1,277,137 Shares in Lumen Technologies, Inc. $LUMN Bought by Woodline Partners LP

Key Points

• Woodline Partners LP has acquired a new position in Lumen Technologies worth approximately $5.01 million, purchasing about 1.28 million shares during the first quarter.
• Hedge funds own a significant 66.19% of Lumen Technologies, with several firms increasing their stakes in recent reports.
• Lumen Technologies received mixed ratings from analysts, with a consensus rating of "Hold" and a price target of $5.14, reflecting varied perspectives on its future performance.

Woodline Partners LP bought a new stake in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 1,277,137 shares of the technology company's stock, valued at approximately $5,006,000. Woodline Partners LP owned about 0.12% of Lumen Technologies as of its most recent SEC filing.

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

Lumen Technologies Trading Down 3.6%

Shares of NYSE LUMN traded down $0.22 during midday trading on Monday, reaching $5.83. The stock had a trading volume of 16,330,525 shares, compared to its average volume of 15,270,747. The firm has a market cap of $5.98 billion, a price-to-earnings ratio of -4.94 and a beta of 1.42. Lumen Technologies, Inc. has a twelve month low of $3.01 and a twelve month high of $10.33. The company has a debt-to-equity ratio of 59.98, a quick ratio of 2.13 and a current ratio of 2.13. The company's 50 day moving average price is $4.60 and its 200 day moving average price is $4.27.

Lumen Technologies (NYSE:LUMN - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The technology company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.11 billion. During the same period in the previous year, the firm earned ($0.13) earnings per share. The company's revenue was down 5.4% compared to the same quarter last year. As a group, sell-side analysts expect that Lumen Technologies, Inc. will post -0.87 EPS for the current year.

Insider Buying and Selling

In other news, CEO Kathleen E. Johnson bought 135,870 shares of the stock in a transaction dated Tuesday, August 5th. The shares were 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 of the company's stock, valued at $35,486,534.43. This trade represents a 1.43% 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, CFO Christopher Stansbury bought 42,000 shares of the stock in a transaction dated Thursday, August 14th. The shares were purchased at an average cost of $4.29 per share, for a total transaction 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 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.

Analysts Set New Price Targets

Several research firms have recently weighed in on LUMN. The Goldman Sachs Group began coverage on Lumen Technologies in a report on Tuesday, September 2nd. They set a "neutral" rating and a $4.10 price target on the stock. Raymond James Financial boosted their price target on Lumen Technologies from $4.50 to $5.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Wall Street Zen upgraded Lumen Technologies from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd. Finally, BNP Paribas raised Lumen Technologies to a "hold" rating in a research note on Wednesday, June 25th. Two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $5.14.

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.