PNC Financial Services Group Inc. Has $155,000 Stock Position in Lumen Technologies, Inc. $LUMN

PNC Financial Services Group Inc. lowered its stake in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 28.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 39,524 shares of the technology company’s stock after selling 15,581 shares during the period. PNC Financial Services Group Inc.’s holdings in Lumen Technologies were worth $155,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in LUMN. Lazard Asset Management LLC raised its holdings in shares of Lumen Technologies by 3,825.7% during the fourth quarter. Lazard Asset Management LLC now owns 7,498 shares of the technology company’s stock valued at $39,000 after purchasing an additional 7,307 shares during the period. Conning Inc. acquired a new position in shares of Lumen Technologies during the first quarter valued at about $39,000. OneDigital Investment Advisors LLC acquired a new position in shares of Lumen Technologies during the first quarter valued at about $41,000. Meeder Advisory Services Inc. acquired a new position in shares of Lumen Technologies during the first quarter valued at about $41,000. Finally, Ritholtz Wealth Management acquired a new position in shares of Lumen Technologies during the first quarter valued at about $43,000. Institutional investors and hedge funds own 66.19% of the company’s stock.

Lumen Technologies Trading Up 6.1%

LUMN opened at $4.70 on Tuesday. The company has a debt-to-equity ratio of 59.98, a current ratio of 2.13 and a quick ratio of 2.13. Lumen Technologies, Inc. has a fifty-two week low of $3.01 and a fifty-two week high of $10.33. The firm has a market capitalization of $4.82 billion, a PE ratio of -3.98 and a beta of 1.43. The company’s 50-day moving average is $4.28 and its 200 day moving average is $4.23.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings data on Thursday, July 31st. The technology company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.24) by $0.21. The firm had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3.11 billion. Lumen Technologies had a negative net margin of 9.19% and a negative return on equity of 158.40%. The company’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter last year, the business posted ($0.13) EPS. As a group, research analysts predict that Lumen Technologies, Inc. will post -0.87 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on LUMN. Raymond James Financial upped their price objective on shares of Lumen Technologies from $4.50 to $5.00 and gave the company an “outperform” rating in a report on Friday, August 1st. Wall Street Zen upgraded shares of Lumen Technologies from a “sell” rating to a “hold” rating in a report on Sunday, August 3rd. Finally, BNP Paribas upgraded shares of Lumen Technologies to a “hold” rating in a report on Wednesday, June 25th. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $5.29.

Insider Buying and Selling

In other Lumen Technologies news, CFO Christopher Stansbury purchased 40,000 shares of the firm’s stock in a transaction that occurred on Friday, August 15th. The stock was bought at an average cost of $4.44 per share, with a total value of $177,600.00. Following the completion of the transaction, the chief financial officer owned 535,000 shares of the company’s stock, valued at $2,375,400. The trade was a 8.08% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Kathleen E. Johnson purchased 135,870 shares of the firm’s stock in a transaction that occurred on Tuesday, August 5th. The shares were acquired at an average cost of $3.69 per share, with a total value of $501,360.30. Following the completion of the transaction, the chief executive officer directly owned 9,616,947 shares of the company’s stock, valued at $35,486,534.43. The trade was a 1.43% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 217,870 shares of company stock valued at $859,140 over the last ninety days. 2.30% of the stock is currently owned by company insiders.

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.