Cornerstone Wealth Management LLC Raises Stock Position in Lumen Technologies, Inc. (NYSE:LUMN)

Cornerstone Wealth Management LLC lifted its stake in Lumen Technologies, Inc. (NYSE:LUMN) by 25.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 21,936 shares of the technology company’s stock after purchasing an additional 4,500 shares during the period. Cornerstone Wealth Management LLC’s holdings in Lumen Technologies were worth $156,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Lumen Technologies by 1.7% in the first quarter. Vanguard Group Inc. now owns 120,303,220 shares of the technology company’s stock worth $187,673,000 after buying an additional 1,975,400 shares in the last quarter. Front Street Capital Management Inc. lifted its stake in shares of Lumen Technologies by 30.1% in the 2nd quarter. Front Street Capital Management Inc. now owns 11,661,112 shares of the technology company’s stock valued at $12,827,000 after purchasing an additional 2,697,423 shares during the period. Renaissance Technologies LLC boosted its position in shares of Lumen Technologies by 11.6% during the second quarter. Renaissance Technologies LLC now owns 8,873,803 shares of the technology company’s stock valued at $9,761,000 after purchasing an additional 919,300 shares in the last quarter. Millennium Management LLC grew its stake in Lumen Technologies by 129.8% in the second quarter. Millennium Management LLC now owns 7,854,906 shares of the technology company’s stock worth $8,640,000 after purchasing an additional 4,436,710 shares during the period. Finally, AQR Capital Management LLC raised its holdings in Lumen Technologies by 52.5% in the second quarter. AQR Capital Management LLC now owns 3,621,874 shares of the technology company’s stock worth $3,712,000 after purchasing an additional 1,246,289 shares in the last quarter. Institutional investors own 66.19% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Wells Fargo & Company cut shares of Lumen Technologies from an “equal weight” rating to an “underweight” rating and boosted their target price for the company from $1.75 to $4.00 in a report on Friday, August 16th. The Goldman Sachs Group boosted their price objective on shares of Lumen Technologies from $4.00 to $4.50 and gave the stock a “neutral” rating in a research note on Friday, October 4th. JPMorgan Chase & Co. raised shares of Lumen Technologies from an “underweight” rating to a “neutral” rating in a research note on Wednesday, August 7th. Moffett Nathanson boosted their price target on Lumen Technologies from $1.00 to $3.00 and gave the stock a “sell” rating in a research report on Wednesday, August 7th. Finally, Bank of America raised their price objective on Lumen Technologies from $1.00 to $2.00 and gave the company an “underperform” rating in a research report on Thursday, August 8th. Three analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. Based on data from MarketBeat, Lumen Technologies presently has an average rating of “Hold” and an average price target of $4.09.

Lumen Technologies Trading Up 9.1 %

Shares of NYSE LUMN opened at $6.74 on Friday. The firm’s 50 day moving average price is $6.10 and its 200-day moving average price is $3.14. Lumen Technologies, Inc. has a 52-week low of $0.78 and a 52-week 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 company has a market cap of $6.84 billion, a PE ratio of -0.62 and a beta of 1.19.

Lumen Technologies (NYSE:LUMN) last released 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 business had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.25 billion. Lumen Technologies had a negative net margin of 15.06% and a negative return on equity of 18.52%. The business’s revenue was down 10.7% compared to the same quarter last year. During the same period last year, the company posted $0.10 earnings per share. On average, equities research analysts expect that Lumen Technologies, Inc. will post -0.18 EPS for the current fiscal year.

Insider Activity

In other Lumen Technologies news, Director James Fowler acquired 10,000 shares of Lumen Technologies stock in a transaction that occurred on Tuesday, September 3rd. The stock was bought at an average cost of $4.70 per share, for a total transaction of $47,000.00. Following the acquisition, 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 ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.68% of the company’s stock.

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.