Virtu Financial LLC Sells 95,413 Shares of Lumen Technologies, Inc. $LUMN

Key Points

• Virtu Financial LLC significantly reduced its stake in Lumen Technologies by 70.9%, now holding 39,177 shares valued at $154,000.
• Several institutional investors including Lazard Asset Management and Conning Inc. have recently increased their holdings in Lumen Technologies, contributing to a total institutional ownership of 66.19%.
• Insider transactions indicate confidence in the company, as CFO Christopher Stansbury and CEO Kathleen E. Johnson both purchased shares recently, increasing their positions by 8.82% and 1.43%, respectively.

Virtu Financial LLC lowered its holdings in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 70.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,177 shares of the technology company's stock after selling 95,413 shares during the period. Virtu Financial LLC's holdings in Lumen Technologies were worth $154,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of LUMN. Lazard Asset Management LLC boosted its stake in 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. acquired a new stake in Lumen Technologies during the first quarter worth $39,000. OneDigital Investment Advisors LLC acquired a new stake in Lumen Technologies during the first quarter worth $41,000. Meeder Advisory Services Inc. acquired a new stake in Lumen Technologies during the first quarter worth $41,000. Finally, Ritholtz Wealth Management acquired a new stake in Lumen Technologies during the first quarter worth $43,000. Institutional investors and hedge funds own 66.19% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on LUMN shares. BNP Paribas upgraded shares of Lumen Technologies to a "hold" rating in a research note on Wednesday, June 25th. Wall Street Zen raised shares of Lumen Technologies from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd. Finally, Raymond James Financial upped their target price on shares of Lumen Technologies from $4.50 to $5.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Two analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $5.29.

Insider Activity

In related news, CFO Christopher Stansbury purchased 42,000 shares of Lumen Technologies stock in a transaction that occurred on Thursday, August 14th. The shares were acquired 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 in the company, valued at approximately $2,222,220. This represents a 8.82% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Kathleen E. Johnson purchased 135,870 shares of Lumen Technologies stock in a transaction that occurred on Tuesday, August 5th. The shares were bought at an average price of $3.69 per share, for a total transaction of $501,360.30. Following the transaction, the chief executive officer 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 quarter, insiders have purchased 217,870 shares of company stock worth $859,140. 2.30% of the stock is owned by corporate insiders.

Lumen Technologies Price Performance

Shares of LUMN traded up $0.2450 during trading hours on Friday, hitting $4.5550. The stock had a trading volume of 3,991,434 shares, compared to its average volume of 12,116,229. The company's fifty day moving average is $4.29 and its two-hundred day moving average is $4.23. 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, Inc. has a 52 week low of $3.01 and a 52 week high of $10.33. The stock has a market capitalization of $4.67 billion, a price-to-earnings ratio of -3.85 and a beta of 1.43.

Lumen Technologies (NYSE:LUMN - Get Free Report) last posted its earnings results on Thursday, July 31st. The technology company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.24) by $0.21. The business 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%. The firm's quarterly revenue was down 5.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.13) EPS. On average, analysts anticipate that Lumen Technologies, Inc. will post -0.87 EPS for the current year.

Lumen Technologies 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.