Acadian Asset Management LLC Buys 270,027 Shares of Lumen Technologies, Inc. $LUMN

Acadian Asset Management LLC increased its stake in Lumen Technologies, Inc. (NYSE:LUMN) by 50.6% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 804,061 shares of the technology company’s stock after purchasing an additional 270,027 shares during the quarter. Acadian Asset Management LLC owned approximately 0.08% of Lumen Technologies worth $3,146,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of LUMN. Nuveen LLC bought a new position in Lumen Technologies in the 1st quarter worth $26,469,000. Invesco Ltd. raised its position in shares of Lumen Technologies by 91.6% during the first quarter. Invesco Ltd. now owns 10,276,782 shares of the technology company’s stock valued at $40,285,000 after buying an additional 4,911,803 shares during the last quarter. Millennium Management LLC grew its position in Lumen Technologies by 474.8% during the fourth quarter. Millennium Management LLC now owns 5,744,368 shares of the technology company’s stock worth $30,503,000 after buying an additional 4,745,040 shares in the last quarter. Woodline Partners LP acquired a new position in Lumen Technologies in the 1st quarter valued at approximately $5,006,000. Finally, Allianz Asset Management GmbH lifted its position in shares of Lumen Technologies by 12.6% in the 1st quarter. Allianz Asset Management GmbH now owns 8,772,315 shares of the technology company’s stock worth $34,387,000 after acquiring an additional 982,038 shares during the period. Institutional investors own 66.19% of the company’s stock.

Insiders Place Their Bets

In other Lumen Technologies news, CEO Kathleen E. Johnson bought 135,870 shares of the business’s stock in a transaction that occurred on Tuesday, August 5th. The shares were acquired at an average cost of $3.69 per share, for a total transaction of $501,360.30. Following the transaction, the chief executive officer directly owned 9,616,947 shares in the company, valued at approximately $35,486,534.43. This represents a 1.43% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Christopher Stansbury purchased 40,000 shares of the firm’s stock in a transaction 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 transaction, the chief financial officer owned 535,000 shares in the company, valued at approximately $2,375,400. This trade represents a 8.08% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 217,870 shares of company stock worth $859,140 in the last 90 days. 2.30% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

LUMN has been the subject of several analyst reports. BNP Paribas upgraded Lumen Technologies to a “hold” rating in a research report on Wednesday, June 25th. The Goldman Sachs Group assumed coverage on Lumen Technologies in a research report on Tuesday, September 2nd. They set a “neutral” rating and a $4.10 price target on the stock. Raymond James Financial boosted their price objective on Lumen Technologies from $4.50 to $5.00 and gave the stock an “outperform” rating in a research note on Friday, August 1st. Finally, Wall Street Zen upgraded Lumen Technologies from a “sell” rating to a “hold” rating in a research note on Sunday, August 3rd. Two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $5.14.

Lumen Technologies Trading Down 3.6%

Shares of Lumen Technologies stock opened at $5.83 on Tuesday. The firm has a market capitalization of $5.98 billion, a PE ratio of -4.94 and a beta of 1.42. 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 firm’s 50 day moving average is $4.60 and its 200 day moving average is $4.27. Lumen Technologies, Inc. has a 1 year low of $3.01 and a 1 year high of $10.33.

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