State of New Jersey Common Pension Fund D bought a new stake in Lumen Technologies, Inc. (NYSE:LUMN – Free Report) during the third quarter, Holdings Channel.com reports. The institutional investor bought 381,662 shares of the technology company’s stock, valued at approximately $2,710,000.
Several other hedge funds also recently bought and sold shares of the stock. Sawgrass Asset Management LLC lifted its holdings in shares of Lumen Technologies by 68.5% in the 2nd quarter. Sawgrass Asset Management LLC now owns 22,786 shares of the technology company’s stock worth $25,000 after acquiring an additional 9,263 shares during the last quarter. Sanctuary Advisors LLC acquired a new position in Lumen Technologies during the second quarter worth $25,000. ANTIPODES PARTNERS Ltd purchased a new position in shares of Lumen Technologies during the second quarter worth $26,000. Concord Wealth Partners grew its stake in shares of Lumen Technologies by 98.8% in the third quarter. Concord Wealth Partners now owns 4,008 shares of the technology company’s stock valued at $28,000 after buying an additional 1,992 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC purchased a new stake in shares of Lumen Technologies in the 2nd quarter valued at $33,000. Hedge funds and other institutional investors own 66.19% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of analysts have issued reports on the stock. The Goldman Sachs Group boosted their price target on shares of Lumen Technologies from $4.50 to $5.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Moffett Nathanson increased their target price on shares of Lumen Technologies from $1.00 to $3.00 and gave the stock a “sell” rating in a report on Wednesday, August 7th. 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 research report on Thursday, August 8th. Citigroup raised Lumen Technologies from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $1.25 to $3.15 in a research note on Tuesday, August 6th. Finally, JPMorgan Chase & Co. upgraded Lumen Technologies from an “underweight” rating to a “neutral” rating in a research note on Wednesday, August 7th. Three investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $4.02.
Insider Activity
In related news, Director James Fowler purchased 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were purchased at an average cost of $4.70 per share, for a total transaction of $47,000.00. Following the purchase, the director now directly owns 384,056 shares of the company’s stock, valued at $1,805,063.20. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.68% of the company’s stock.
Lumen Technologies Stock Down 3.7 %
Shares of NYSE LUMN opened at $8.89 on Thursday. The business has a 50-day moving average of $6.82 and a two-hundred day moving average of $3.92. The company has a market capitalization of $9.02 billion, a price-to-earnings ratio of -4.09 and a beta of 1.21. Lumen Technologies, Inc. has a 1 year low of $0.97 and a 1 year high of $10.33. The company has a debt-to-equity ratio of 53.05, a current ratio of 1.20 and a quick ratio of 1.20.
Lumen Technologies (NYSE:LUMN – Get Free Report) last posted its earnings results on Tuesday, November 5th. The technology company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.04). The business had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.21 billion. Lumen Technologies had a negative return on equity of 49.74% and a negative net margin of 16.06%. Lumen Technologies’s revenue for the quarter was down 11.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.09) EPS. On average, analysts forecast that Lumen Technologies, Inc. will post -0.38 earnings per share for the current fiscal 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.
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