Woodline Partners LP Buys New Shares in Lumen Technologies, Inc. $LUMN

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 acquired a new position in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 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.

Several other hedge funds have also recently bought and sold shares of LUMN. Nuveen LLC acquired a new stake in Lumen Technologies during the first quarter worth approximately $26,469,000. Invesco Ltd. lifted its position 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 last quarter. Millennium Management LLC lifted its position in Lumen Technologies by 474.8% during the fourth quarter. Millennium Management LLC now owns 5,744,368 shares of the technology company's stock worth $30,503,000 after acquiring an additional 4,745,040 shares during the last quarter. Deutsche Bank AG lifted its position in Lumen Technologies by 182.3% during the fourth quarter. Deutsche Bank AG now owns 1,589,213 shares of the technology company's stock worth $8,439,000 after acquiring an additional 1,026,248 shares during the last quarter. Finally, Allianz Asset Management GmbH raised its position in shares of Lumen Technologies by 12.6% in the first quarter. Allianz Asset Management GmbH now owns 8,772,315 shares of the technology company's stock valued at $34,387,000 after buying an additional 982,038 shares in the last quarter. 66.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Lumen Technologies Trading Up 1.3%

Shares of Lumen Technologies stock traded up $0.08 during trading on Thursday, hitting $5.67. The company's stock had a trading volume of 5,686,451 shares, compared to its average volume of 12,654,111. The company has a debt-to-equity ratio of 59.98, a current ratio of 2.13 and a quick ratio of 2.13. Lumen Technologies, Inc. has a 52 week low of $3.01 and a 52 week high of $10.33. The stock has a market cap of $5.81 billion, a price-to-earnings ratio of -4.80 and a beta of 1.42. The stock has a 50-day moving average price of $4.65 and a two-hundred day moving average price of $4.29.

Lumen Technologies (NYSE:LUMN - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The technology company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.24) by $0.21. Lumen Technologies had a negative net margin of 9.19% and a negative return on equity of 158.40%. The company had revenue of $3.09 billion for the quarter, compared to analysts' expectations of $3.11 billion. During the same quarter in the previous year, the firm posted ($0.13) earnings per share. Lumen Technologies's revenue for the quarter was down 5.4% on a year-over-year basis. Equities research analysts anticipate that Lumen Technologies, Inc. will post -0.87 EPS for the current fiscal year.

Insider Buying and Selling at Lumen Technologies

In other Lumen Technologies news, CEO Kathleen E. Johnson acquired 135,870 shares of Lumen Technologies stock in a transaction that occurred on Tuesday, August 5th. The shares were bought at an average price of $3.69 per share, with a total value of $501,360.30. Following the completion of the purchase, the chief executive officer directly owned 9,616,947 shares in the company, valued at $35,486,534.43. This trade represents a 1.43% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Christopher Stansbury acquired 40,000 shares of Lumen Technologies stock in a transaction that occurred on Friday, August 15th. The stock was acquired at an average cost of $4.44 per share, for a total transaction of $177,600.00. Following the purchase, the chief financial officer owned 535,000 shares of the company's stock, 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. In the last three months, insiders purchased 217,870 shares of company stock worth $859,140. 2.30% of the stock is currently owned by insiders.

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.