State Street Corp Increases Stake in Lumen Technologies, Inc. $LUMN

Key Points

• State Street increased its Lumen Technologies stake by 4.3% in the second quarter, adding 1.99 million shares to own 48 million shares, or approximately 4.65% of the company. Institutional investors and hedge funds collectively own 66.19% of Lumen.
• Lumen’s CEO Kathleen Johnson purchased 100,000 shares at an average price of $6.13, while the stock was recently trading near $6.12. The company’s shares remain well below their one-year high of $11.95.
• Analyst sentiment remains cautious, with a consensus “Reduce” rating and an average price target of $7.86. Lumen exceeded quarterly EPS and revenue expectations, but revenue declined 9.3% year over year.

State Street Corp raised its position in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 4.3% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 48,003,189 shares of the technology company's stock after acquiring an additional 1,990,860 shares during the period. State Street Corp owned approximately 4.65% of Lumen Technologies worth $368,664,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Legal & General Group Plc purchased a new stake in Lumen Technologies in the 2nd quarter valued at approximately $18,541,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Lumen Technologies in the 2nd quarter valued at approximately $3,980,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Lumen Technologies in the 2nd quarter valued at approximately $2,513,000. Hsbc Holdings PLC boosted its stake in shares of Lumen Technologies by 10.5% in the second quarter. Hsbc Holdings PLC now owns 9,685,625 shares of the technology company's stock valued at $74,242,000 after buying an additional 919,605 shares in the last quarter. Finally, Allianz Asset Management GmbH grew its holdings in Lumen Technologies by 18.7% during the second quarter. Allianz Asset Management GmbH now owns 10,074,316 shares of the technology company's stock worth $77,371,000 after acquiring an additional 1,585,083 shares during the period. 66.19% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Lumen Technologies

In other news, CEO Kathleen Johnson acquired 100,000 shares of the business's stock in a transaction dated Thursday, August 6th. The stock was acquired at an average price of $6.13 per share, with a total value of $613,000.00. Following the completion of the transaction, the chief executive officer directly owned 100,000 shares in the company, valued at approximately $613,000. This represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have commented on LUMN shares. Wall Street Zen upgraded shares of Lumen Technologies from a "sell" rating to a "hold" rating in a research report on Sunday, August 9th. The Goldman Sachs Group reduced their price objective on shares of Lumen Technologies from $8.50 to $7.25 and set a "neutral" rating for the company in a research note on Wednesday, August 5th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Lumen Technologies in a report on Friday, July 17th. Wells Fargo & Company decreased their price target on Lumen Technologies from $9.00 to $7.50 and set an "equal weight" rating on the stock in a research note on Wednesday, August 5th. Finally, Citigroup lowered their price target on Lumen Technologies from $10.00 to $8.25 and set a "neutral" rating on the stock in a report on Tuesday, August 11th. Nine research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Reduce" and an average price target of $7.86.

Lumen Technologies Stock Performance

Shares of NYSE:LUMN opened at $6.12 on Thursday. The business's fifty day moving average price is $6.42 and its two-hundred day moving average price is $7.49. The stock has a market cap of $6.31 billion, a PE ratio of -6.00 and a beta of 1.78. Lumen Technologies, Inc. has a one year low of $5.52 and a one year high of $11.95.

Lumen Technologies (NYSE:LUMN - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The technology company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.06. The company had revenue of $2.81 billion during the quarter, compared to analysts' expectations of $2.74 billion. During the same quarter in the prior year, the company earned ($0.03) earnings per share. The firm's revenue was down 9.3% compared to the same quarter last year. As a group, equities research analysts predict that Lumen Technologies, Inc. will post -0.54 earnings per share for the current fiscal year.

Lumen Technologies Profile

Lumen Technologies, Inc NYSE: LUMN is a communications and technology company that provides connectivity, networking and digital services to businesses, government organizations and other institutions. Its offerings include fiber-based internet access, wide-area networking, ethernet, software-defined networking, managed network services, cloud connectivity, cybersecurity and unified communications.

The company operates one of the largest fiber networks in the United States and also provides international connectivity through its global network infrastructure.

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