Lumen Technologies, Inc. $LUMN Shares Sold by AustralianSuper Pty Ltd

AustralianSuper Pty Ltd cut its stake in Lumen Technologies, Inc. (NYSE:LUMN) by 35.6% in the fourth quarter, Holdings Channel.com reports. The fund owned 1,381,488 shares of the technology company’s stock after selling 764,040 shares during the quarter. AustralianSuper Pty Ltd’s holdings in Lumen Technologies were worth $10,734,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently bought and sold shares of LUMN. UMB Bank n.a. lifted its position in Lumen Technologies by 49.1% in the third quarter. UMB Bank n.a. now owns 4,105 shares of the technology company’s stock valued at $25,000 after acquiring an additional 1,351 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Lumen Technologies in the 4th quarter valued at about $30,000. Fifth Third Bancorp grew its position in shares of Lumen Technologies by 24.5% during the third quarter. Fifth Third Bancorp now owns 5,343 shares of the technology company’s stock worth $33,000 after acquiring an additional 1,051 shares during the last quarter. Bessemer Group Inc. boosted its stake in Lumen Technologies by 15.5% during the 3rd quarter. Bessemer Group Inc. now owns 7,209 shares of the technology company’s stock worth $43,000 after purchasing an additional 968 shares during the period. Finally, Orion Capital Management LLC acquired a new position in Lumen Technologies in the fourth quarter valued at $50,000. 66.19% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Diankha Linear sold 45,000 shares of the company’s stock in a transaction on Friday, February 20th. The stock was sold at an average price of $7.89, for a total value of $355,050.00. Following the sale, the director directly owned 198,229 shares in the company, valued at $1,564,026.81. This represents a 18.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.30% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

LUMN has been the subject of several recent research reports. TD Cowen increased their price target on Lumen Technologies from $8.00 to $9.00 and gave the stock a “hold” rating in a report on Wednesday, May 6th. Citigroup cut their price objective on Lumen Technologies from $11.00 to $10.00 and set a “neutral” rating for the company in a research report on Thursday, February 5th. JPMorgan Chase & Co. boosted their price target on Lumen Technologies from $6.00 to $7.00 and gave the stock a “neutral” rating in a research note on Monday, May 11th. Wells Fargo & Company upped their target price on Lumen Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a report on Friday, May 8th. Finally, Raymond James Financial reissued a “market perform” rating on shares of Lumen Technologies in a report on Wednesday, February 4th. Ten investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $7.91.

Lumen Technologies Price Performance

Shares of Lumen Technologies stock opened at $10.05 on Friday. Lumen Technologies, Inc. has a 1 year low of $3.37 and a 1 year high of $11.95. The company has a market capitalization of $10.35 billion, a P/E ratio of -5.77 and a beta of 1.65. The business has a 50 day moving average price of $7.75 and a 200 day moving average price of $8.13.

Lumen Technologies (NYSE:LUMN) last issued its quarterly earnings data on Tuesday, May 5th. The technology company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.34). The company had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.83 billion. During the same period in the prior year, the company earned ($0.13) EPS. Lumen Technologies’s revenue was down 8.9% on a year-over-year basis. As a group, research analysts expect that Lumen Technologies, Inc. will post -0.39 EPS for the current fiscal year.

Lumen Technologies Company Profile

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.