Jupiter Topco LLC Takes Position in Lumen Technologies, Inc. $LUMN

Jupiter Topco LLC bought a new position in Lumen Technologies, Inc. (NYSE:LUMN) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 1,225,077 shares of the technology company’s stock, valued at approximately $9,411,000.

Other institutional investors have also modified their holdings of the company. Hsbc Holdings PLC bought a new stake in shares of Lumen Technologies in the 2nd quarter valued at approximately $74,242,000. Canada Pension Plan Investment Board acquired a new position in Lumen Technologies in the second quarter worth $8,256,000. Legal & General Group Plc acquired a new stake in shares of Lumen Technologies during the second quarter worth $18,541,000. The Manufacturers Life Insurance Company bought a new position in shares of Lumen Technologies in the 2nd quarter worth about $3,980,000. Finally, Brigade Capital Management LP acquired a new position in shares of Lumen Technologies in the 2nd quarter valued at about $4,224,000. Institutional investors and hedge funds own 66.19% of the company’s stock.

Lumen Technologies Stock Up 0.2%

Shares of LUMN opened at $6.05 on Monday. The firm has a market capitalization of $6.24 billion, a PE ratio of -5.93 and a beta of 1.79. The firm has a 50-day moving average price of $6.59 and a 200 day moving average price of $7.60. Lumen Technologies, Inc. has a 52-week low of $4.57 and a 52-week high of $11.95.

Lumen Technologies (NYSE:LUMN) last issued its quarterly earnings results on Tuesday, August 4th. The technology company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.06. The company had revenue of $2.81 billion during the quarter, compared to analyst estimates of $2.74 billion. The company’s revenue was down 9.3% on a year-over-year basis. During the same period in the prior year, the company posted ($0.03) earnings per share. On average, equities analysts expect that Lumen Technologies, Inc. will post -0.52 EPS for the current year.

Analysts Set New Price Targets

Several research firms recently weighed in on LUMN. Zacks Research lowered shares of Lumen Technologies from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 5th. Wells Fargo & Company cut their price target on Lumen Technologies from $9.00 to $7.50 and set an “equal weight” rating on the stock in a report on Wednesday, August 5th. The Goldman Sachs Group lowered their price objective on Lumen Technologies from $8.50 to $7.25 and set a “neutral” rating for the company in a research note on Wednesday, August 5th. Wall Street Zen raised shares of Lumen Technologies from a “sell” rating to a “hold” rating in a report on Sunday, August 9th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Lumen Technologies in a report on Friday, July 17th. Nine research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus target price of $7.86.

Insiders Place Their Bets

In other news, CEO Kathleen E. Johnson bought 100,000 shares of the business’s stock in a transaction on Thursday, August 6th. The stock was purchased at an average cost of $6.13 per share, for a total transaction of $613,000.00. Following the completion of the transaction, the chief executive officer directly owned 100,000 shares of the company’s stock, valued at approximately $613,000. This trade represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.30% of the stock is owned by company insiders.

Lumen Technologies Profile

Lumen Technologies is a multinational technology company specializing in integrated network, edge cloud, security and collaboration services for enterprise and public sector clients. The company’s core offerings include high-capacity fiber and IP-based connectivity, managed edge computing solutions designed to accelerate applications and data processing closer to end users, and cybersecurity services ranging from DDoS protection to unified threat management. Through its unified portfolio, Lumen enables organizations to support digital transformation initiatives, modernize infrastructure and enhance operational resilience.

Leveraging one of the largest fiber footprints in North America, as well as infrastructure in Latin America and parts of Europe, Lumen connects customers across more than 60 countries.