Lumen Technologies, Inc. (NYSE:LUMN) Receives $7.86 Average PT from Brokerages

Lumen Technologies, Inc. (NYSE:LUMN) has been assigned a consensus rating of “Reduce” from the ten brokerages that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation and nine have given a hold recommendation to the company. The average 12-month price target among analysts that have covered the stock in the last year is $7.8571.

LUMN has been the subject of several recent analyst reports. Zacks Research lowered Lumen Technologies from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. JPMorgan Chase & Co. lifted their price target on Lumen Technologies from $6.00 to $7.00 and gave the stock a “neutral” rating in a report on Monday, May 11th. Wall Street Zen raised Lumen Technologies from a “sell” rating to a “hold” rating in a research report on Sunday, August 9th. Wells Fargo & Company reduced their price objective on Lumen Technologies from $9.00 to $7.50 and set an “equal weight” rating for the company in a research note on Wednesday, August 5th. Finally, Citigroup decreased their target price on Lumen Technologies from $10.00 to $8.25 and set a “neutral” rating for the company in a research report on Tuesday, August 11th.

Insiders Place Their Bets

In related news, CEO Kathleen E. Johnson acquired 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 6th. The stock was acquired at an average price of $6.13 per share, for a total transaction of $613,000.00. Following the completion of the acquisition, the chief executive officer owned 100,000 shares of the company’s stock, valued at approximately $613,000. This represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LUMN. Universal Beteiligungs und Servicegesellschaft mbH increased its holdings in Lumen Technologies by 210.6% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 562,520 shares of the technology company’s stock worth $4,372,000 after acquiring an additional 381,391 shares during the last quarter. CapWealth Advisors LLC lifted its holdings in Lumen Technologies by 3.2% during the fourth quarter. CapWealth Advisors LLC now owns 6,699,685 shares of the technology company’s stock valued at $52,057,000 after purchasing an additional 204,970 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in Lumen Technologies by 50.1% during the second quarter. Russell Investments Group Ltd. now owns 1,299,042 shares of the technology company’s stock valued at $9,985,000 after purchasing an additional 433,624 shares during the last quarter. BlackRock Inc. boosted its position in Lumen Technologies by 3.5% during the second quarter. BlackRock Inc. now owns 142,261,845 shares of the technology company’s stock worth $1,092,571,000 after purchasing an additional 4,796,141 shares during the period. Finally, Bank of America Corp DE increased its stake in shares of Lumen Technologies by 28.9% in the first quarter. Bank of America Corp DE now owns 3,010,141 shares of the technology company’s stock worth $20,920,000 after purchasing an additional 674,625 shares in the last quarter. 66.19% of the stock is currently owned by hedge funds and other institutional investors.

Lumen Technologies Price Performance

LUMN opened at $6.05 on Thursday. Lumen Technologies has a fifty-two week low of $4.57 and a fifty-two week high of $11.95. The firm has a market capitalization of $6.24 billion, a P/E ratio of -5.93 and a beta of 1.78. The company’s 50-day moving average is $6.59 and its 200 day moving average is $7.60.

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

Lumen Technologies Company 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.