings in shares of Lumen Technologies by 60.8% in the first quarter. Smartleaf Asset Management LLC now owns 10,847 shares of the technology company's stock valued at $43,000 after purchasing an additional 4,102 shares in the last quarter. 66.19% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently commented on LUMN. BNP Paribas upgraded Lumen Technologies to a "hold" rating in a report on Wednesday, June 25th. Weiss Ratings restated a "sell (d-)" rating on shares of Lumen Technologies in a report on Saturday, September 27th. Wall Street Zen upgraded Lumen Technologies from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd. Citigroup boosted their price target on Lumen Technologies from $6.00 to $7.50 and gave the company a "buy" rating in a report on Thursday, September 25th. Finally, The Goldman Sachs Group upped their target price on Lumen Technologies from $4.10 to $4.60 and gave the stock a "neutral" rating in a report on Friday. 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 has an average rating of "Hold" and an average price target of $5.39.

Insider Activity at Lumen Technologies

In other Lumen Technologies news, CEO Kathleen E. Johnson acquired 135,870 shares of the company's stock in a transaction on Tuesday, August 5th. The shares were purchased at an average price of $3.69 per share, for a total transaction of $501,360.30. Following the completion of the purchase, the chief executive officer directly owned 9,616,947 shares of the company's stock, valued at approximately $35,486,534.43. This represents a 1.43% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Christopher Stansbury bought 40,000 shares of the firm's stock in a transaction dated Friday, August 15th. The stock was purchased at an average cost of $4.44 per share, for a total transaction of $177,600.00. Following the transaction, the chief financial officer directly owned 535,000 shares of the company's stock, valued at $2,375,400. The trade was a 8.08% increase in their position. The disclosure for this purchase can be found here. Insiders acquired 217,870 shares of company stock worth $859,140 in the last 90 days. Corporate insiders own 2.30% of the company's stock.

Lumen Technologies Price Performance

NYSE:LUMN opened at $6.57 on Friday. The company has a quick ratio of 2.13, a current ratio of 2.13 and a debt-to-equity ratio of 59.98. The stock's 50 day moving average price is $5.02 and its two-hundred day moving average price is $4.38. The firm has a market capitalization of $6.74 billion, a price-to-earnings ratio of -5.56 and a beta of 1.45. Lumen Technologies, Inc. has a 12-month low of $3.01 and a 12-month high of $10.33.

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

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.

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