Lumen Technologies, Inc. (NYSE:LUMN) Holdings Boosted by Millennium Management LLC

Millennium Management LLC grew its holdings in Lumen Technologies, Inc. (NYSE:LUMN) by 129.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,854,906 shares of the technology company’s stock after purchasing an additional 4,436,710 shares during the period. Millennium Management LLC owned approximately 0.77% of Lumen Technologies worth $8,640,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of LUMN. Palestra Capital Management LLC grew 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 purchasing an additional 4,637,585 shares in the last quarter. Virtu Financial LLC purchased a new stake in shares of Lumen Technologies during the fourth quarter worth $264,000. Vanguard Group Inc. boosted its position in Lumen Technologies by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 118,327,820 shares of the technology company’s stock valued at $216,540,000 after purchasing an additional 927,331 shares during the last quarter. HighPoint Advisor Group LLC acquired a new position in Lumen Technologies in the 4th quarter worth about $27,000. Finally, Carolina Wealth Advisors LLC raised its stake in shares of Lumen Technologies by 158.8% during the 1st quarter. Carolina Wealth Advisors LLC now owns 53,518 shares of the technology company’s stock worth $83,000 after purchasing an additional 32,840 shares in the last quarter. Institutional investors and hedge funds own 66.19% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on LUMN shares. Wells Fargo & Company downgraded Lumen Technologies from an “equal weight” rating to an “underweight” rating and increased their price objective for the stock from $1.75 to $4.00 in a report on Friday, August 16th. TD Cowen raised their price target on shares of Lumen Technologies from $2.50 to $7.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. The Goldman Sachs Group upped their price objective on shares of Lumen Technologies from $4.00 to $4.50 and gave the stock a “neutral” rating in a report on Friday, October 4th. 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, JPMorgan Chase & Co. raised Lumen Technologies from an “underweight” rating to a “neutral” rating in a report on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $4.09.

Insider Transactions 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 stock was acquired at an average price of $4.70 per share, for a total transaction of $47,000.00. Following the completion of the purchase, the director now owns 384,056 shares in the company, valued at approximately $1,805,063.20. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.68% of the company’s stock.

Lumen Technologies Price Performance

NYSE LUMN opened at $6.43 on Wednesday. The stock has a 50-day simple moving average of $5.78 and a 200 day simple moving average of $2.88. Lumen Technologies, Inc. has a twelve month low of $0.78 and a twelve month high of $7.83. The stock has a market capitalization of $6.53 billion, a PE ratio of -0.59 and a beta of 1.19. The company has a debt-to-equity ratio of 39.51, a quick ratio of 1.01 and a current ratio of 1.01.

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

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.