Van ECK Associates Corp Makes New $241,000 Investment in Lumen Technologies, Inc. (NYSE:LUMN)

Van ECK Associates Corp acquired a new position in Lumen Technologies, Inc. (NYSE:LUMN) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 33,913 shares of the technology company’s stock, valued at approximately $241,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Concord Wealth Partners raised its stake in shares of Lumen Technologies by 98.8% during the 3rd quarter. Concord Wealth Partners now owns 4,008 shares of the technology company’s stock valued at $28,000 after purchasing an additional 1,992 shares during the period. Allspring Global Investments Holdings LLC bought a new stake in shares of Lumen Technologies during the 3rd quarter valued at $46,000. GAMMA Investing LLC raised its stake in shares of Lumen Technologies by 1,901.8% during the 3rd quarter. GAMMA Investing LLC now owns 6,846 shares of the technology company’s stock valued at $49,000 after purchasing an additional 6,504 shares during the period. ORG Wealth Partners LLC bought a new stake in shares of Lumen Technologies during the 3rd quarter valued at $59,000. Finally, Stableford Capital II LLC bought a new stake in shares of Lumen Technologies during the 3rd quarter valued at $71,000. Hedge funds and other institutional investors own 66.19% of the company’s stock.

Insider Buying and Selling at Lumen Technologies

In other Lumen Technologies news, Director James Fowler purchased 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 transaction, the director now directly owns 384,056 shares of the company’s stock, valued at approximately $1,805,063.20. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 1.68% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

LUMN has been the topic of a number of analyst reports. TD Cowen decreased their price objective on Lumen Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a research note on Wednesday, November 6th. Citigroup upgraded Lumen Technologies from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $1.25 to $3.15 in a research report on Tuesday, August 6th. Moffett Nathanson boosted their target price on Lumen Technologies from $1.00 to $3.00 and gave the stock a “sell” rating in a research report on Wednesday, August 7th. Wells Fargo & Company cut Lumen Technologies from an “equal weight” rating to an “underweight” rating and boosted their target price for the stock from $1.75 to $4.00 in a research report on Friday, August 16th. Finally, UBS Group boosted their target price on Lumen Technologies from $1.50 to $5.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Three investment analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $4.02.

Lumen Technologies Trading Down 3.7 %

Shares of LUMN stock opened at $8.89 on Thursday. The stock has a market capitalization of $9.02 billion, a PE ratio of -4.09 and a beta of 1.21. Lumen Technologies, Inc. has a 1-year low of $0.97 and a 1-year high of $10.33. The business has a 50-day moving average of $6.82 and a 200 day moving average of $3.92. The company has a debt-to-equity ratio of 53.05, a current ratio of 1.20 and a quick ratio of 1.20.

Lumen Technologies (NYSE:LUMN) last issued its earnings results on Tuesday, November 5th. The technology company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.04). The company had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.21 billion. Lumen Technologies had a negative net margin of 16.06% and a negative return on equity of 49.74%. The company’s revenue was down 11.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.09) earnings per share. As a group, sell-side analysts anticipate that Lumen Technologies, Inc. will post -0.38 earnings per share for the current year.

Lumen Technologies Company 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.