Lumen Technologies, Inc. $LUMN Shares Bought by Optimize Financial Inc

Key Points

• Optimize Financial Inc increased its stake in Lumen Technologies by 74.0% during the first quarter, owning 278,527 shares valued at approximately $1,092,000.
• Other institutional investors, including Invesco Ltd. and Millennium Management LLC, significantly raised their positions in Lumen Technologies, underlining a strong interest in the stock.
• Lumen Technologies reported a quarterly earnings per share (EPS) of ($0.03), beating analyst expectations, but its revenue of $3.09 billion fell short of the anticipated $3.11 billion.

Optimize Financial Inc increased its stake in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 74.0% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 278,527 shares of the technology company's stock after acquiring an additional 118,430 shares during the period. Optimize Financial Inc's holdings in Lumen Technologies were worth $1,092,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of LUMN. Lazard Asset Management LLC lifted its position in 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 acquiring an additional 7,307 shares in the last quarter. Conning Inc. acquired a new position in Lumen Technologies in the 1st quarter worth $39,000. OneDigital Investment Advisors LLC acquired a new position in Lumen Technologies in the 1st quarter worth $41,000. Meeder Advisory Services Inc. acquired a new position in Lumen Technologies in the 1st quarter worth $41,000. Finally, Ritholtz Wealth Management acquired a new position in Lumen Technologies in the 1st quarter worth $43,000. 66.19% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have commented on LUMN. BNP Paribas upgraded shares of Lumen Technologies to a "hold" rating in a report on Wednesday, June 25th. 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 report on Friday, August 1st. Wall Street Zen upgraded shares of Lumen Technologies from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd. Finally, The Goldman Sachs Group started coverage on shares of Lumen Technologies in a report on Tuesday, September 2nd. They set a "neutral" rating and a $4.10 price objective for the company. Two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, Lumen Technologies currently has an average rating of "Hold" and an average target price of $5.14.

Insiders Place Their Bets

In other Lumen Technologies news, CFO Christopher Stansbury bought 40,000 shares of the company's stock in a transaction on Friday, August 15th. The shares were bought at an average cost of $4.44 per share, with a total value of $177,600.00. Following the completion of the acquisition, the chief financial officer owned 535,000 shares of the company's stock, valued at approximately $2,375,400. This trade represents a 8.08% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Kathleen E. Johnson bought 135,870 shares of the company's stock in a transaction on Tuesday, August 5th. The shares were acquired 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 of the company's stock, valued at $35,486,534.43. This trade represents a 1.43% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 217,870 shares of company stock worth $859,140 over the last three months. 2.30% of the stock is owned by corporate insiders.

Lumen Technologies Stock Performance

Shares of NYSE LUMN traded down $0.03 during trading on Friday, reaching $6.06. The stock had a trading volume of 14,494,449 shares, compared to its average volume of 12,619,915. Lumen Technologies, Inc. has a one year low of $3.01 and a one year high of $10.33. The company has a debt-to-equity ratio of 59.98, a quick ratio of 2.13 and a current ratio of 2.13. The stock has a market cap of $6.22 billion, a PE ratio of -5.14 and a beta of 1.42. The firm's 50 day moving average price is $4.55 and its two-hundred day moving average price is $4.26.

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 for the quarter, beating analysts' consensus estimates of ($0.24) by $0.21. The business had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.11 billion. Lumen Technologies had a negative return on equity of 158.40% and a negative net margin of 9.19%.The business's quarterly revenue was down 5.4% on a year-over-year basis. During the same period in the previous year, the business earned ($0.13) EPS. On average, research analysts forecast that Lumen Technologies, Inc. will post -0.87 earnings per share for the current fiscal 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.