Hsbc Holdings PLC Acquires 919,605 Shares of Lumen Technologies, Inc. $LUMN

Key Points

• HSBC increased its Lumen Technologies stake by 10.5% in the second quarter, purchasing 919,605 additional shares and bringing its holdings to 9.69 million shares worth approximately $74.2 million.
• Institutional investors own 66.19% of Lumen, while several major firms—including Invesco, UBS Asset Management and Cetera Investment Advisers—also raised their positions.
• Analyst sentiment remains cautious: Lumen has a consensus “Reduce” rating and an average price target of $7.86. The company beat quarterly EPS and revenue estimates, but revenue fell 9.3% year over year.

Hsbc Holdings PLC lifted its holdings in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 10.5% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 9,685,625 shares of the technology company's stock after purchasing an additional 919,605 shares during the quarter. Hsbc Holdings PLC owned about 0.94% of Lumen Technologies worth $74,242,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Lumen Technologies by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 602,705 shares of the technology company's stock valued at $2,363,000 after buying an additional 26,305 shares in the last quarter. Empowered Funds LLC increased its position in shares of Lumen Technologies by 26.8% during the first quarter. Empowered Funds LLC now owns 272,031 shares of the technology company's stock worth $1,066,000 after acquiring an additional 57,522 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Lumen Technologies by 11.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,985,216 shares of the technology company's stock worth $11,702,000 after acquiring an additional 300,328 shares during the period. Cetera Investment Advisers raised its holdings in shares of Lumen Technologies by 15.8% during the second quarter. Cetera Investment Advisers now owns 119,673 shares of the technology company's stock worth $524,000 after acquiring an additional 16,332 shares during the period. Finally, Invesco Ltd. lifted its position in Lumen Technologies by 6.3% in the 2nd quarter. Invesco Ltd. now owns 10,928,906 shares of the technology company's stock valued at $47,869,000 after acquiring an additional 652,124 shares in the last quarter. 66.19% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on LUMN. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Lumen Technologies in a research note on Friday, July 17th. Wall Street Zen upgraded Lumen Technologies from a "sell" rating to a "hold" rating in a report on Sunday, August 9th. JPMorgan Chase & Co. upped their price objective on Lumen Technologies from $6.00 to $7.00 and gave the stock a "neutral" rating in a research report on Monday, May 11th. Citigroup decreased their price objective on Lumen Technologies from $10.00 to $8.25 and set a "neutral" rating for the company in a report on Tuesday, August 11th. Finally, Wells Fargo & Company dropped their target price on Lumen Technologies from $9.00 to $7.50 and set an "equal weight" rating on the stock in a research report on Wednesday, August 5th. Nine analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Reduce" and an average price target of $7.86.

Lumen Technologies Trading Up 0.6%

Lumen Technologies stock opened at $6.81 on Tuesday. Lumen Technologies, Inc. has a 1-year low of $4.57 and a 1-year high of $11.95. The company has a fifty day simple moving average of $6.42 and a 200 day simple moving average of $7.54. The company has a market cap of $7.02 billion, a P/E ratio of -6.68 and a beta of 1.78.

Lumen Technologies (NYSE:LUMN - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The technology company reported ($0.07) EPS for the quarter, topping analysts' consensus estimates of ($0.13) by $0.06. The business had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.74 billion. The company's quarterly revenue was down 9.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.03) earnings per share. On average, equities research analysts forecast that Lumen Technologies, Inc. will post -0.52 EPS for the current year.

Insider Buying and Selling

In related news, CEO Kathleen Johnson purchased 100,000 shares of the firm's stock in a transaction on Thursday, August 6th. The stock was purchased at an average cost of $6.13 per share, for a total transaction of $613,000.00. Following the completion of the purchase, the chief executive officer directly owned 100,000 shares in the company, valued at $613,000. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.30% of the company's stock.

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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