Front Street Capital Management Inc. Boosts Stake in Lumen Technologies, Inc. (NYSE:LUMN)

Front Street Capital Management Inc. lifted its position in Lumen Technologies, Inc. (NYSE:LUMN) by 30.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,661,112 shares of the technology company’s stock after acquiring an additional 2,697,423 shares during the period. Lumen Technologies accounts for approximately 2.5% of Front Street Capital Management Inc.’s investment portfolio, making the stock its 13th biggest holding. Front Street Capital Management Inc. owned about 1.15% of Lumen Technologies worth $12,827,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Lumen Technologies by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 120,303,220 shares of the technology company’s stock worth $187,673,000 after purchasing an additional 1,975,400 shares during the period. Palestra Capital Management LLC grew its position in Lumen Technologies by 71.0% during the 4th quarter. Palestra Capital Management LLC now owns 11,167,585 shares of the technology company’s stock worth $20,437,000 after purchasing an additional 4,637,585 shares during the period. Renaissance Technologies LLC grew its position in Lumen Technologies by 11.6% during the 2nd quarter. Renaissance Technologies LLC now owns 8,873,803 shares of the technology company’s stock worth $9,761,000 after purchasing an additional 919,300 shares during the period. Allianz Asset Management GmbH grew its position in Lumen Technologies by 27.8% during the 4th quarter. Allianz Asset Management GmbH now owns 4,084,580 shares of the technology company’s stock worth $7,475,000 after purchasing an additional 888,581 shares during the period. Finally, Public Sector Pension Investment Board grew its position in shares of Lumen Technologies by 8.0% during the 2nd quarter. Public Sector Pension Investment Board now owns 2,233,259 shares of the technology company’s stock valued at $2,457,000 after acquiring an additional 165,326 shares during the period. Hedge funds and other institutional investors own 66.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Bank of America raised their target price on Lumen Technologies from $1.00 to $2.00 and gave the company an “underperform” rating in a research report on Thursday, August 8th. JPMorgan Chase & Co. upgraded Lumen Technologies from an “underweight” rating to a “neutral” rating in a research report on Wednesday, August 7th. UBS Group raised their price target on shares of Lumen Technologies from $1.50 to $5.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Citigroup raised shares of Lumen Technologies from a “sell” rating to a “neutral” rating and raised their price target for the company from $1.25 to $3.15 in a research note on Tuesday, August 6th. Finally, Moffett Nathanson raised their price target on shares of Lumen Technologies from $1.00 to $3.00 and gave the company a “sell” rating in a research note on Wednesday, August 7th. Three investment analysts have rated the stock with a sell rating and five have given a hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $4.02.

Insider Activity at Lumen Technologies

In related news, Director James Fowler bought 10,000 shares of Lumen Technologies stock in a transaction that occurred on Tuesday, September 3rd. The shares were purchased at an average price of $4.70 per share, with a total value of $47,000.00. Following the purchase, the director now owns 384,056 shares in the company, valued at $1,805,063.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.68% of the stock is owned by corporate insiders.

Lumen Technologies Stock Up 9.3 %

Shares of NYSE LUMN opened at $7.28 on Tuesday. The stock has a market cap of $7.39 billion, a PE ratio of -0.67 and a beta of 1.18. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 39.51. Lumen Technologies, Inc. has a 52-week low of $0.78 and a 52-week high of $7.83. The business has a 50-day moving average price of $4.64 and a 200 day moving average price of $2.48.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings data on Tuesday, August 6th. The technology company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.07). Lumen Technologies had a negative return on equity of 18.52% and a negative net margin of 15.06%. The company had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.25 billion. During the same period in the previous year, the business posted $0.10 earnings per share. The firm’s revenue was down 10.7% compared to the same quarter last year. Equities research analysts forecast that Lumen Technologies, Inc. will post -0.17 earnings per share for the current year.

Lumen Technologies Profile

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.