The Manufacturers Life Insurance Company Makes New Investment in Lumen Technologies, Inc. $LUMN

The Manufacturers Life Insurance Company acquired a new stake in Lumen Technologies, Inc. (NYSE:LUMN) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 518,237 shares of the technology company’s stock, valued at approximately $3,980,000.

Several other large investors also recently modified their holdings of LUMN. Kemnay Advisory Services Inc. bought a new position in Lumen Technologies during the fourth quarter worth $25,000. International Assets Investment Management LLC bought a new stake in Lumen Technologies during the fourth quarter valued at $30,000. Versant Capital Management Inc grew its holdings in Lumen Technologies by 90.3% during the 2nd quarter. Versant Capital Management Inc now owns 3,920 shares of the technology company’s stock worth $30,000 after acquiring an additional 1,860 shares during the period. Ascentis Independent Advisors bought a new position in shares of Lumen Technologies in the 1st quarter worth about $27,000. Finally, Trust Asset Management LLC bought a new position in shares of Lumen Technologies in the 2nd quarter worth about $34,000. 66.19% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Kathleen E. Johnson acquired 100,000 shares of the firm’s stock in a transaction on Thursday, August 6th. The stock was purchased at an average cost of $6.13 per share, with a total value of $613,000.00. Following the acquisition, the chief executive officer owned 100,000 shares of the company’s stock, valued at approximately $613,000. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on LUMN. Wall Street Zen upgraded Lumen Technologies from a “sell” rating to a “hold” rating in a research report on Sunday, August 9th. JPMorgan Chase & Co. lifted their target price on Lumen Technologies from $6.00 to $7.00 and gave the stock a “neutral” rating in a report on Monday, May 11th. UBS Group increased their price target on Lumen Technologies from $6.00 to $8.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. Zacks Research downgraded shares of Lumen Technologies from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 5th. Finally, TD Cowen lifted their price objective on shares of Lumen Technologies from $8.00 to $9.00 and gave the company a “hold” rating in a research note on Wednesday, May 6th. Nine research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $7.86.

Lumen Technologies Trading Up 2.1%

Lumen Technologies stock opened at $6.38 on Wednesday. The firm has a market capitalization of $6.58 billion, a price-to-earnings ratio of -6.25 and a beta of 1.79. The firm’s fifty day moving average price is $6.52 and its two-hundred day moving average price is $7.58. Lumen Technologies, Inc. has a 1-year low of $4.57 and a 1-year high of $11.95.

Lumen Technologies (NYSE:LUMN) last posted its earnings results on Tuesday, August 4th. The technology company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.06. The business had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.74 billion. During the same period in the previous year, the firm earned ($0.03) earnings per share. The company’s revenue was down 9.3% on a year-over-year basis. On average, research analysts forecast that Lumen Technologies, Inc. will post -0.52 EPS for the current year.

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.