Insider Buying: Lumen Technologies, Inc. (NYSE:LUMN) CEO Purchases 135,870 Shares of Stock

Key Points

• Lumen Technologies CEO Kathleen E. Johnson purchased 135,870 shares at an average price of $3.69, increasing her ownership to 9,616,947 shares valued at approximately $35.49 million.
• The company reported a quarterly EPS of ($0.03), surpassing estimates, but revenues declined by 5.4% year over year to $3.09 billion.
• Institutional investors now own 66.19% of Lumen Technologies, with significant recent investments from firms like Dimensional Fund Advisors and Renaissance Technologies.

Lumen Technologies, Inc. (NYSE:LUMN - Get Free Report) CEO Kathleen E. Johnson acquired 135,870 shares of Lumen Technologies 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 transaction, the chief executive officer owned 9,616,947 shares in the company, valued at approximately $35,486,534.43. This trade represents a 1.43% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Lumen Technologies Stock Performance

Shares of NYSE LUMN traded down $0.05 during mid-day trading on Thursday, reaching $3.72. 9,352,707 shares of the company's stock were exchanged, compared to its average volume of 12,211,477. The firm has a market capitalization of $3.81 billion, a price-to-earnings ratio of -3.15 and a beta of 1.43. Lumen Technologies, Inc. has a 52 week low of $3.01 and a 52 week high of $10.33. The company has a debt-to-equity ratio of 59.98, a current ratio of 2.13 and a quick ratio of 2.13. The firm has a 50-day moving average price of $4.26 and a two-hundred day moving average price of $4.31.

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

Institutional Investors Weigh In On Lumen Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP grew its holdings in Lumen Technologies by 368.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,812,495 shares of the technology company's stock valued at $52,111,000 after buying an additional 7,717,596 shares in the last quarter. Nuveen LLC purchased a new position in Lumen Technologies during the 1st quarter valued at about $26,469,000. Renaissance Technologies LLC grew its holdings in Lumen Technologies by 76.3% during the 4th quarter. Renaissance Technologies LLC now owns 11,664,009 shares of the technology company's stock valued at $61,936,000 after buying an additional 5,049,709 shares in the last quarter. Invesco Ltd. grew its holdings in Lumen Technologies by 91.6% during the 1st quarter. Invesco Ltd. now owns 10,276,782 shares of the technology company's stock valued at $40,285,000 after buying an additional 4,911,803 shares in the last quarter. Finally, Millennium Management LLC grew its holdings in Lumen Technologies by 474.8% during the 4th quarter. Millennium Management LLC now owns 5,744,368 shares of the technology company's stock valued at $30,503,000 after buying an additional 4,745,040 shares in the last quarter. 66.19% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports 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. BNP Paribas raised shares of Lumen Technologies to a "hold" rating in a report on Wednesday, June 25th. Finally, Raymond James Financial lifted 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 analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, Lumen Technologies presently has a consensus rating of "Hold" and a consensus price target of $4.64.

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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