Public Sector Pension Investment Board Buys 689,843 Shares of Lumen Technologies, Inc. (NYSE:LUMN)

Key Points

• The Public Sector Pension Investment Board increased its stake in Lumen Technologies by 27.3% during the first quarter, now owning over 3.2 million shares valued at approximately $12.6 million.
• CEO Kathleen E. Johnson bought 135,870 shares of Lumen Technologies at an average price of $3.69 per share, increasing her holdings to nearly 9.6 million shares worth about $35.5 million.
• Recent analyst reports have upgraded Lumen Technologies, with Wall Street Zen and BNP Paribas raising their ratings to "hold" and Raymond James increasing their price target from $4.50 to $5.00.

Public Sector Pension Investment Board boosted its position in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 27.3% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 3,218,230 shares of the technology company's stock after acquiring an additional 689,843 shares during the period. Public Sector Pension Investment Board owned 0.31% of Lumen Technologies worth $12,615,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP grew its position in Lumen Technologies by 368.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,812,495 shares of the technology company's stock valued at $52,111,000 after acquiring an additional 7,717,596 shares during the last quarter. Nuveen LLC bought a new position in Lumen Technologies during the first quarter valued at approximately $26,469,000. Invesco Ltd. grew its position in Lumen Technologies by 91.6% during the first quarter. Invesco Ltd. now owns 10,276,782 shares of the technology company's stock valued at $40,285,000 after acquiring an additional 4,911,803 shares during the last quarter. Millennium Management LLC grew its position in Lumen Technologies by 474.8% during the fourth quarter. Millennium Management LLC now owns 5,744,368 shares of the technology company's stock valued at $30,503,000 after acquiring an additional 4,745,040 shares during the last quarter. Finally, Deutsche Bank AG grew its position in Lumen Technologies by 182.3% during the fourth quarter. Deutsche Bank AG now owns 1,589,213 shares of the technology company's stock valued at $8,439,000 after acquiring an additional 1,026,248 shares during the last quarter. 66.19% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Lumen Technologies

In other news, CEO Kathleen E. Johnson acquired 135,870 shares of the stock in a transaction on Tuesday, August 5th. The stock was acquired at an average price of $3.69 per share, with a total value of $501,360.30. Following the completion of the transaction, the chief executive officer owned 9,616,947 shares of the company's stock, valued at $35,486,534.43. This represents a 1.43% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Christopher Stansbury acquired 42,000 shares of the stock in a transaction on Thursday, August 14th. The shares were purchased at an average cost of $4.29 per share, with a total value of $180,180.00. Following the transaction, the chief financial officer directly owned 518,000 shares of the company's stock, valued at approximately $2,222,220. This trade represents a 8.82% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 217,870 shares of company stock valued at $859,140 in the last three months. Insiders own 2.30% of the company's stock.

Lumen Technologies Trading Up 2.1%

LUMN stock traded up $0.09 on Friday, reaching $4.43. The company's stock had a trading volume of 11,018,535 shares, compared to its average volume of 12,150,394. The business has a fifty day simple moving average of $4.27 and a two-hundred day simple moving average of $4.24. Lumen Technologies, Inc. has a 12-month low of $3.01 and a 12-month high of $10.33. The firm has a market cap of $4.55 billion, a PE ratio of -3.75 and a beta of 1.43. The company has a debt-to-equity ratio of 59.98, a quick ratio of 2.13 and a current ratio of 2.13.

Lumen Technologies (NYSE:LUMN - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The technology company reported ($0.03) EPS for the quarter, topping 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 company had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3.11 billion. During the same quarter last year, the firm posted ($0.13) earnings per share. The firm's revenue was down 5.4% on a year-over-year basis. As a group, research analysts forecast that Lumen Technologies, Inc. will post -0.87 EPS for the current year.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Wall Street Zen raised Lumen Technologies from a "sell" rating to a "hold" rating in a research note on Sunday, August 3rd. 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 research note on Friday, August 1st. Finally, BNP Paribas raised Lumen Technologies to a "hold" rating in a research note on Wednesday, June 25th. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Lumen Technologies presently has a consensus rating of "Hold" and a consensus target price of $5.29.

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.