Panagora Asset Management Inc. Sells 367,979 Shares of Lumen Technologies, Inc. $LUMN

Key Points

• Panagora Asset Management Inc. has reduced its stake in Lumen Technologies by 32.8%, selling 367,979 shares in the first quarter and now owning approximately 0.07% of the company.
• Multiple equity analysts have upgraded Lumen Technologies' stock rating to "hold" with a consensus target price of $5.14, as investments from institutional investors now account for 66.19% of the stock.
• Insider trading activity was noted with CFO Christopher Stansbury and CEO Kathleen E. Johnson increasing their positions in the company, acquiring 40,000 and 135,870 shares, respectively.

Panagora Asset Management Inc. trimmed its stake in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 32.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 754,581 shares of the technology company's stock after selling 367,979 shares during the period. Panagora Asset Management Inc. owned about 0.07% of Lumen Technologies worth $2,958,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Envestnet Portfolio Solutions Inc. raised its position in Lumen Technologies by 92.2% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 40,068 shares of the technology company's stock valued at $157,000 after buying an additional 19,216 shares during the period. Lazard Asset Management LLC raised its position in Lumen Technologies by 3,825.7% during the fourth quarter. Lazard Asset Management LLC now owns 7,498 shares of the technology company's stock valued at $39,000 after buying an additional 7,307 shares during the period. Ritholtz Wealth Management acquired a new position in Lumen Technologies during the first quarter valued at $43,000. Cambridge Investment Research Advisors Inc. raised its position in Lumen Technologies by 88.3% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 84,475 shares of the technology company's stock valued at $331,000 after buying an additional 39,619 shares during the period. Finally, OneDigital Investment Advisors LLC acquired a new position in Lumen Technologies in the 1st quarter worth about $41,000. 66.19% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Insider Buying and Selling at Lumen Technologies

In other news, CFO Christopher Stansbury bought 40,000 shares of the stock in a transaction dated Friday, August 15th. The stock was bought at an average cost of $4.44 per share, with a total value of $177,600.00. Following the purchase, the chief financial officer owned 535,000 shares of the company's stock, valued at approximately $2,375,400. This represents a 8.08% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Kathleen E. Johnson bought 135,870 shares of the stock in a transaction dated Tuesday, August 5th. The stock was purchased at an average cost of $3.69 per share, with a total value of $501,360.30. Following the completion of the purchase, 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 position. The disclosure for this purchase can be found here. Insiders bought a total of 217,870 shares of company stock valued at $859,140 over the last three months. Insiders own 2.30% of the company's stock.

Lumen Technologies Price Performance

Shares of Lumen Technologies stock traded down $0.23 during midday trading on Friday, hitting $4.75. 16,225,832 shares of the company were exchanged, compared to its average volume of 12,601,550. The firm has a 50 day simple moving average of $4.45 and a 200-day simple moving average of $4.22. 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 $4.87 billion, a P/E ratio of -4.02 and a beta of 1.42. The company has a debt-to-equity ratio of 59.98, a current ratio of 2.13 and a quick ratio of 2.13.

Lumen Technologies (NYSE:LUMN - Get Free Report) last released 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. Lumen Technologies had a negative return on equity of 158.40% and a negative net margin of 9.19%.The firm had revenue of $3.09 billion during the quarter, compared to analysts' expectations of $3.11 billion. During the same period last year, the firm posted ($0.13) EPS. The business's revenue was down 5.4% on a year-over-year basis. Research analysts forecast that Lumen Technologies, Inc. will post -0.87 earnings per share 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.