Creative Planning Reduces Position in Lumen Technologies, Inc. (NYSE:LUMN)

Creative Planning lessened its stake in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 18.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 299,063 shares of the technology company’s stock after selling 69,268 shares during the period. Creative Planning’s holdings in Lumen Technologies were worth $329,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of LUMN. Sawgrass Asset Management LLC raised its stake in Lumen Technologies by 68.5% in the second quarter. Sawgrass Asset Management LLC now owns 22,786 shares of the technology company’s stock worth $25,000 after buying an additional 9,263 shares in the last quarter. ANTIPODES PARTNERS Ltd purchased a new stake in shares of Lumen Technologies during the second quarter valued at $26,000. HighPoint Advisor Group LLC purchased a new stake in Lumen Technologies in the fourth quarter valued at $27,000. Fifth Third Wealth Advisors LLC acquired a new position in shares of Lumen Technologies in the second quarter worth about $33,000. Finally, Fidelis Capital Partners LLC raised its position in shares of Lumen Technologies by 94.6% in the first quarter. Fidelis Capital Partners LLC now owns 22,142 shares of the technology company’s stock worth $35,000 after acquiring an additional 10,764 shares during the period. Institutional investors own 66.19% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on LUMN shares. JPMorgan Chase & Co. upgraded shares of Lumen Technologies from an “underweight” rating to a “neutral” rating in a research report on Wednesday, August 7th. Bank of America lifted their target price on shares of Lumen Technologies from $1.00 to $2.00 and gave the company an “underperform” rating in a report on Thursday, August 8th. Moffett Nathanson boosted their price target on shares of Lumen Technologies from $1.00 to $3.00 and gave the stock a “sell” rating in a research note on Wednesday, August 7th. UBS Group lifted their price objective on shares of Lumen Technologies from $1.50 to $5.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Finally, Wells Fargo & Company cut shares of Lumen Technologies from an “equal weight” rating to an “underweight” rating and lifted their price objective for the stock from $1.75 to $4.00 in a research report on Friday, August 16th. Three analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. Based on data from MarketBeat, Lumen Technologies currently has a consensus rating of “Hold” and an average target price of $4.09.

Insider Transactions at Lumen Technologies

In related news, Director James Fowler bought 10,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were bought at an average cost of $4.70 per share, for a total transaction of $47,000.00. Following the completion of the transaction, the director now owns 384,056 shares of the company’s stock, valued at $1,805,063.20. This represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.68% of the company’s stock.

Lumen Technologies Price Performance

Shares of NYSE:LUMN opened at $6.18 on Friday. The company has a 50-day simple moving average of $6.07 and a 200-day simple moving average of $3.09. Lumen Technologies, Inc. has a one year low of $0.78 and a one year high of $7.83. The company has a debt-to-equity ratio of 39.51, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a market capitalization of $6.27 billion, a price-to-earnings ratio of -0.57 and a beta of 1.19.

Lumen Technologies (NYSE:LUMN) last issued its quarterly earnings results on Tuesday, August 6th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.25 billion. During the same quarter last year, the firm earned $0.10 earnings per share. The company’s revenue was down 10.7% compared to the same quarter last year. On average, analysts predict that Lumen Technologies, Inc. will post -0.18 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.