Cornerstone Wealth Management LLC Purchases 4,500 Shares of Lumen Technologies, Inc. (NYSE:LUMN)

Cornerstone Wealth Management LLC increased its holdings in Lumen Technologies, Inc. (NYSE:LUMN) by 25.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,936 shares of the technology company’s stock after acquiring an additional 4,500 shares during the period. Cornerstone Wealth Management LLC’s holdings in Lumen Technologies were worth $156,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Sawgrass Asset Management LLC raised its stake in Lumen Technologies by 68.5% in the 2nd quarter. Sawgrass Asset Management LLC now owns 22,786 shares of the technology company’s stock valued at $25,000 after acquiring an additional 9,263 shares during the period. Sanctuary Advisors LLC purchased a new position in Lumen Technologies in the 2nd quarter valued at approximately $25,000. ANTIPODES PARTNERS Ltd bought a new stake in Lumen Technologies during the 2nd quarter valued at $26,000. HighPoint Advisor Group LLC purchased a new stake in Lumen Technologies during the 4th quarter worth about $27,000. Finally, Fifth Third Wealth Advisors LLC bought a new position in Lumen Technologies in the 2nd quarter worth about $33,000. 66.19% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, Director James Fowler purchased 10,000 shares of the company’s 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 represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.68% of the stock is owned by insiders.

Lumen Technologies Stock Performance

NYSE LUMN opened at $6.74 on Friday. The firm has a market cap of $6.84 billion, a price-to-earnings ratio of -0.62 and a beta of 1.19. The company has a 50-day simple moving average of $6.10 and a two-hundred day simple moving average of $3.14. 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 12-month low of $0.78 and a 12-month high of $7.83.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings results 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). 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 the consensus estimate of $3.25 billion. During the same quarter in the previous year, the business earned $0.10 earnings per share. Lumen Technologies’s revenue was down 10.7% compared to the same quarter last year. On average, equities analysts forecast that Lumen Technologies, Inc. will post -0.18 EPS for the current year.

Analyst Upgrades and Downgrades

LUMN has been the topic of several research analyst reports. Citigroup raised shares of Lumen Technologies from a “sell” rating to a “neutral” rating and upped their price target for the stock from $1.25 to $3.15 in a report on Tuesday, August 6th. UBS Group raised their price target on Lumen Technologies from $1.50 to $5.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. JPMorgan Chase & Co. upgraded shares of Lumen Technologies from an “underweight” rating to a “neutral” rating in a research report on Wednesday, August 7th. TD Cowen upped their target price on shares of Lumen Technologies from $2.50 to $7.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Finally, Bank of America upped their price objective on Lumen Technologies from $1.00 to $2.00 and gave the stock an “underperform” rating in a report on Thursday, August 8th. Three research analysts have rated the stock with a sell rating and five have given a hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $4.09.

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.