Graham Capital Management L.P. Increases Stock Position in Lumen Technologies, Inc. $LUMN

Key Points

• Graham Capital Management L.P. has significantly increased its stake in Lumen Technologies by 156.9% during the first quarter, now owning approximately 0.14% of the company, worth about $5.7 million.
• Insider purchases included CFO Christopher Stansbury and CEO Kathleen E. Johnson acquiring 40,000 and 135,870 shares respectively, indicating confidence in the company's prospects.
• Several analysts have raised their price targets for Lumen Technologies, with Raymond James setting a new target of $5.00, reflecting an overall cautious optimism toward the stock's performance.

Graham Capital Management L.P. increased its stake in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 156.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,458,867 shares of the technology company's stock after buying an additional 890,957 shares during the quarter. Graham Capital Management L.P. owned about 0.14% of Lumen Technologies worth $5,719,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Lazard Asset Management LLC grew its holdings 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 purchasing an additional 7,307 shares in the last quarter. Conning Inc. bought a new stake in Lumen Technologies during the first quarter worth about $39,000. Quantinno Capital Management LP bought a new stake in Lumen Technologies in the fourth quarter valued at approximately $54,000. OneDigital Investment Advisors LLC acquired a new position in shares of Lumen Technologies in the first quarter valued at approximately $41,000. Finally, Meeder Advisory Services Inc. acquired a new stake in Lumen Technologies during the first quarter worth approximately $41,000. 66.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on LUMN shares. Wall Street Zen raised Lumen Technologies from a "sell" rating to a "hold" rating in a research report on Sunday, August 3rd. The Goldman Sachs Group began coverage on Lumen Technologies in a research note on Tuesday. They set a "neutral" rating and a $4.10 price target for the company. 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. Finally, BNP Paribas raised shares of Lumen Technologies to a "hold" rating in a report on Wednesday, June 25th. Two investment 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, Lumen Technologies currently has an average rating of "Hold" and a consensus target price of $5.14.

Lumen Technologies Trading Down 1.4%

Shares of NYSE:LUMN traded down $0.07 during midday trading on Wednesday, hitting $4.73. 11,249,902 shares of the stock traded hands, compared to its average volume of 11,827,394. The stock has a market capitalization of $4.85 billion, a PE ratio of -4.00 and a beta of 1.42. The business's 50 day moving average is $4.43 and its two-hundred day moving average is $4.23. 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 one year low of $3.01 and a one year high of $10.33.

Lumen Technologies (NYSE:LUMN - Get Free Report) last announced 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 for the quarter, compared to analysts' expectations of $3.11 billion. During the same quarter in the prior year, the company earned ($0.13) earnings per share. The business's revenue was down 5.4% compared to the same quarter last year. As a group, research analysts forecast that Lumen Technologies, Inc. will post -0.87 earnings per share for the current year.

Insider Buying and Selling at Lumen Technologies

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

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.