Quantbot Technologies LP Sells 562,849 Shares of Lumen Technologies, Inc. $LUMN

Key Points

• Quantbot Technologies LP significantly reduced its stake in Lumen Technologies by 98.4%, owning only 8,876 shares after selling 562,849 shares during the first quarter, valuing their holdings at approximately $35,000.
• CEO Kathleen E. Johnson purchased 135,870 shares at an average price of $3.69, increasing her ownership in the company to about 9.6 million shares, valued at over $35 million.
• Analysts have recently raised Lumen Technologies' target price, with Raymond James Financial upgrading it from $4.50 to $5.00 and giving an "outperform" rating, reflecting improved sentiment about the stock.

Quantbot Technologies LP cut its holdings in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 98.4% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 8,876 shares of the technology company's stock after selling 562,849 shares during the period. Quantbot Technologies LP's holdings in Lumen Technologies were worth $35,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of LUMN. Lazard Asset Management LLC raised its position in shares of Lumen Technologies by 3,825.7% during 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 in the last quarter. Conning Inc. bought a new stake in shares of Lumen Technologies in the 1st quarter worth approximately $39,000. OneDigital Investment Advisors LLC bought a new stake in shares of Lumen Technologies in the 1st quarter worth approximately $41,000. Meeder Advisory Services Inc. bought a new stake in shares of Lumen Technologies in the 1st quarter worth approximately $41,000. Finally, Ritholtz Wealth Management purchased a new position in shares of Lumen Technologies in the first quarter worth approximately $43,000. 66.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on LUMN shares. Raymond James Financial lifted 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. The Goldman Sachs Group initiated coverage on shares of Lumen Technologies in a research report on Tuesday. They issued a "neutral" rating and a $4.10 target price on the stock. BNP Paribas raised 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 report on Sunday, August 3rd. Two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $5.14.

Insider Buying and Selling at Lumen Technologies

In related news, CFO Christopher Stansbury bought 42,000 shares of the business's stock in a transaction that occurred on Thursday, August 14th. The stock was purchased at an average cost of $4.29 per share, for a total transaction of $180,180.00. Following the purchase, the chief financial officer directly owned 518,000 shares in the company, valued at $2,222,220. This trade represents a 8.82% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Kathleen E. Johnson bought 135,870 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The shares were bought at an average price of $3.69 per share, with a total value of $501,360.30. Following the completion of the purchase, the chief executive officer owned 9,616,947 shares in the company, valued at approximately $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. Over the last quarter, insiders have purchased 217,870 shares of company stock valued at $859,140. Corporate insiders own 2.30% of the company's stock.

Lumen Technologies Stock Performance

Shares of Lumen Technologies stock traded up $0.30 on Thursday, reaching $5.02. The stock had a trading volume of 22,655,632 shares, compared to its average volume of 12,286,981. The business's 50-day moving average price is $4.43 and its two-hundred day moving average price is $4.23. The company has a debt-to-equity ratio of 59.98, a quick ratio of 2.13 and a current ratio of 2.13. Lumen Technologies, Inc. has a fifty-two week low of $3.01 and a fifty-two week high of $10.33. The stock has a market cap of $5.15 billion, a P/E ratio of -4.21 and a beta of 1.42.

Lumen Technologies (NYSE:LUMN - Get Free Report) last issued its quarterly earnings data 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. Lumen Technologies had a negative net margin of 9.19% and a negative return on equity of 158.40%. The business had revenue of $3.09 billion during the quarter, compared to analysts' expectations of $3.11 billion. During the same period in the previous year, the company 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, sell-side analysts forecast 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.