Renaissance Technologies LLC Grows Stock Holdings in Lumen Technologies, Inc. (NYSE:LUMN)

Renaissance Technologies LLC grew its position in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 11.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,873,803 shares of the technology company’s stock after purchasing an additional 919,300 shares during the quarter. Renaissance Technologies LLC owned approximately 0.87% of Lumen Technologies worth $9,761,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Quadrature Capital Ltd bought a new position in Lumen Technologies during the first quarter valued at approximately $468,000. Mitsubishi UFJ Trust & Banking Corp lifted its stake in Lumen Technologies by 22.4% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,190,256 shares of the technology company’s stock worth $3,198,000 after purchasing an additional 401,399 shares during the last quarter. Palestra Capital Management LLC boosted its position in Lumen Technologies by 71.0% during the fourth quarter. Palestra Capital Management LLC now owns 11,167,585 shares of the technology company’s stock valued at $20,437,000 after buying an additional 4,637,585 shares during the period. State Board of Administration of Florida Retirement System grew its stake in shares of Lumen Technologies by 247.6% during the first quarter. State Board of Administration of Florida Retirement System now owns 1,143,468 shares of the technology company’s stock valued at $1,784,000 after buying an additional 814,474 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of Lumen Technologies by 4.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 827,518 shares of the technology company’s stock worth $1,291,000 after buying an additional 36,559 shares during the period. 66.19% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director James Fowler acquired 10,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was acquired at an average price of $4.70 per share, with a total value of $47,000.00. Following the completion of the transaction, the director now owns 384,056 shares of the company’s stock, valued at approximately $1,805,063.20. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. 1.68% of the stock is owned by insiders.

Lumen Technologies Trading Up 9.3 %

NYSE:LUMN opened at $7.28 on Tuesday. The company has a 50-day moving average price of $4.64 and a 200-day moving average price of $2.48. The stock has a market cap of $7.39 billion, a price-to-earnings ratio of -0.67 and a beta of 1.18. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 39.51. Lumen Technologies, Inc. has a 12 month low of $0.78 and a 12 month high of $7.83.

Lumen Technologies (NYSE:LUMN) last issued its quarterly earnings data on Tuesday, August 6th. The technology company reported ($0.13) EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts’ expectations of $3.25 billion. During the same quarter last year, the business earned $0.10 earnings per share. The business’s quarterly revenue was down 10.7% on a year-over-year basis. Equities analysts predict that Lumen Technologies, Inc. will post -0.17 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on LUMN shares. Citigroup upgraded Lumen Technologies from a “sell” rating to a “neutral” rating and raised their price target for the stock from $1.25 to $3.15 in a research report on Tuesday, August 6th. The Goldman Sachs Group raised shares of Lumen Technologies from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $1.00 to $4.00 in a research note on Wednesday, August 7th. TD Cowen increased their price target on shares of Lumen Technologies from $2.50 to $7.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Bank of America boosted their price objective on shares of Lumen Technologies from $1.00 to $2.00 and gave the company an “underperform” rating in a research report on Thursday, August 8th. Finally, Wells Fargo & Company lowered shares of Lumen Technologies from an “equal weight” rating to an “underweight” rating and increased their target price for the stock from $1.75 to $4.00 in a report on Friday, August 16th. Three research analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $4.02.

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.