Madison Asset Management LLC Takes $952,000 Position in Lumen Technologies, Inc. $LUMN

Madison Asset Management LLC bought a new position in shares of Lumen Technologies, Inc. (NYSE:LUMN) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 124,000 shares of the technology company’s stock, valued at approximately $952,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of LUMN. Universal Beteiligungs und Servicegesellschaft mbH boosted its holdings in shares of Lumen Technologies by 210.6% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 562,520 shares of the technology company’s stock valued at $4,372,000 after purchasing an additional 381,391 shares in the last quarter. CapWealth Advisors LLC raised its holdings in shares of Lumen Technologies by 3.2% during the 4th quarter. CapWealth Advisors LLC now owns 6,699,685 shares of the technology company’s stock worth $52,057,000 after buying an additional 204,970 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Lumen Technologies by 50.1% during the 2nd quarter. Russell Investments Group Ltd. now owns 1,299,042 shares of the technology company’s stock worth $9,985,000 after buying an additional 433,624 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Lumen Technologies by 28.9% during the 1st quarter. Bank of America Corp DE now owns 3,010,141 shares of the technology company’s stock worth $20,920,000 after buying an additional 674,625 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its stake in Lumen Technologies by 8.3% in the first quarter. Arrowstreet Capital Limited Partnership now owns 7,954,306 shares of the technology company’s stock valued at $55,282,000 after buying an additional 610,364 shares in the last quarter. Institutional investors and hedge funds own 66.19% of the company’s stock.

Lumen Technologies Trading Down 1.2%

Shares of LUMN opened at $5.94 on Friday. The company has a market capitalization of $6.13 billion, a PE ratio of -5.82 and a beta of 1.78. Lumen Technologies, Inc. has a 12 month low of $4.33 and a 12 month high of $11.95. The stock’s 50-day moving average price is $6.82 and its two-hundred day moving average price is $7.66.

Lumen Technologies (NYSE:LUMN) last issued its quarterly earnings results on Tuesday, August 4th. The technology company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.06. The company had revenue of $2.81 billion during the quarter, compared to analyst estimates of $2.74 billion. During the same period in the previous year, the company posted ($0.03) EPS. The company’s quarterly revenue was down 9.3% on a year-over-year basis. Equities research analysts predict that Lumen Technologies, Inc. will post -0.42 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Kathleen E. Johnson bought 100,000 shares of Lumen Technologies stock in a transaction that occurred on Thursday, August 6th. The shares were acquired at an average cost of $6.13 per share, for a total transaction of $613,000.00. Following the completion of the acquisition, the chief executive officer directly owned 100,000 shares of the company’s stock, valued at approximately $613,000. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 2.30% of the stock is owned by insiders.

Analysts Set New Price Targets

LUMN has been the topic of a number of research analyst reports. JPMorgan Chase & Co. raised their price target on shares of Lumen Technologies from $6.00 to $7.00 and gave the company a “neutral” rating in a research note on Monday, May 11th. Citigroup dropped their price objective on shares of Lumen Technologies from $10.00 to $8.25 and set a “neutral” rating for the company in a research note on Tuesday, August 11th. TD Cowen raised their target price on shares of Lumen Technologies from $8.00 to $9.00 and gave the company a “hold” rating in a research report on Wednesday, May 6th. The Goldman Sachs Group decreased their target price on shares of Lumen Technologies from $8.50 to $7.25 and set a “neutral” rating on the stock in a research note on Wednesday, August 5th. Finally, Zacks Research cut Lumen Technologies from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 5th. Nine investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus target price of $7.86.

Lumen Technologies Company 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.