Palestra Capital Management LLC Sells 7,417,585 Shares of Lumen Technologies, Inc. $LUMN

Key Points

• Palestra Capital Management LLC decreased its stake in Lumen Technologies by 66.4%, selling over 7.4 million shares and holding a total of 3.75 million shares, accounting for about 0.6% of its investment portfolio.
• CEO Kathleen E. Johnson purchased 135,870 shares of Lumen Technologies stock, indicating confidence in the company's future and increasing her ownership to approximately 9.62 million shares.
• Analyst ratings for Lumen Technologies have varied, with BNP Paribas upgrading to a "hold" rating and several firms increasing price targets, reflecting a cautious outlook as the stock has a consensus rating of "Hold" with a target price of $5.14.

Palestra Capital Management LLC decreased its position in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 66.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,750,000 shares of the technology company's stock after selling 7,417,585 shares during the period. Lumen Technologies accounts for approximately 0.6% of Palestra Capital Management LLC's portfolio, making the stock its 22nd biggest position. Palestra Capital Management LLC owned about 0.37% of Lumen Technologies worth $14,700,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Lumen Technologies by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 602,705 shares of the technology company's stock valued at $2,363,000 after buying an additional 26,305 shares in the last quarter. Carronade Capital Management LP bought a new stake in Lumen Technologies in the first quarter worth approximately $3,736,000. Graham Capital Management L.P. increased its stake in shares of Lumen Technologies by 156.9% during the 1st quarter. Graham Capital Management L.P. now owns 1,458,867 shares of the technology company's stock worth $5,719,000 after purchasing an additional 890,957 shares during the last quarter. Quarry LP bought a new position in shares of Lumen Technologies during the 1st quarter valued at $216,000. Finally, State of Wyoming acquired a new stake in shares of Lumen Technologies in the 1st quarter valued at $170,000. 66.19% of the stock is owned by institutional investors and hedge funds.

Lumen Technologies Stock Performance

NYSE LUMN traded up $0.52 during trading on Tuesday, hitting $5.64. The company's stock had a trading volume of 23,798,314 shares, compared to its average volume of 13,369,578. Lumen Technologies, Inc. has a 52 week low of $3.01 and a 52 week high of $10.33. The firm has a market cap of $5.79 billion, a P/E ratio of -4.78 and a beta of 1.42. The firm has a 50 day moving average price of $4.48 and a 200 day moving average price of $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 (NYSE:LUMN - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The technology company reported ($0.03) earnings per share (EPS) for the quarter, topping 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 business had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.11 billion. During the same quarter last year, the company posted ($0.13) earnings per share. Lumen Technologies's quarterly revenue was down 5.4% on a year-over-year basis. Equities research analysts forecast that Lumen Technologies, Inc. will post -0.87 earnings per share for the current fiscal year.

Insider Buying and Selling at Lumen Technologies

In related news, CEO Kathleen E. Johnson acquired 135,870 shares of the company's stock in a transaction dated 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 acquisition, the chief executive officer owned 9,616,947 shares in the company, valued at $35,486,534.43. This trade represents a 1.43% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Christopher Stansbury acquired 40,000 shares of the business's stock in a transaction dated 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 transaction, the chief financial officer directly owned 535,000 shares of the company's stock, valued at $2,375,400. The trade was a 8.08% increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 217,870 shares of company stock worth $859,140 over the last 90 days. Company insiders own 2.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Wall Street Zen raised Lumen Technologies from a "sell" rating to a "hold" rating in a research report on Sunday, August 3rd. Raymond James Financial raised their price objective on Lumen Technologies from $4.50 to $5.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. BNP Paribas upgraded Lumen Technologies to a "hold" rating in a report on Wednesday, June 25th. Finally, The Goldman Sachs Group started coverage on Lumen Technologies in a report on Tuesday, September 2nd. They set a "neutral" rating and a $4.10 price target on the stock. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $5.14.

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.