Vanguard Group Inc. Increases Stake in Lumen Technologies, Inc. $LUMN

Key Points

• Vanguard Group Inc. acquired an additional 103,419 shares of Lumen Technologies, bringing their total ownership to approximately 10.66% and a total value of $428.9 million.
• Insider activity is notable as both CFO Christopher Stansbury and CEO Kathleen E. Johnson made significant share purchases, increasing their respective holdings by 8.08% and 1.43%.
• Lumen Technologies reported quarterly earnings with a negative EPS of (0.03), which exceeded expectations, although revenue was down 5.4% year-over-year.

Vanguard Group Inc. boosted its stake in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 0.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 109,405,246 shares of the technology company's stock after purchasing an additional 103,419 shares during the quarter. Vanguard Group Inc. owned about 10.66% of Lumen Technologies worth $428,869,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of LUMN. Lazard Asset Management LLC raised its stake in shares of Lumen Technologies by 3,825.7% during the fourth quarter. Lazard Asset Management LLC now owns 7,498 shares of the technology company's stock worth $39,000 after acquiring an additional 7,307 shares in the last quarter. Conning Inc. purchased a new position in shares of Lumen Technologies during the first quarter worth approximately $39,000. OneDigital Investment Advisors LLC purchased a new position in shares of Lumen Technologies during the first quarter worth approximately $41,000. Meeder Advisory Services Inc. purchased a new position in shares of Lumen Technologies during the first quarter worth approximately $41,000. Finally, Ritholtz Wealth Management purchased a new position in shares of Lumen Technologies during the first quarter worth approximately $43,000. 66.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Raymond James Financial lifted their price target on shares of Lumen Technologies from $4.50 to $5.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Wall Street Zen upgraded shares of Lumen Technologies from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd. Finally, BNP Paribas upgraded shares of Lumen Technologies to a "hold" rating in a report on Wednesday, June 25th. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $5.29.

Insider Activity at Lumen Technologies

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

Lumen Technologies Stock Performance

Shares of NYSE:LUMN traded down $0.1350 during trading on Tuesday, hitting $4.5550. The company's stock had a trading volume of 6,924,884 shares, compared to its average volume of 12,185,238. The company has a 50-day moving average of $4.28 and a 200-day moving average of $4.23. Lumen Technologies, Inc. has a 12 month low of $3.01 and a 12 month high of $10.33. The company has a debt-to-equity ratio of 59.98, a current ratio of 2.13 and a quick ratio of 2.13. The firm has a market cap of $4.67 billion, a price-to-earnings ratio of -3.86 and a beta of 1.43.

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

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.