First Citizens Bank & Trust Co. Acquires 87,727 Shares of Lumen Technologies, Inc. $LUMN

First Citizens Bank & Trust Co. boosted its holdings in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 195.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 132,726 shares of the technology company’s stock after buying an additional 87,727 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Lumen Technologies were worth $581,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in LUMN. Wealth Enhancement Advisory Services LLC raised its stake in shares of Lumen Technologies by 263.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 279,789 shares of the technology company’s stock worth $1,097,000 after buying an additional 202,884 shares during the period. Envestnet Portfolio Solutions Inc. raised its stake in Lumen Technologies by 92.2% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 40,068 shares of the technology company’s stock valued at $157,000 after purchasing an additional 19,216 shares during the period. Cambridge Investment Research Advisors Inc. raised its stake in Lumen Technologies by 88.3% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 84,475 shares of the technology company’s stock valued at $331,000 after purchasing an additional 39,619 shares during the period. BSW Wealth Partners raised its stake in Lumen Technologies by 9.1% during the 1st quarter. BSW Wealth Partners now owns 180,183 shares of the technology company’s stock valued at $706,000 after purchasing an additional 15,090 shares during the period. Finally, Deseret Mutual Benefit Administrators raised its stake in Lumen Technologies by 85.3% during the 1st quarter. Deseret Mutual Benefit Administrators now owns 16,703 shares of the technology company’s stock valued at $65,000 after purchasing an additional 7,688 shares during the period. Institutional investors own 66.19% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Wall Street Zen raised Lumen Technologies from a “sell” rating to a “hold” rating in a research note on Sunday, August 3rd. Citigroup lifted their target price on Lumen Technologies from $6.00 to $7.50 and gave the company a “buy” rating in a research note on Thursday, September 25th. Weiss Ratings reissued a “sell (d-)” rating on shares of Lumen Technologies in a research note on Saturday. Raymond James Financial lifted their target price on Lumen Technologies from $4.50 to $5.00 and gave the company an “outperform” rating in a research note on Friday, August 1st. Finally, The Goldman Sachs Group lifted their target price on Lumen Technologies from $4.10 to $4.60 and gave the company a “neutral” rating in a research note on Friday, October 3rd. Two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Lumen Technologies has a consensus rating of “Hold” and an average price target of $5.39.

Lumen Technologies Stock Performance

NYSE LUMN opened at $8.07 on Friday. The stock has a market capitalization of $8.28 billion, a PE ratio of -6.84 and a beta of 1.45. The business has a 50 day simple moving average of $5.92 and a two-hundred day simple moving average of $4.70. 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 1-year low of $3.01 and a 1-year high of $10.33.

Lumen Technologies (NYSE:LUMN) last released its quarterly earnings results on Friday, January 27th. The technology company reported $0.49 earnings per share for the quarter. The business had revenue of $4.05 billion during the quarter. Lumen Technologies had a negative return on equity of 158.40% and a negative net margin of 9.19%. On average, research analysts predict that Lumen Technologies, Inc. will post -0.87 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Kathleen E. Johnson bought 135,870 shares of the company’s stock in a transaction dated Tuesday, August 5th. The stock was purchased at an average price of $3.69 per share, for a total transaction of $501,360.30. Following the acquisition, the chief executive officer owned 9,616,947 shares in the company, valued at $35,486,534.43. This trade represents a 1.43% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Christopher Stansbury bought 42,000 shares of the company’s stock in a transaction dated Thursday, August 14th. The stock was bought at an average price of $4.29 per share, with a total value of $180,180.00. Following the acquisition, the chief financial officer owned 518,000 shares in the company, valued at approximately $2,222,220. This trade represents a 8.82% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders bought 217,870 shares of company stock valued at $859,140. Company insiders own 2.30% of the company’s stock.

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.