Lumen Technologies, Inc. $LUMN Shares Sold by First Trust Advisors LP

First Trust Advisors LP trimmed its holdings in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 11.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 16,431,697 shares of the technology company’s stock after selling 2,122,416 shares during the period. First Trust Advisors LP owned approximately 1.60% of Lumen Technologies worth $100,562,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in LUMN. Vanguard Group Inc. raised its holdings in shares of Lumen Technologies by 1.2% during the third quarter. Vanguard Group Inc. now owns 113,552,549 shares of the technology company’s stock worth $694,942,000 after purchasing an additional 1,295,177 shares during the last quarter. Front Street Capital Management Inc. boosted its holdings in Lumen Technologies by 1.1% in the second quarter. Front Street Capital Management Inc. now owns 11,969,084 shares of the technology company’s stock valued at $52,425,000 after purchasing an additional 132,131 shares during the last quarter. Man Group plc grew its position in Lumen Technologies by 3.3% during the 2nd quarter. Man Group plc now owns 11,486,835 shares of the technology company’s stock worth $50,312,000 after purchasing an additional 364,436 shares during the period. Norges Bank purchased a new position in shares of Lumen Technologies during the 2nd quarter valued at about $47,923,000. Finally, Invesco Ltd. raised its stake in shares of Lumen Technologies by 6.3% during the 2nd quarter. Invesco Ltd. now owns 10,928,906 shares of the technology company’s stock valued at $47,869,000 after buying an additional 652,124 shares during the last quarter. 66.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on LUMN shares. Raymond James Financial restated a “market perform” rating on shares of Lumen Technologies in a research note on Wednesday, February 4th. Wall Street Zen raised Lumen Technologies from a “sell” rating to a “hold” rating in a report on Sunday. UBS Group raised their price objective on shares of Lumen Technologies from $5.00 to $6.00 and gave the stock a “neutral” rating in a research note on Thursday, February 5th. Zacks Research raised shares of Lumen Technologies from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 8th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Lumen Technologies in a research note on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $7.25.

Lumen Technologies Stock Down 2.9%

Shares of LUMN opened at $6.63 on Monday. Lumen Technologies, Inc. has a 52-week low of $3.01 and a 52-week high of $11.95. The firm’s fifty day moving average is $7.91 and its two-hundred day moving average is $7.55. The stock has a market cap of $6.79 billion, a PE ratio of -3.81 and a beta of 1.56.

Lumen Technologies (NYSE:LUMN) last issued its earnings results on Tuesday, February 3rd. The technology company reported $0.23 EPS for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.44. The business had revenue of $3.04 billion during the quarter, compared to analysts’ expectations of $3.04 billion. Lumen Technologies had a negative net margin of 14.02% and a negative return on equity of 158.40%. The company’s quarterly revenue was down 8.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.09 earnings per share. As a group, research analysts anticipate that Lumen Technologies, Inc. will post -0.87 earnings per share for the current year.

Insider Activity

In related news, CEO Kathleen E. Johnson bought 78,685 shares of the stock in a transaction dated Thursday, February 5th. The shares were acquired at an average cost of $6.35 per share, for a total transaction of $499,649.75. Following the acquisition, the chief executive officer directly owned 8,562,582 shares in the company, valued at approximately $54,372,395.70. This trade represents a 0.93% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Diankha Linear sold 45,000 shares of the company’s stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $7.89, for a total value of $355,050.00. Following the completion of the sale, the director owned 198,229 shares of the company’s stock, valued at $1,564,026.81. This trade represents a 18.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.30% of the stock is currently owned by corporate insiders.

About Lumen Technologies

Lumen Technologies is a multinational technology company specializing in integrated network, edge cloud, security and collaboration services for enterprise and public sector clients. The company’s core offerings include high-capacity fiber and IP-based connectivity, managed edge computing solutions designed to accelerate applications and data processing closer to end users, and cybersecurity services ranging from DDoS protection to unified threat management. Through its unified portfolio, Lumen enables organizations to support digital transformation initiatives, modernize infrastructure and enhance operational resilience.

Leveraging one of the largest fiber footprints in North America, as well as infrastructure in Latin America and parts of Europe, Lumen connects customers across more than 60 countries.