Hsbc Holdings PLC Acquires Shares of 9,685,625 Lumen Technologies, Inc. $LUMN

Key Points

• HSBC Holdings acquired 9.69 million Lumen Technologies shares worth approximately $74.2 million, representing a 0.94% stake at the end of the second quarter. Institutional investors collectively own 66.19% of Lumen.
• Lumen beat quarterly earnings expectations, reporting a loss of $0.07 per share versus the $0.13 consensus loss, while revenue reached $2.81 billion. However, revenue declined 9.3% year over year.
• Analyst sentiment remains cautious: nine analysts rate the stock Hold and one rates it Sell, producing a consensus “Reduce” rating and $7.86 target price. CEO Kathleen E. Johnson also bought 100,000 shares for $613,000.

Hsbc Holdings PLC bought a new position in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 9,685,625 shares of the technology company's stock, valued at approximately $74,242,000. Hsbc Holdings PLC owned 0.94% of Lumen Technologies at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in LUMN. Kemnay Advisory Services Inc. acquired a new position in Lumen Technologies in the 4th quarter valued at $25,000. International Assets Investment Management LLC acquired a new stake in shares of Lumen Technologies during the 4th quarter worth $30,000. Versant Capital Management Inc grew its holdings in shares of Lumen Technologies by 90.3% during the 2nd quarter. Versant Capital Management Inc now owns 3,920 shares of the technology company's stock worth $30,000 after purchasing an additional 1,860 shares in the last quarter. Ascentis Independent Advisors bought a new position in shares of Lumen Technologies in the first quarter worth $27,000. Finally, Trust Asset Management LLC acquired a new position in Lumen Technologies in the second quarter valued at about $34,000. 66.19% of the stock is currently owned by institutional investors.

Lumen Technologies Trading Up 3.2%

Shares of NYSE LUMN opened at $6.08 on Thursday. The company has a market cap of $6.27 billion, a price-to-earnings ratio of -5.96 and a beta of 1.78. Lumen Technologies, Inc. has a 12 month low of $4.57 and a 12 month high of $11.95. The stock has a 50-day moving average price of $6.67 and a two-hundred day moving average price of $7.63.

Lumen Technologies (NYSE:LUMN - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The technology company reported ($0.07) earnings per share for the quarter, beating analysts' consensus estimates of ($0.13) by $0.06. The company had revenue of $2.81 billion during the quarter, compared to analyst estimates of $2.74 billion. The company's revenue for the quarter was down 9.3% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.03) earnings per share. On average, sell-side analysts predict that Lumen Technologies, Inc. will post -0.42 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Kathleen E. Johnson bought 100,000 shares of the business's stock in a transaction on Thursday, August 6th. The shares were purchased at an average price of $6.13 per share, for a total transaction of $613,000.00. Following the completion of the transaction, the chief executive officer directly owned 100,000 shares of the company's stock, valued at approximately $613,000. This represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 2.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. The Goldman Sachs Group reduced their price objective on shares of Lumen Technologies from $8.50 to $7.25 and set a "neutral" rating on the stock in a research note on Wednesday, August 5th. Wall Street Zen raised shares of Lumen Technologies from a "sell" rating to a "hold" rating in a report on Sunday, August 9th. Wells Fargo & Company reduced their price target on shares of 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. TD Cowen boosted their price objective on shares of Lumen Technologies from $8.00 to $9.00 and gave the company a "hold" rating in a research report on Wednesday, May 6th. Finally, Zacks Research cut Lumen Technologies from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 5th. Nine investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Lumen Technologies presently has an average rating of "Reduce" and a consensus target price of $7.86.

About Lumen Technologies

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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