First Trust Advisors LP Sells 63,864 Shares of Lumen Technologies, Inc. (NYSE:LUMN)

First Trust Advisors LP cut its stake in Lumen Technologies, Inc. (NYSE:LUMNFree Report) by 0.2% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 26,889,746 shares of the technology company’s stock after selling 63,864 shares during the quarter. First Trust Advisors LP owned about 2.67% of Lumen Technologies worth $49,208,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Lumen Technologies by 2.1% during the 3rd quarter. Vanguard Group Inc. now owns 117,400,489 shares of the technology company’s stock valued at $166,709,000 after buying an additional 2,404,674 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Lumen Technologies by 28.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 26,304,001 shares of the technology company’s stock worth $48,136,000 after purchasing an additional 5,782,249 shares in the last quarter. Invesco Ltd. grew its position in shares of Lumen Technologies by 16.0% during the 3rd quarter. Invesco Ltd. now owns 22,272,831 shares of the technology company’s stock valued at $31,627,000 after purchasing an additional 3,071,405 shares in the last quarter. Hsbc Holdings PLC increased its holdings in shares of Lumen Technologies by 20.6% in the third quarter. Hsbc Holdings PLC now owns 21,698,150 shares of the technology company’s stock worth $31,344,000 after purchasing an additional 3,713,167 shares during the period. Finally, Palestra Capital Management LLC boosted its stake in Lumen Technologies by 788.4% during the third quarter. Palestra Capital Management LLC now owns 6,530,000 shares of the technology company’s stock valued at $9,273,000 after buying an additional 5,795,000 shares during the period. 66.19% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CEO Kathleen E. Johnson bought 750,000 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was bought at an average cost of $1.28 per share, for a total transaction of $960,000.00. Following the completion of the transaction, the chief executive officer now owns 7,756,290 shares of the company’s stock, valued at $9,928,051.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.68% of the company’s stock.

Lumen Technologies Price Performance

Shares of NYSE LUMN opened at $1.28 on Friday. The stock’s 50-day simple moving average is $1.32 and its two-hundred day simple moving average is $1.48. Lumen Technologies, Inc. has a twelve month low of $0.78 and a twelve month high of $2.36. The firm has a market capitalization of $1.29 billion, a P/E ratio of -0.12 and a beta of 1.20. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 36.89.

Lumen Technologies (NYSE:LUMNGet Free Report) last posted its quarterly earnings data on Tuesday, April 30th. The technology company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.01). Lumen Technologies had a positive return on equity of 4.06% and a negative net margin of 76.21%. The company had revenue of $3.29 billion during the quarter, compared to the consensus estimate of $3.38 billion. During the same quarter last year, the company posted $0.10 earnings per share. The firm’s revenue for the quarter was down 12.0% on a year-over-year basis. As a group, equities analysts anticipate that Lumen Technologies, Inc. will post -0.16 EPS for the current fiscal year.

About Lumen Technologies

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Lumen Technologies (NYSE:LUMN)

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