Allspring Global Investments Holdings LLC Boosts Stake in Lumen Technologies, Inc. (NYSE:LUMN)

Allspring Global Investments Holdings LLC grew its position in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 137.5% during the third quarter, according to its most recent filing with the SEC. The firm owned 2,085,381 shares of the technology company's stock after acquiring an additional 1,207,329 shares during the period. Allspring Global Investments Holdings LLC owned about 0.21% of Lumen Technologies worth $2,961,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Hilltop Holdings Inc. purchased a new stake in shares of Lumen Technologies in the 2nd quarter worth approximately $25,000. Equitable Holdings Inc. purchased a new stake in shares of Lumen Technologies in the 2nd quarter worth approximately $25,000. ANTIPODES PARTNERS Ltd purchased a new stake in shares of Lumen Technologies in the 2nd quarter worth approximately $28,000. EA Series Trust purchased a new stake in shares of Lumen Technologies in the 2nd quarter worth approximately $29,000. Finally, Modera Wealth Management LLC purchased a new stake in shares of Lumen Technologies in the 2nd quarter worth approximately $29,000. Hedge funds and other institutional investors own 69.72% of the company's stock.

Insider Buying and Selling

In related news, CEO Kathleen E. Johnson bought 1,000,000 shares of the firm's stock in a transaction that occurred on Thursday, November 2nd. The shares were bought at an average cost of $0.97 per share, with a total value of $970,000.00. Following the acquisition, the chief executive officer now owns 5,148,592 shares in the company, valued at $4,994,134.24. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Lumen Technologies news, CEO Kathleen E. Johnson purchased 1,000,000 shares of the business's stock in a transaction on Thursday, November 2nd. The stock was acquired at an average price of $0.97 per share, for a total transaction of $970,000.00. Following the purchase, the chief executive officer now owns 5,148,592 shares of the company's stock, valued at approximately $4,994,134.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James Fowler purchased 70,000 shares of the business's stock in a transaction on Tuesday, November 7th. The stock was acquired at an average price of $1.40 per share, with a total value of $98,000.00. Following the purchase, the director now directly owns 153,038 shares in the company, valued at approximately $214,253.20. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 1,570,000 shares of company stock valued at $1,618,000. 0.76% of the stock is owned by company insiders.

Lumen Technologies Price Performance

NYSE LUMN opened at $1.38 on Tuesday. Lumen Technologies, Inc. has a 1-year low of $0.78 and a 1-year high of $6.19. The business's fifty day moving average price is $1.55 and its 200-day moving average price is $1.55. The stock has a market capitalization of $1.39 billion, a price-to-earnings ratio of -0.12 and a beta of 1.01. The company has a debt-to-equity ratio of 8.90, a current ratio of 1.19 and a quick ratio of 1.19.

Lumen Technologies (NYSE:LUMN - Get Free Report) last announced its earnings results on Tuesday, October 31st. The technology company reported ($0.09) EPS for the quarter, missing analysts' consensus estimates of $0.06 by ($0.15). Lumen Technologies had a positive return on equity of 8.25% and a negative net margin of 76.63%. The company had revenue of $3.64 billion during the quarter, compared to the consensus estimate of $3.59 billion. On average, equities analysts predict that Lumen Technologies, Inc. will post 0.08 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on LUMN. The Goldman Sachs Group cut their target price on Lumen Technologies from $3.00 to $1.50 and set a "neutral" rating on the stock in a research note on Thursday, November 9th. UBS Group cut their target price on Lumen Technologies from $2.50 to $1.50 and set a "neutral" rating on the stock in a research note on Thursday, November 2nd. Two investment analysts have rated the stock with a sell rating and four have given a hold rating to the stock. According to MarketBeat.com, Lumen Technologies has a consensus rating of "Hold" and a consensus target price of $2.09.

About Lumen Technologies

Lumen Technologies, Inc, a facilities-based technology and communications company, provides various integrated products and services under the Lumen, Quantum Fiber, and CenturyLink brands to business and residential customers in the United States and internationally. The company operates in two segments, Business and Mass Markets.

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