Lumen Technologies (NYSE:LUMN) CEO Kathleen Johnson Acquires 100,000 Shares of Company Stock

Key Points

• CEO Kathleen Johnson bought 100,000 Lumen shares at an average price of $3.97, investing $397,000 and doubling her stake to 200,000 shares.
• Lumen’s latest quarterly loss was smaller than analysts expected, with EPS of -$0.14 versus a -$0.23 consensus; revenue of $2.71 billion fell slightly short of forecasts.
• Analysts’ consensus rating is “Reduce,” with an average price target of $6.19, while shares recently traded at $4.32 after rising 8.3%.

Lumen Technologies, Inc. (NYSE:LUMN - Get Free Report) CEO Kathleen Johnson acquired 100,000 shares of the business's stock in a transaction on Friday, November 6th. The stock was acquired at an average price of $3.97 per share, with a total value of $397,000.00. Following the acquisition, the chief executive officer owned 200,000 shares in the company, valued at $794,000. The trade was a 100.00% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link.

Lumen Technologies Stock Up 8.3%

Shares of Lumen Technologies stock traded up $0.33 on Monday, hitting $4.32. 23,077,021 shares of the company were exchanged, compared to its average volume of 13,796,060. The company has a 50-day moving average price of $5.58 and a 200 day moving average price of $7.15. The stock has a market capitalization of $4.46 billion, a price-to-earnings ratio of -4.24 and a beta of 1.94. Lumen Technologies, Inc. has a 1-year low of $3.84 and a 1-year high of $11.39.

Lumen Technologies (NYSE:LUMN - Get Free Report) last issued its earnings results on Wednesday, November 4th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.23) by $0.09. The company had revenue of $2.71 billion during the quarter, compared to analysts' expectations of $2.73 billion. Research analysts forecast that Lumen Technologies, Inc. will post -0.54 EPS for the current year.

Hedge Funds Weigh In On Lumen Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of LUMN. Legal & General Group Plc purchased a new stake in Lumen Technologies in the 2nd quarter valued at approximately $18,541,000. Hsbc Holdings PLC increased its position in Lumen Technologies by 10.5% during the second quarter. Hsbc Holdings PLC now owns 9,685,625 shares of the technology company's stock worth $74,242,000 after buying an additional 919,605 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Lumen Technologies in the second quarter worth $2,513,000. The Manufacturers Life Insurance Company acquired a new position in shares of Lumen Technologies in the second quarter worth $3,980,000. Finally, Congress Asset Management Co. lifted its position in shares of Lumen Technologies by 21.3% in the third quarter. Congress Asset Management Co. now owns 1,191,427 shares of the technology company's stock valued at $6,672,000 after acquiring an additional 209,416 shares in the last quarter. 66.19% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. TD Cowen reduced their price objective on Lumen Technologies from $9.00 to $8.00 and set a "hold" rating on the stock in a research note on Thursday. Weiss Ratings reiterated a "sell (d-)" rating on shares of Lumen Technologies in a research note on Friday, July 17th. Citigroup cut their price objective on shares of Lumen Technologies from $8.25 to $5.50 and set a "neutral" rating on the stock in a report on Friday. Wells Fargo & Company reduced their price objective on shares of Lumen Technologies from $7.50 to $5.00 and set an "equal weight" rating for the company in a research report on Thursday. Finally, JPMorgan Chase & Co. lowered their target price on shares of Lumen Technologies from $7.00 to $6.00 and set a "neutral" rating for the company in a report on Thursday. Ten investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Reduce" and a consensus price target of $6.19.

About Lumen Technologies

Lumen Technologies is a telecommunications and technology company that provides network and digital services primarily to businesses, government agencies, and wholesale customers. Its offerings include fiber and internet connectivity, private networking, voice and collaboration services, cloud connectivity, and managed security solutions.

The company serves customers across North America and in international markets through its fiber network and related technology platforms. Lumen has shifted its focus toward enterprise services in recent years, including after selling consumer and local-exchange operations in several states.

Lumen was known as CenturyLink until adopting its current name in 2020.

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