McAdam LLC Increases Stock Position in Lumen Technologies, Inc. $LUMN

Key Points

• McAdam LLC increased its stake in Lumen Technologies, Inc. by 74.5%, holding 113,350 shares worth $444,000 after acquiring an additional 48,384 shares in the 1st quarter.
• Multiple hedge funds have significantly modified their positions in Lumen Technologies, with Lazard Asset Management's stake increasing by 3,825.7% in the last quarter.
• The company recently beat earnings estimates with an EPS of ($0.03) for the last quarter, although revenue declined by 5.4% year-over-year.

McAdam LLC lifted its holdings in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 74.5% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 113,350 shares of the technology company's stock after purchasing an additional 48,384 shares during the period. McAdam LLC's holdings in Lumen Technologies were worth $444,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Lazard Asset Management LLC lifted its position in shares of 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 purchasing an additional 7,307 shares during the period. Conning Inc. purchased a new stake in shares of Lumen Technologies in the 1st quarter worth approximately $39,000. Quantinno Capital Management LP purchased a new stake in shares of Lumen Technologies in the 4th quarter worth approximately $54,000. OneDigital Investment Advisors LLC purchased a new stake in shares of Lumen Technologies in the 1st quarter worth approximately $41,000. Finally, Meeder Advisory Services Inc. purchased a new stake in shares of Lumen Technologies in the 1st quarter worth approximately $41,000. Hedge funds and other institutional investors own 66.19% of the company's stock.

Wall Street Analyst Weigh In

LUMN has been the subject of several recent analyst reports. Wall Street Zen upgraded shares of Lumen Technologies from a "sell" rating to a "hold" rating in a research note on Sunday, August 3rd. The Goldman Sachs Group initiated coverage on shares of Lumen Technologies in a research note on Tuesday, September 2nd. They set a "neutral" rating and a $4.10 price objective for the company. BNP Paribas upgraded shares of Lumen Technologies to a "hold" rating in a research note on Wednesday, June 25th. Finally, Raymond James Financial boosted their price objective on shares of Lumen Technologies from $4.50 to $5.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $5.14.

Insider Buying and Selling

In related news, CFO Christopher Stansbury purchased 42,000 shares of the business's stock in a transaction 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 purchase, the chief financial officer 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Kathleen E. Johnson purchased 135,870 shares of the business's stock in a transaction 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 purchase, the chief executive officer directly owned 9,616,947 shares in the company, valued at $35,486,534.43. This represents a 1.43% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 217,870 shares of company stock worth $859,140 in the last 90 days. 2.30% of the stock is currently owned by company insiders.

Lumen Technologies Trading Up 9.0%

Shares of Lumen Technologies stock opened at $6.14 on Thursday. The company has a current ratio of 2.13, a quick ratio of 2.13 and a debt-to-equity ratio of 59.98. Lumen Technologies, Inc. has a 12-month low of $3.01 and a 12-month high of $10.33. The firm has a market capitalization of $6.30 billion, a price-to-earnings ratio of -5.20 and a beta of 1.42. The firm's 50 day simple moving average is $4.52 and its two-hundred day simple moving average is $4.25.

Lumen Technologies (NYSE:LUMN - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The technology company reported ($0.03) earnings per share (EPS) for the quarter, beating 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 analyst estimates of $3.11 billion. During the same quarter in the prior year, the business posted ($0.13) EPS. Lumen Technologies's revenue for the quarter was down 5.4% compared to the same quarter last year. Analysts predict that Lumen Technologies, Inc. will post -0.87 EPS 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.

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