Voya Investment Management LLC Purchases 78,872 Shares of Lumen Technologies, Inc. $LUMN

Key Points

• Voya Investment Management LLC increased its stake in Lumen Technologies by 16.6%, now owning 554,840 shares worth approximately $2.17 million.
• Insider transactions revealed CEO Kathleen E. Johnson acquired 135,870 shares at $3.69 per share, raising her ownership to nearly 9.62 million shares.
• Lumen Technologies reported a negative net margin of 9.19% and earnings per share of ($0.03), which was better than analysts' expectations of ($0.24).

Voya Investment Management LLC raised its holdings in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 16.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 554,840 shares of the technology company's stock after purchasing an additional 78,872 shares during the quarter. Voya Investment Management LLC owned 0.05% of Lumen Technologies worth $2,175,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in LUMN. Invesco Ltd. raised its stake in Lumen Technologies by 91.6% during the first quarter. Invesco Ltd. now owns 10,276,782 shares of the technology company's stock worth $40,285,000 after acquiring an additional 4,911,803 shares during the period. Allianz Asset Management GmbH increased its holdings in shares of Lumen Technologies by 12.6% during the first quarter. Allianz Asset Management GmbH now owns 8,772,315 shares of the technology company's stock worth $34,387,000 after buying an additional 982,038 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Lumen Technologies in the first quarter valued at approximately $26,469,000. Principal Financial Group Inc. boosted its position in shares of Lumen Technologies by 2.7% during the first quarter. Principal Financial Group Inc. now owns 5,053,232 shares of the technology company's stock worth $19,809,000 after purchasing an additional 131,851 shares in the last quarter. Finally, Public Sector Pension Investment Board lifted its position in Lumen Technologies by 27.3% in the 1st quarter. Public Sector Pension Investment Board now owns 3,218,230 shares of the technology company's stock valued at $12,615,000 after acquiring an additional 689,843 shares in the last quarter. 66.19% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Kathleen E. Johnson bought 135,870 shares of the stock in a transaction dated Tuesday, August 5th. The stock was acquired at an average price of $3.69 per share, for a total transaction of $501,360.30. Following the completion of the purchase, the chief executive officer owned 9,616,947 shares in the company, valued at $35,486,534.43. This represents a 1.43% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Christopher Stansbury bought 40,000 shares of Lumen Technologies stock in a transaction on Friday, August 15th. The shares were purchased at an average cost of $4.44 per share, for a total transaction of $177,600.00. Following the acquisition, the chief financial officer owned 535,000 shares in the company, valued at $2,375,400. The trade was a 8.08% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 217,870 shares of company stock valued at $859,140 over the last 90 days. 2.30% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. The Goldman Sachs Group assumed coverage on shares of Lumen Technologies in a research note on Tuesday, September 2nd. They issued a "neutral" rating and a $4.10 price target on the stock. Wall Street Zen raised shares of Lumen Technologies from a "sell" rating to a "hold" rating in a research report on Sunday, August 3rd. BNP Paribas raised shares of Lumen Technologies to a "hold" rating in a research note on Wednesday, June 25th. Finally, Raymond James Financial upped their price objective on shares of Lumen Technologies from $4.50 to $5.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $5.14.

Lumen Technologies Price Performance

Shares of LUMN traded up $0.53 during trading hours on Monday, hitting $6.24. 35,385,367 shares of the stock were exchanged, compared to its average volume of 18,310,350. The company has a market cap of $6.40 billion, a price-to-earnings ratio of -5.28 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 12-month low of $3.01 and a 12-month high of $10.33. The stock's 50-day moving average price is $4.73 and its two-hundred day moving average price is $4.30.

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

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.