Van ECK Associates Corp Invests $241,000 in Lumen Technologies, Inc. (NYSE:LUMN)

Van ECK Associates Corp acquired a new stake in shares of Lumen Technologies, Inc. (NYSE:LUMN) in the third quarter, HoldingsChannel reports. The institutional investor acquired 33,913 shares of the technology company’s stock, valued at approximately $241,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Sawgrass Asset Management LLC boosted its stake in Lumen Technologies by 68.5% during the 2nd quarter. Sawgrass Asset Management LLC now owns 22,786 shares of the technology company’s stock valued at $25,000 after purchasing an additional 9,263 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in shares of Lumen Technologies in the 2nd quarter worth $25,000. ANTIPODES PARTNERS Ltd purchased a new position in shares of Lumen Technologies in the 2nd quarter worth $26,000. Concord Wealth Partners boosted its stake in shares of Lumen Technologies by 98.8% in the 3rd quarter. Concord Wealth Partners now owns 4,008 shares of the technology company’s stock worth $28,000 after buying an additional 1,992 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC purchased a new position in shares of Lumen Technologies in the 2nd quarter worth $33,000. Institutional investors own 66.19% of the company’s stock.

Insider Buying and Selling at Lumen Technologies

In other news, Director James Fowler bought 10,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was acquired at an average cost of $4.70 per share, with a total value of $47,000.00. Following the transaction, the director now directly owns 384,056 shares in the company, valued at approximately $1,805,063.20. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.68% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on LUMN shares. UBS Group raised their price target on Lumen Technologies from $1.50 to $5.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. The Goldman Sachs Group raised their target price on Lumen Technologies from $4.50 to $5.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Citigroup upgraded Lumen Technologies from a “sell” rating to a “neutral” rating and raised their price target for the company from $1.25 to $3.15 in a report on Tuesday, August 6th. Moffett Nathanson raised their price target on Lumen Technologies from $1.00 to $3.00 and gave the company a “sell” rating in a report on Wednesday, August 7th. Finally, Wells Fargo & Company lowered Lumen Technologies from an “equal weight” rating to an “underweight” rating and raised their price objective for the company from $1.75 to $4.00 in a research note on Friday, August 16th. Three equities research analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $4.02.

Lumen Technologies Price Performance

Shares of LUMN stock opened at $8.89 on Thursday. Lumen Technologies, Inc. has a 52-week low of $0.97 and a 52-week high of $10.33. The company has a debt-to-equity ratio of 53.05, a quick ratio of 1.20 and a current ratio of 1.20. The firm has a market capitalization of $9.02 billion, a P/E ratio of -4.09 and a beta of 1.21. The stock has a 50 day moving average price of $6.82 and a 200 day moving average price of $3.92.

Lumen Technologies (NYSE:LUMN) last issued its earnings results on Tuesday, November 5th. The technology company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.04). The firm had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.21 billion. Lumen Technologies had a negative net margin of 16.06% and a negative return on equity of 49.74%. The company’s revenue for the quarter was down 11.5% on a year-over-year basis. During the same period last year, the firm earned ($0.09) earnings per share. As a group, sell-side analysts predict that Lumen Technologies, Inc. will post -0.38 earnings per share for the current year.

Lumen Technologies Company Profile

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.