Northern Trust Corp Has $48.24 Million Holdings in Lumen Technologies, Inc. $LUMN

Key Points

• Northern Trust Corp reduced its stake in Lumen Technologies by 0.4% during the first quarter, owning 12,306,513 shares valued at approximately $48 million after selling 47,986 shares.
• Significant increases in holdings were seen from other investors, with Envestnet Portfolio Solutions boosting its stake by 92.2% and Lazard Asset Management escalating theirs by an astonishing 3,825.7%.
• Lumen Technologies recently received upgrades from analysts including BNP Paribas and Wall Street Zen, with a consensus rating of "Hold" and a target price of $5.29.

Northern Trust Corp lessened its holdings in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 0.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,306,513 shares of the technology company's stock after selling 47,986 shares during the quarter. Northern Trust Corp owned 1.20% of Lumen Technologies worth $48,242,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Lazard Asset Management LLC lifted its position in shares of Lumen Technologies by 3,825.7% in the fourth 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 shares of Lumen Technologies in the first quarter worth $39,000. OneDigital Investment Advisors LLC bought a new stake in shares of Lumen Technologies in the first quarter worth $41,000. Meeder Advisory Services Inc. bought a new stake in shares of Lumen Technologies in the first quarter worth $41,000. Finally, Ritholtz Wealth Management bought a new stake in shares of Lumen Technologies in the first quarter worth $43,000. Institutional investors own 66.19% of the company's stock.

Insider Buying and Selling at Lumen Technologies

In related news, CEO Kathleen E. Johnson acquired 135,870 shares of the firm's stock in a transaction on Tuesday, August 5th. The shares were purchased at an average cost of $3.69 per share, for a total transaction of $501,360.30. Following the completion of the acquisition, the chief executive officer directly owned 9,616,947 shares in the company, valued at approximately $35,486,534.43. This trade represents a 1.43% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Christopher Stansbury acquired 42,000 shares of the firm's stock in a transaction on Thursday, August 14th. The stock was bought 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 owned 518,000 shares of the company's stock, valued at approximately $2,222,220. The trade was a 8.82% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 217,870 shares of company stock worth $859,140. Corporate insiders own 2.30% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. The Goldman Sachs Group began coverage on shares of Lumen Technologies in a research report on Tuesday. They issued a "neutral" rating and a $4.10 price objective on the stock. BNP Paribas upgraded shares of Lumen Technologies to a "hold" rating in a report on Wednesday, June 25th. Wall Street Zen upgraded shares of Lumen Technologies from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd. Finally, Raymond James Financial boosted 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 equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $5.14.

Lumen Technologies Stock Performance

Shares of NYSE:LUMN traded down $0.18 on Tuesday, hitting $4.80. The company had a trading volume of 10,484,105 shares, compared to its average volume of 11,827,394. Lumen Technologies, Inc. has a 1-year low of $3.01 and a 1-year high of $10.33. The stock has a market cap of $4.92 billion, a price-to-earnings ratio of -4.06 and a beta of 1.42. The stock has a 50 day moving average price of $4.42 and a 200 day moving average price of $4.22. 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 (NYSE:LUMN - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The technology company reported ($0.03) EPS for the quarter, beating the consensus estimate 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 firm had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.11 billion. During the same period in the previous year, the company earned ($0.13) earnings per share. The company's quarterly revenue was down 5.4% on a year-over-year basis. Analysts expect 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.