Vanguard Group Inc. Has $869.12 Million Position in Lumen Technologies, Inc. $LUMN

Key Points

• Vanguard trimmed its stake by 1.5% and now owns 111,855,666 shares of Lumen (about 10.91%) valued at approximately $869.12 million.
• CEO Kathleen E. Johnson purchased 78,685 shares at an average $6.35, raising her direct ownership to 8,562,582 shares and indicating insider buy interest.
• Lumen beat EPS expectations (reported $0.23 vs. est. -$0.21) while revenue fell 8.7% year-over-year to $3.04 billion, and analysts maintain an average rating of "Hold" with a $7.25 target price.

Vanguard Group Inc. reduced its holdings in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 1.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 111,855,666 shares of the technology company's stock after selling 1,696,883 shares during the period. Vanguard Group Inc. owned 10.91% of Lumen Technologies worth $869,119,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in LUMN. Vaughan Nelson Investment Management L.P. acquired a new stake in Lumen Technologies in the 3rd quarter valued at $18,439,000. Penn Capital Management Company LLC acquired a new stake in Lumen Technologies in the 3rd quarter valued at $16,837,000. AIGH Capital Management LLC acquired a new stake in Lumen Technologies in the 3rd quarter valued at $15,606,000. Canada Pension Plan Investment Board acquired a new stake in Lumen Technologies in the 2nd quarter valued at $8,151,000. Finally, New York State Common Retirement Fund increased its stake in Lumen Technologies by 577.6% in the 3rd quarter. New York State Common Retirement Fund now owns 1,901,976 shares of the technology company's stock valued at $11,640,000 after buying an additional 1,621,273 shares during the last quarter. 66.19% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Kathleen E. Johnson acquired 78,685 shares of the stock in a transaction dated Thursday, February 5th. The shares were bought at an average cost of $6.35 per share, for a total transaction of $499,649.75. Following the purchase, the chief executive officer directly owned 8,562,582 shares of the company's stock, valued at approximately $54,372,395.70. This trade represents a 0.93% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Diankha Linear sold 45,000 shares of the company's stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $7.89, for a total transaction of $355,050.00. Following the completion of the transaction, the director owned 198,229 shares in the company, valued at approximately $1,564,026.81. This trade represents a 18.50% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.30% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages have issued reports on LUMN. Raymond James Financial reiterated a "market perform" rating on shares of Lumen Technologies in a research note on Wednesday, February 4th. The Goldman Sachs Group lifted their price target on shares of Lumen Technologies from $5.50 to $7.25 and gave the company a "neutral" rating in a research note on Wednesday, February 4th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Lumen Technologies in a research note on Tuesday, April 21st. Wall Street Zen upgraded shares of Lumen Technologies from a "sell" rating to a "hold" rating in a research note on Sunday. Finally, Zacks Research upgraded shares of Lumen Technologies from a "hold" rating to a "strong-buy" rating in a research note on Thursday, January 8th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $7.25.

Lumen Technologies Price Performance

Lumen Technologies stock opened at $9.30 on Friday. The firm has a market capitalization of $9.58 billion, a PE ratio of -5.34 and a beta of 1.65. The company's 50-day moving average is $7.38 and its 200-day moving average is $8.01. Lumen Technologies, Inc. has a fifty-two week low of $3.37 and a fifty-two week high of $11.95.

Lumen Technologies (NYSE:LUMN - Get Free Report) last released its quarterly earnings data on Tuesday, February 3rd. The technology company reported $0.23 earnings per share for the quarter, topping the consensus estimate of ($0.21) by $0.44. The firm had revenue of $3.04 billion for the quarter, compared to analyst estimates of $3.04 billion. The firm's revenue for the quarter was down 8.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.09 earnings per share. As a group, analysts expect that Lumen Technologies, Inc. will post -0.09 EPS for the current year.

Lumen Technologies Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.