Trexquant Investment LP Cuts Position in Lumen Technologies, Inc. $LUMN

Key Points

• Trexquant Investment LP reduced its stake in Lumen Technologies by 53.0%, resulting in ownership of approximately 1,144,875 shares valued at around $4.49 million.
• Insiders, including CFO Christopher Stansbury and CEO Kathleen E. Johnson, have made recent purchases, raising their holdings and indicating confidence in the company's future.
• Lumen Technologies reported earnings per share of ($0.03) this quarter, beating analyst expectations, although revenue was down 5.4% year-over-year.

Trexquant Investment LP reduced its position in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 53.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,144,875 shares of the technology company's stock after selling 1,290,151 shares during the period. Trexquant Investment LP owned 0.11% of Lumen Technologies worth $4,488,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of LUMN. Nuveen LLC purchased a new stake in Lumen Technologies during the 1st quarter worth approximately $26,469,000. Invesco Ltd. increased its stake in Lumen Technologies by 91.6% during the 1st quarter. Invesco Ltd. now owns 10,276,782 shares of the technology company's stock worth $40,285,000 after buying an additional 4,911,803 shares in the last quarter. Millennium Management LLC increased its stake in Lumen Technologies by 474.8% during the 4th quarter. Millennium Management LLC now owns 5,744,368 shares of the technology company's stock worth $30,503,000 after buying an additional 4,745,040 shares in the last quarter. Deutsche Bank AG lifted its stake in Lumen Technologies by 182.3% in the 4th quarter. Deutsche Bank AG now owns 1,589,213 shares of the technology company's stock worth $8,439,000 after purchasing an additional 1,026,248 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in Lumen Technologies by 8.6% in the 4th quarter. Northern Trust Corp now owns 12,354,499 shares of the technology company's stock worth $65,602,000 after purchasing an additional 982,206 shares in the last quarter. 66.19% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Lumen Technologies Trading Down 4.5%

Shares of NYSE LUMN traded down $0.23 during midday trading on Friday, reaching $4.75. 16,225,832 shares of the stock were exchanged, compared to its average volume of 12,601,550. The company has a 50 day simple moving average of $4.45 and a 200 day simple moving average of $4.22. The stock has a market capitalization 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 quick ratio of 2.13 and a current ratio of 2.13. Lumen Technologies, Inc. has a twelve month low of $3.01 and a twelve month high of $10.33.

Lumen Technologies (NYSE:LUMN - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The technology company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.24) by $0.21. The business had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.11 billion. Lumen Technologies had a negative net margin of 9.19% and a negative return on equity of 158.40%. The business's revenue was down 5.4% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.13) EPS. As a group, equities analysts expect that Lumen Technologies, Inc. will post -0.87 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Christopher Stansbury purchased 40,000 shares of the business's stock in a transaction dated Friday, August 15th. The stock was acquired at an average price of $4.44 per share, for a total transaction of $177,600.00. Following the acquisition, the chief financial officer directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Kathleen E. Johnson bought 135,870 shares of the business's stock in a transaction on Tuesday, August 5th. The stock was purchased at an average cost of $3.69 per share, for a total transaction of $501,360.30. Following the transaction, the chief executive officer owned 9,616,947 shares of the company's stock, valued at $35,486,534.43. This trade represents a 1.43% increase in their ownership of the stock. 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 in the last 90 days. Insiders own 2.30% of the company's stock.

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.