WINTON GROUP Ltd Acquires Shares of 484,380 Lumen Technologies, Inc. $LUMN

Key Points

• WINTON GROUP Ltd acquired 484,380 shares of Lumen Technologies in the second quarter, valued at approximately $3.72 million. Institutional investors collectively own 66.19% of LUMN, while CEO Kathleen Johnson separately purchased 100,000 shares for $613,000.
• Analyst sentiment remains cautious: LUMN has a consensus rating of “Reduce” and an average price target of $7.86 after several firms lowered their targets.
• Lumen reported better-than-expected quarterly results, with an adjusted loss of $0.07 per share versus estimates of $0.13 and revenue of $2.81 billion. However, revenue declined 9.3% year over year, and the stock opened at $6.82, well below its 12-month high of $11.95.

WINTON GROUP Ltd acquired a new position in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 484,380 shares of the technology company's stock, valued at approximately $3,720,000.

Several other institutional investors and hedge funds also recently made changes to their positions in LUMN. Kemnay Advisory Services Inc. purchased a new position in Lumen Technologies during the fourth quarter worth about $25,000. International Assets Investment Management LLC purchased a new stake in Lumen Technologies in the 4th quarter valued at about $30,000. Versant Capital Management Inc lifted its position in shares of Lumen Technologies by 90.3% during the 2nd quarter. Versant Capital Management Inc now owns 3,920 shares of the technology company's stock worth $30,000 after buying an additional 1,860 shares in the last quarter. Ascentis Independent Advisors purchased a new position in shares of Lumen Technologies in the 1st quarter worth approximately $27,000. Finally, Trust Asset Management LLC bought a new position in shares of Lumen Technologies in the second quarter valued at approximately $34,000. Hedge funds and other institutional investors own 66.19% of the company's stock.

Insider Buying and Selling

In other Lumen Technologies news, CEO Kathleen Johnson bought 100,000 shares of the business's stock in a transaction that occurred on Thursday, August 6th. The stock was purchased at an average price of $6.13 per share, for a total transaction of $613,000.00. Following the completion of the transaction, the chief executive officer owned 100,000 shares of the company's stock, valued at $613,000. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 2.30% of the company's stock.

Wall Street Analyst Weigh In

LUMN has been the topic of a number of recent analyst reports. Wall Street Zen upgraded Lumen Technologies from a "sell" rating to a "hold" rating in a report on Sunday, August 9th. Wells Fargo & Company cut their price target on shares of Lumen Technologies from $9.00 to $7.50 and set an "equal weight" rating on the stock in a report on Wednesday, August 5th. The Goldman Sachs Group reduced their price target on shares of Lumen Technologies from $8.50 to $7.25 and set a "neutral" rating for the company in a research report on Wednesday, August 5th. Weiss Ratings restated a "sell (d-)" rating on shares of Lumen Technologies in a report on Friday, July 17th. Finally, Citigroup lowered their price objective on shares of Lumen Technologies from $10.00 to $8.25 and set a "neutral" rating on the stock in a research report on Tuesday, August 11th. Nine equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and a consensus target price of $7.86.

Lumen Technologies Trading Up 0.2%

LUMN opened at $6.82 on Friday. The company has a market cap of $7.04 billion, a P/E ratio of -6.69 and a beta of 1.78. Lumen Technologies, Inc. has a 12 month low of $5.45 and a 12 month high of $11.95. The business's 50-day moving average price is $6.40 and its 200-day moving average price is $7.51.

Lumen Technologies (NYSE:LUMN - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The technology company reported ($0.07) EPS for the quarter, beating analysts' consensus estimates of ($0.13) by $0.06. The business had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.74 billion. During the same period in the previous year, the company earned ($0.03) EPS. The company's revenue for the quarter was down 9.3% on a year-over-year basis. Equities research analysts forecast that Lumen Technologies, Inc. will post -0.52 earnings per share for the current fiscal year.

Lumen Technologies Profile

Lumen Technologies, Inc NYSE: LUMN is a communications and technology company that provides connectivity, networking and digital services to businesses, government organizations and other institutions. Its offerings include fiber-based internet access, wide-area networking, ethernet, software-defined networking, managed network services, cloud connectivity, cybersecurity and unified communications.

The company operates one of the largest fiber networks in the United States and also provides international connectivity through its global network infrastructure.

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