The Manufacturers Life Insurance Company Makes New $3.98 Million Investment in Lumen Technologies, Inc. $LUMN

Key Points

• The Manufacturers Life Insurance Company acquired 518,237 shares of Lumen Technologies in the second quarter, valued at approximately $3.98 million and representing a 0.05% stake.
• Institutional ownership remains substantial at 66.19%, with BlackRock, Russell Investments, Bank of America and other firms increasing their positions; CEO Kathleen E. Johnson also purchased 100,000 shares for $613,000.
• Lumen beat quarterly EPS and revenue expectations, but revenue fell 9.3% year over year. Analysts remain cautious, with a consensus “Reduce” rating and an average price target of $7.86 versus the stock’s recent $6.38 price.

The Manufacturers Life Insurance Company bought a new stake in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 518,237 shares of the technology company's stock, valued at approximately $3,980,000. The Manufacturers Life Insurance Company owned 0.05% of Lumen Technologies as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also modified their holdings of the company. CapWealth Advisors LLC grew its position in Lumen Technologies by 3.2% during the fourth quarter. CapWealth Advisors LLC now owns 6,699,685 shares of the technology company's stock worth $52,057,000 after buying an additional 204,970 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in Lumen Technologies by 50.1% in the 2nd quarter. Russell Investments Group Ltd. now owns 1,299,042 shares of the technology company's stock valued at $9,985,000 after acquiring an additional 433,624 shares in the last quarter. BlackRock Inc. raised its holdings in Lumen Technologies by 3.5% in the 2nd quarter. BlackRock Inc. now owns 142,261,845 shares of the technology company's stock valued at $1,092,571,000 after acquiring an additional 4,796,141 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Lumen Technologies by 28.9% during the 1st quarter. Bank of America Corp DE now owns 3,010,141 shares of the technology company's stock valued at $20,920,000 after acquiring an additional 674,625 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Lumen Technologies during the 2nd quarter worth $24,767,000. 66.19% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Lumen Technologies

In related news, CEO Kathleen E. Johnson bought 100,000 shares of the business's stock in a transaction on Thursday, August 6th. The shares were purchased at an average cost of $6.13 per share, with a total value of $613,000.00. Following the acquisition, the chief executive officer owned 100,000 shares of the company's stock, valued at $613,000. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.30% of the stock is currently owned by corporate insiders.

Lumen Technologies Price Performance

LUMN opened at $6.38 on Wednesday. Lumen Technologies, Inc. has a fifty-two week low of $4.57 and a fifty-two week high of $11.95. The company's 50 day moving average price is $6.52 and its two-hundred day moving average price is $7.58. The firm has a market capitalization of $6.58 billion, a price-to-earnings ratio of -6.25 and a beta of 1.79.

Lumen Technologies (NYSE:LUMN - Get Free Report) last released its quarterly earnings results 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 business had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.74 billion. During the same period in the previous year, the business posted ($0.03) EPS. Lumen Technologies's revenue was down 9.3% on a year-over-year basis. As a group, equities research analysts predict that Lumen Technologies, Inc. will post -0.52 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on LUMN shares. TD Cowen boosted their price target on Lumen Technologies from $8.00 to $9.00 and gave the company a "hold" rating in a research note on Wednesday, May 6th. UBS Group raised their target price on shares of Lumen Technologies from $6.00 to $8.00 and gave the company a "neutral" rating in a report on Wednesday, May 6th. Weiss Ratings restated a "sell (d-)" rating on shares of Lumen Technologies in a research report on Friday, July 17th. JPMorgan Chase & Co. increased their price target on shares of Lumen Technologies from $6.00 to $7.00 and gave the stock a "neutral" rating in a research report on Monday, May 11th. Finally, Wells Fargo & Company decreased their price objective on shares of 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. Nine equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Reduce" and a consensus target price of $7.86.

About Lumen Technologies

Lumen Technologies is a multinational technology company specializing in integrated network, edge cloud, security and collaboration services for enterprise and public sector clients. The company's core offerings include high-capacity fiber and IP-based connectivity, managed edge computing solutions designed to accelerate applications and data processing closer to end users, and cybersecurity services ranging from DDoS protection to unified threat management. Through its unified portfolio, Lumen enables organizations to support digital transformation initiatives, modernize infrastructure and enhance operational resilience.

Leveraging one of the largest fiber footprints in North America, as well as infrastructure in Latin America and parts of Europe, Lumen connects customers across more than 60 countries.

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