Invesco Ltd. Increases Stake in Lumen Technologies, Inc. $LUMN

Key Points

• Invesco Ltd. increased its holdings in Lumen Technologies by 91.6%, acquiring an additional 4,911,803 shares and bringing its total ownership to approximately 10.3 million shares valued at $40.3 million.
• CEO Kathleen E. Johnson and CFO Christopher Stansbury have also made significant purchases of Lumen Technologies stock, indicating confidence in the company’s future performance.
• Recent analyst ratings for Lumen Technologies show a mix of upgrades and holds, with a consensus target price of $5.29 and expectations of -$0.87 EPS for the fiscal year.

Invesco Ltd. lifted its stake in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 91.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,276,782 shares of the technology company's stock after purchasing an additional 4,911,803 shares during the period. Invesco Ltd. owned 1.00% of Lumen Technologies worth $40,285,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Lazard Asset Management LLC boosted its holdings in Lumen Technologies by 3,825.7% in the 4th 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 during the period. Conning Inc. purchased a new stake in Lumen Technologies in the 1st quarter worth about $39,000. OneDigital Investment Advisors LLC purchased a new stake in Lumen Technologies in the 1st quarter worth about $41,000. Meeder Advisory Services Inc. purchased a new stake in Lumen Technologies in the 1st quarter worth about $41,000. Finally, Ritholtz Wealth Management purchased a new position in shares of Lumen Technologies during the first quarter worth approximately $43,000. Institutional investors own 66.19% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Raymond James Financial raised their target price on shares of Lumen Technologies from $4.50 to $5.00 and gave the stock an "outperform" rating in a research 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 investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Lumen Technologies presently has an average rating of "Hold" and an average price target of $5.29.

Insider Activity

In other news, CFO Christopher Stansbury bought 42,000 shares of the firm's stock in a transaction on Thursday, August 14th. The shares were bought at an average cost of $4.29 per share, for a total transaction of $180,180.00. Following the acquisition, the chief financial officer directly owned 518,000 shares of the company's stock, valued at $2,222,220. This trade represents a 8.82% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Kathleen E. Johnson bought 135,870 shares of the firm's stock in a transaction on Tuesday, August 5th. The stock was purchased at an average price of $3.69 per share, for a total transaction of $501,360.30. Following the completion of the acquisition, the chief executive officer directly owned 9,616,947 shares in the company, valued at $35,486,534.43. The trade was a 1.43% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 217,870 shares of company stock worth $859,140 over the last quarter. 2.30% of the stock is currently owned by company insiders.

Lumen Technologies Price Performance

LUMN traded up $0.2850 on Friday, reaching $4.5950. 11,141,458 shares of the company's stock were exchanged, compared to its average volume of 13,130,422. The stock has a market cap of $4.72 billion, a PE ratio of -3.89 and a beta of 1.43. Lumen Technologies, Inc. has a twelve month low of $3.01 and a twelve month high of $10.33. The stock's fifty day moving average price is $4.30 and its 200-day moving average price is $4.22. The company has a debt-to-equity ratio of 59.98, a current ratio of 2.13 and a quick ratio of 2.13.

Lumen Technologies (NYSE:LUMN - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The technology company reported ($0.03) earnings per share for the quarter, topping analysts' consensus estimates 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 net margin of 9.19% and a negative return on equity of 158.40%. Lumen Technologies's quarterly revenue was down 5.4% on a year-over-year basis. During the same period in the previous year, the business posted ($0.13) earnings per share. Sell-side analysts expect that Lumen Technologies, Inc. will post -0.87 EPS 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.