Amundi Sells 101,240 Shares of Lumen Technologies, Inc. $LUMN

Amundi cut its position in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 19.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 421,194 shares of the technology company’s stock after selling 101,240 shares during the quarter. Amundi’s holdings in Lumen Technologies were worth $1,651,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Lazard Asset Management LLC grew its position in 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 worth $39,000 after buying an additional 7,307 shares in the last quarter. Conning Inc. acquired a new stake in Lumen Technologies during the first quarter worth about $39,000. Quantinno Capital Management LP acquired a new stake in Lumen Technologies during the fourth quarter worth about $54,000. OneDigital Investment Advisors LLC acquired a new stake in Lumen Technologies during the first quarter worth about $41,000. Finally, Meeder Advisory Services Inc. acquired a new stake in Lumen Technologies during the first quarter worth about $41,000. 66.19% of the stock is owned by institutional investors and hedge funds.

Lumen Technologies Stock Performance

NYSE:LUMN opened at $6.06 on Friday. Lumen Technologies, Inc. has a 1 year low of $3.01 and a 1 year high of $10.33. The firm has a 50 day moving average of $4.58 and a 200-day moving average of $4.27. The company has a current ratio of 2.13, a quick ratio of 2.13 and a debt-to-equity ratio of 59.98. The stock has a market capitalization of $6.22 billion, a P/E ratio of -5.14 and a beta of 1.42.

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

Analyst Upgrades and Downgrades

A number of research analysts have commented on LUMN shares. Raymond James Financial raised their price target on shares of Lumen Technologies from $4.50 to $5.00 and gave the stock an “outperform” rating in a research note on Friday, August 1st. The Goldman Sachs Group started coverage on shares of Lumen Technologies in a research note on Tuesday, September 2nd. They set a “neutral” rating and a $4.10 price target for the company. Wall Street Zen upgraded shares of Lumen Technologies from a “sell” rating to a “hold” rating in a research note on Sunday, August 3rd. Finally, BNP Paribas upgraded shares of Lumen Technologies to a “hold” rating in a research note on Wednesday, June 25th. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $5.14.

Insider Buying and Selling

In related news, CFO Christopher Stansbury purchased 40,000 shares of the stock in a transaction that occurred on Friday, August 15th. The stock was acquired at an average price of $4.44 per share, with a total value of $177,600.00. Following the completion of the acquisition, the chief financial officer directly owned 535,000 shares in the company, valued at approximately $2,375,400. This trade represents a 8.08% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Kathleen E. Johnson purchased 135,870 shares of the stock in a transaction that occurred on Tuesday, August 5th. The stock was bought at an average cost of $3.69 per share, with a total value of $501,360.30. Following the acquisition, the chief executive officer owned 9,616,947 shares of the company’s stock, valued at $35,486,534.43. This represents a 1.43% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders purchased 217,870 shares of company stock valued at $859,140. 2.30% of the stock is currently owned by company insiders.

Lumen Technologies 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.