Wealth Enhancement Advisory Services LLC Cuts Position in Lumen Technologies, Inc. $LUMN

Wealth Enhancement Advisory Services LLC trimmed its holdings in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 51.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 148,358 shares of the technology company’s stock after selling 155,996 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Lumen Technologies were worth $1,231,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in LUMN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Lumen Technologies by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 602,705 shares of the technology company’s stock valued at $2,363,000 after purchasing an additional 26,305 shares during the period. Empowered Funds LLC increased its stake in shares of Lumen Technologies by 26.8% during the 1st quarter. Empowered Funds LLC now owns 272,031 shares of the technology company’s stock valued at $1,066,000 after acquiring an additional 57,522 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Lumen Technologies by 11.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,985,216 shares of the technology company’s stock worth $11,702,000 after acquiring an additional 300,328 shares during the last quarter. Cetera Investment Advisers boosted its holdings in Lumen Technologies by 15.8% in the second quarter. Cetera Investment Advisers now owns 119,673 shares of the technology company’s stock valued at $524,000 after acquiring an additional 16,332 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Lumen Technologies in the 2nd quarter worth about $47,923,000. 66.19% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Diankha Linear sold 45,000 shares of the firm’s stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $7.89, for a total transaction of $355,050.00. Following the completion of the transaction, the director owned 198,229 shares of the company’s stock, valued at $1,564,026.81. This trade represents a 18.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Kathleen E. Johnson purchased 78,685 shares of the company’s stock in a transaction on Thursday, February 5th. The stock was acquired at an average price of $6.35 per share, for a total transaction of $499,649.75. Following the completion of the transaction, the chief executive officer owned 8,562,582 shares of the company’s stock, valued at $54,372,395.70. This represents a 0.93% increase in their position. The disclosure for this purchase is available in the SEC filing. 2.30% of the stock is currently owned by insiders.

Lumen Technologies Price Performance

Shares of LUMN opened at $6.97 on Monday. The stock has a fifty day moving average price of $7.36 and a 200 day moving average price of $7.77. The company has a market cap of $7.18 billion, a P/E ratio of -4.01 and a beta of 1.52. Lumen Technologies, Inc. has a 12 month low of $3.01 and a 12 month high of $11.95.

Lumen Technologies (NYSE:LUMN) last posted its earnings results on Tuesday, February 3rd. The technology company reported $0.23 EPS for the quarter, topping the consensus estimate of ($0.21) by $0.44. The firm had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.04 billion. During the same quarter last year, the company posted $0.09 EPS. Lumen Technologies’s revenue for the quarter was down 8.7% on a year-over-year basis. As a group, research analysts anticipate that Lumen Technologies, Inc. will post -0.87 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have commented on LUMN. The Goldman Sachs Group boosted their price objective on Lumen Technologies from $5.50 to $7.25 and gave the stock a “neutral” rating in a research note on Wednesday, February 4th. Weiss Ratings reissued a “sell (d-)” rating on shares of Lumen Technologies in a report on Thursday, January 22nd. UBS Group upped their target price on Lumen Technologies from $5.00 to $6.00 and gave the company a “neutral” rating in a research report on Thursday, February 5th. Zacks Research upgraded shares of Lumen Technologies from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 8th. Finally, Wall Street Zen raised shares of Lumen Technologies from a “sell” rating to a “hold” rating in a research report on Sunday, March 8th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $7.25.

Lumen Technologies Profile

Lumen Technologies is a multinational technology company specializing in integrated network, edge cloud, security and collaboration services for enterprise and public sector clients. The company’s core offerings include high-capacity fiber and IP-based connectivity, managed edge computing solutions designed to accelerate applications and data processing closer to end users, and cybersecurity services ranging from DDoS protection to unified threat management. Through its unified portfolio, Lumen enables organizations to support digital transformation initiatives, modernize infrastructure and enhance operational resilience.

Leveraging one of the largest fiber footprints in North America, as well as infrastructure in Latin America and parts of Europe, Lumen connects customers across more than 60 countries.