State of Alaska Department of Revenue Increases Stock Position in Lumen Technologies, Inc. $LUMN

Key Points

• The State of Alaska Department of Revenue increased its holdings in Lumen Technologies, Inc. by 8.5% during Q2, now owning a total of 609,838 shares valued at approximately $2.67 million.
• Lumen Technologies reported a loss per share of ($0.03), which surpassed analyst expectations and had revenues of $3.09 billion, slightly below estimates.
• Recent insider transactions include CEO Kathleen E. Johnson purchasing 135,870 shares and CFO Christopher Stansbury acquiring 40,000 shares, indicating confidence in the company's future performance.

State of Alaska Department of Revenue raised its holdings in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 8.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 609,838 shares of the technology company's stock after purchasing an additional 47,542 shares during the quarter. State of Alaska Department of Revenue owned 0.06% of Lumen Technologies worth $2,670,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in LUMN. Envestnet Portfolio Solutions Inc. boosted its stake in shares of Lumen Technologies by 92.2% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 40,068 shares of the technology company's stock worth $157,000 after acquiring an additional 19,216 shares in the last quarter. Strs Ohio purchased a new stake in shares of Lumen Technologies during the 1st quarter worth approximately $1,073,000. Woodline Partners LP purchased a new stake in shares of Lumen Technologies during the 1st quarter worth approximately $5,006,000. Voya Investment Management LLC boosted its stake in shares of Lumen Technologies by 16.6% during the 1st quarter. Voya Investment Management LLC now owns 554,840 shares of the technology company's stock worth $2,175,000 after acquiring an additional 78,872 shares in the last quarter. Finally, McAdam LLC boosted its stake in shares of Lumen Technologies by 52.0% during the 2nd quarter. McAdam LLC now owns 172,330 shares of the technology company's stock worth $755,000 after acquiring an additional 58,980 shares in the last quarter. Hedge funds and other institutional investors own 66.19% of the company's stock.

Lumen Technologies Trading Down 0.6%

Shares of LUMN opened at $6.09 on Thursday. The stock has a fifty day moving average of $4.93 and a two-hundred day moving average of $4.36. 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 company has a market capitalization of $6.24 billion, a PE ratio of -5.16 and a beta of 1.44. Lumen Technologies, Inc. has a fifty-two week low of $3.01 and a fifty-two week high of $10.33.

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 the consensus estimate 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 the consensus estimate of $3.11 billion. During the same period in the previous year, the firm posted ($0.13) EPS. Lumen Technologies's revenue was down 5.4% on a year-over-year basis. As a group, analysts forecast that Lumen Technologies, Inc. will post -0.87 EPS for the current year.

Insider Buying and Selling at Lumen Technologies

In related news, CEO Kathleen E. Johnson acquired 135,870 shares of the stock in a transaction dated Tuesday, August 5th. The stock was bought at an average cost of $3.69 per share, with a total value of $501,360.30. Following the purchase, the chief executive officer directly owned 9,616,947 shares of the company's stock, valued at approximately $35,486,534.43. This represents a 1.43% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Christopher Stansbury purchased 40,000 shares of the firm's stock in a transaction that occurred on Friday, August 15th. The shares were acquired at an average cost of $4.44 per share, with a total value of $177,600.00. Following the completion of the transaction, the chief financial officer owned 535,000 shares in the company, valued at $2,375,400. This trade represents a 8.08% increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 217,870 shares of company stock valued at $859,140 over the last three months. Corporate insiders own 2.30% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently commented on LUMN. The Goldman Sachs Group began coverage on Lumen Technologies in a research note on Tuesday, September 2nd. They set a "neutral" rating and a $4.10 price target on the stock. 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 boosted their price target on Lumen Technologies from $4.50 to $5.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Citigroup lifted their price objective on Lumen Technologies from $6.00 to $7.50 and gave the stock a "buy" rating in a research report on Thursday, September 25th. Finally, BNP Paribas upgraded Lumen Technologies to a "hold" rating in a research report on Wednesday, June 25th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Lumen Technologies currently has a consensus rating of "Hold" and a consensus price target of $5.31.

Lumen Technologies Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.