Hsbc Holdings PLC Lowers Stake in Lumen Technologies, Inc. $LUMN

Key Points

• HSBC Holdings PLC reduced its stake in Lumen Technologies by 12.6%, now holding approximately 1.51% of the company, valued at around $60.45 million.
• CFO Christopher Stansbury and CEO Kathleen E. Johnson both purchased additional shares recently, indicating insider confidence in the company despite its recent challenges.
• Analysts have varied opinions on Lumen Technologies' stock, with a consensus rating of "Hold" and an average target price of $5.29, reflecting a cautious outlook on future performance.

Hsbc Holdings PLC cut its position in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 12.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 15,520,048 shares of the technology company's stock after selling 2,229,744 shares during the quarter. Hsbc Holdings PLC owned approximately 1.51% of Lumen Technologies worth $60,454,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Lazard Asset Management LLC grew its holdings in shares of Lumen Technologies by 3,825.7% during the fourth quarter. Lazard Asset Management LLC now owns 7,498 shares of the technology company's stock worth $39,000 after buying an additional 7,307 shares in the last quarter. Conning Inc. purchased a new stake in shares of Lumen Technologies during the first quarter worth about $39,000. Quantinno Capital Management LP purchased a new stake in shares of Lumen Technologies during the fourth quarter worth about $54,000. OneDigital Investment Advisors LLC purchased a new stake in Lumen Technologies in the first quarter valued at approximately $41,000. Finally, Meeder Advisory Services Inc. purchased a new stake in Lumen Technologies in the first quarter valued at approximately $41,000. 66.19% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Christopher Stansbury bought 42,000 shares of the firm's stock in a transaction that occurred on Thursday, August 14th. The stock was purchased at an average price of $4.29 per share, for a total transaction of $180,180.00. Following the transaction, the chief financial officer directly owned 518,000 shares of the company's stock, valued at approximately $2,222,220. This represents a 8.82% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Kathleen E. Johnson bought 135,870 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The stock was bought at an average price of $3.69 per share, with a total value of $501,360.30. Following the transaction, the chief executive officer directly owned 9,616,947 shares in the company, valued at $35,486,534.43. This represents a 1.43% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 217,870 shares of company stock valued at $859,140. 2.30% of the stock is owned by insiders.

Lumen Technologies Price Performance

LUMN opened at $4.3050 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. Lumen Technologies, Inc. has a 52-week low of $3.01 and a 52-week high of $10.33. The company has a 50 day moving average of $4.29 and a two-hundred day moving average of $4.23. The company has a market cap of $4.42 billion, a P/E ratio of -3.65 and a beta of 1.43.

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, topping the consensus estimate of ($0.24) by $0.21. Lumen Technologies had a negative net margin of 9.19% and a negative return on equity of 158.40%. The company had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.11 billion. During the same period in the previous year, the firm earned ($0.13) earnings per share. Lumen Technologies's revenue for the quarter was down 5.4% on a year-over-year basis. On average, analysts expect that Lumen Technologies, Inc. will post -0.87 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Raymond James Financial boosted their target price on shares of Lumen Technologies from $4.50 to $5.00 and gave the company an "outperform" rating in a report on Friday, August 1st. BNP Paribas upgraded shares of Lumen Technologies to a "hold" rating in a research note on Wednesday, June 25th. Finally, Wall Street Zen upgraded shares of 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 and five have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $5.29.

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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