Jupiter Asset Management Ltd. Buys 787,825 Shares of Lumen Technologies, Inc. (NYSE:LUMN)

Key Points

• Jupiter Asset Management Ltd. significantly increased its stake in Lumen Technologies by 287.1%, acquiring an additional 787,825 shares, bringing its total ownership to approximately 1,062,278 shares.
• Recent analyst upgrades for Lumen Technologies include an increased target price from $4.50 to $5.00 by Raymond James Financial, reflecting a generally positive outlook despite varying ratings, with a consensus rating of "Hold."
• Lumen Technologies reported a quarterly earnings per share (EPS) of ($0.03), surpassing analyst expectations of ($0.24), but noted a 5.4% decline in revenue year-over-year, totaling $3.09 billion.

Jupiter Asset Management Ltd. grew its holdings in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 287.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,062,278 shares of the technology company's stock after buying an additional 787,825 shares during the quarter. Jupiter Asset Management Ltd. owned 0.10% of Lumen Technologies worth $4,164,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. IFG Advisory LLC purchased a new stake in Lumen Technologies during the first quarter valued at approximately $64,000. Jefferies Financial Group Inc. grew its position in Lumen Technologies by 33.3% during the first quarter. Jefferies Financial Group Inc. now owns 100,000 shares of the technology company's stock valued at $392,000 after buying an additional 25,000 shares during the period. Natixis Advisors LLC lifted its holdings in Lumen Technologies by 5.1% during the first quarter. Natixis Advisors LLC now owns 70,630 shares of the technology company's stock valued at $277,000 after purchasing an additional 3,426 shares in the last quarter. XTX Topco Ltd lifted its holdings in Lumen Technologies by 1,749.1% during the first quarter. XTX Topco Ltd now owns 225,588 shares of the technology company's stock valued at $884,000 after purchasing an additional 213,388 shares in the last quarter. Finally, Federated Hermes Inc. lifted its stake in shares of Lumen Technologies by 96.4% in the first quarter. Federated Hermes Inc. now owns 1,900,477 shares of the technology company's stock worth $7,450,000 after buying an additional 932,856 shares in the last quarter. 66.19% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

LUMN has been the subject of a number of recent analyst reports. Raymond James Financial lifted their price target on shares of Lumen Technologies from $4.50 to $5.00 and gave the company 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 report on Wednesday, June 25th. Finally, Wall Street Zen raised shares of Lumen Technologies from a "sell" rating to a "hold" rating in a research note on Sunday. Two analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $4.64.

Lumen Technologies Stock Performance

Shares of LUMN traded down $0.05 during midday trading on Thursday, reaching $3.72. 7,193,487 shares of the stock were exchanged, compared to its average volume of 12,194,468. Lumen Technologies, Inc. has a twelve month low of $3.01 and a twelve month high of $10.33. 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 company has a market cap of $3.81 billion, a P/E ratio of -3.15 and a beta of 1.43. The stock's 50 day simple moving average is $4.26 and its 200 day simple moving average is $4.31.

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

Lumen Technologies Company Profile

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.