VIRGINIA RETIREMENT SYSTEMS ET Al Invests $1.40 Million in Lumen Technologies, Inc. $LUMN

Key Points

• The Virginia Retirement Systems invested approximately $1.40 million in Lumen Technologies, purchasing 319,900 shares in the second quarter.
• Institutional investors and hedge funds own 66.19% of Lumen Technologies' stock, indicating strong institutional interest.
• Analyst ratings for Lumen Technologies vary, with two buy ratings, five hold ratings, and one sell rating, reflecting mixed investor sentiment.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 319,900 shares of the technology company's stock, valued at approximately $1,401,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of LUMN. Farther Finance Advisors LLC raised its stake in Lumen Technologies by 132.3% in the second quarter. Farther Finance Advisors LLC now owns 5,954 shares of the technology company's stock valued at $26,000 after purchasing an additional 3,391 shares in the last quarter. Conning Inc. acquired a new position in Lumen Technologies in the first quarter valued at about $39,000. OneDigital Investment Advisors LLC acquired a new position in Lumen Technologies in the first quarter valued at about $41,000. Meeder Advisory Services Inc. acquired a new position in Lumen Technologies in the first quarter valued at about $41,000. Finally, Smartleaf Asset Management LLC raised its stake in Lumen Technologies by 60.8% in the first quarter. Smartleaf Asset Management LLC now owns 10,847 shares of the technology company's stock valued at $43,000 after purchasing an additional 4,102 shares in the last quarter. Institutional investors and hedge funds own 66.19% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Weiss Ratings restated a "sell (d-)" rating on shares of Lumen Technologies in a report on Wednesday, October 8th. Citigroup boosted their price target on Lumen Technologies from $6.00 to $7.50 and gave the stock a "buy" rating in a report on Thursday, September 25th. Wall Street Zen upgraded Lumen Technologies from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd. The Goldman Sachs Group upped their target price on Lumen Technologies from $4.10 to $4.60 and gave the company a "neutral" rating in a report on Friday, October 3rd. Finally, BNP Paribas raised 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, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Lumen Technologies has an average rating of "Hold" and a consensus target price of $5.39.

Insider Buying and Selling

In other news, CFO Christopher Stansbury bought 42,000 shares of the stock in a transaction dated Thursday, August 14th. The shares were bought at an average cost of $4.29 per share, with a total value of $180,180.00. Following the completion of the transaction, the chief financial officer directly owned 518,000 shares of the company's stock, valued at $2,222,220. This trade represents a 8.82% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Kathleen E. Johnson purchased 135,870 shares of the 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 completion of the transaction, the chief executive officer directly owned 9,616,947 shares in the company, valued at $35,486,534.43. The trade was a 1.43% increase in their position. The disclosure for this purchase can be found here. Insiders have bought 217,870 shares of company stock worth $859,140 over the last ninety days. 2.30% of the stock is owned by insiders.

Lumen Technologies Price Performance

Shares of NYSE:LUMN opened at $7.05 on Thursday. The company has a quick ratio of 2.13, a current ratio of 2.13 and a debt-to-equity ratio of 59.98. Lumen Technologies, Inc. has a twelve month low of $3.01 and a twelve month high of $10.33. The stock's 50 day moving average is $5.78 and its 200-day moving average is $4.62. The firm has a market capitalization of $7.23 billion, a price-to-earnings ratio of -5.97 and a beta of 1.45.

Lumen Technologies (NYSE:LUMN - Get Free Report) last issued its earnings results on Friday, January 27th. The technology company reported $0.49 earnings per share for the quarter. Lumen Technologies had a negative return on equity of 158.40% and a negative net margin of 9.19%.The company had revenue of $4.05 billion for the quarter. Sell-side analysts forecast that Lumen Technologies, Inc. will post -0.87 EPS for the current fiscal year.

About Lumen Technologies

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.

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