The Manufacturers Life Insurance Company Raises Stock Position in Lumen Technologies, Inc. (NYSE:LUMN)

The Manufacturers Life Insurance Company grew its position in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 2.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 509,861 shares of the technology company’s stock after purchasing an additional 9,922 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.05% of Lumen Technologies worth $561,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of LUMN. Sawgrass Asset Management LLC grew its holdings in shares of Lumen Technologies by 68.5% during the second quarter. Sawgrass Asset Management LLC now owns 22,786 shares of the technology company’s stock worth $25,000 after buying an additional 9,263 shares in the last quarter. ANTIPODES PARTNERS Ltd acquired a new position in Lumen Technologies in the second quarter valued at approximately $26,000. HighPoint Advisor Group LLC purchased a new stake in Lumen Technologies in the fourth quarter valued at $27,000. Fifth Third Wealth Advisors LLC acquired a new position in Lumen Technologies during the second quarter worth approximately $33,000. Finally, Fidelis Capital Partners LLC raised its holdings in shares of Lumen Technologies by 94.6% in the first quarter. Fidelis Capital Partners LLC now owns 22,142 shares of the technology company’s stock valued at $35,000 after buying an additional 10,764 shares during the last quarter. 66.19% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Lumen Technologies news, Director James Fowler bought 10,000 shares of Lumen Technologies stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average cost of $4.70 per share, for a total transaction of $47,000.00. Following the completion of the acquisition, the director now owns 384,056 shares of the company’s stock, valued at approximately $1,805,063.20. This represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.68% of the stock is owned by company insiders.

Lumen Technologies Trading Up 1.6 %

NYSE:LUMN opened at $6.18 on Wednesday. The firm has a market capitalization of $6.27 billion, a P/E ratio of -0.56 and a beta of 1.19. The business has a 50 day simple moving average of $6.07 and a 200 day simple moving average of $3.05. Lumen Technologies, Inc. has a 12-month low of $0.78 and a 12-month high of $7.83. The company has a debt-to-equity ratio of 39.51, a current ratio of 1.01 and a quick ratio of 1.01.

Lumen Technologies (NYSE:LUMN) last announced its earnings results on Tuesday, August 6th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.07). Lumen Technologies had a negative net margin of 15.06% and a negative return on equity of 18.52%. The company had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.25 billion. During the same quarter in the prior year, the company earned $0.10 EPS. The business’s quarterly revenue was down 10.7% on a year-over-year basis. Equities research analysts predict that Lumen Technologies, Inc. will post -0.18 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on LUMN shares. Citigroup raised Lumen Technologies from a “sell” rating to a “neutral” rating and increased their target price for the stock from $1.25 to $3.15 in a research note on Tuesday, August 6th. Wells Fargo & Company lowered Lumen Technologies from an “equal weight” rating to an “underweight” rating and raised their price target for the stock from $1.75 to $4.00 in a research note on Friday, August 16th. UBS Group lifted their price objective on Lumen Technologies from $1.50 to $5.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. 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 report on Thursday, August 8th. Finally, TD Cowen raised their price objective on Lumen Technologies from $2.50 to $7.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $4.09.

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.