Insider Buying: Lumen Technologies (NYSE:LUMN) Director Acquires $97,750.00 in Stock

Lumen Technologies, Inc. (NYSE:LUMN) Director Michelle Goldberg bought 25,000 shares of the firm’s stock in a transaction on Friday, November 6th. The stock was acquired at an average cost of $3.91 per share, with a total value of $97,750.00. Following the completion of the purchase, the director owned 101,591 shares of the company’s stock, valued at approximately $397,220.81. This trade represents a 32.64% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Lumen Technologies Price Performance

Shares of Lumen Technologies stock opened at $4.45 on Thursday. Lumen Technologies, Inc. has a 1 year low of $3.84 and a 1 year high of $11.30. The business has a 50-day moving average of $5.48 and a two-hundred day moving average of $7.09. The company has a market capitalization of $4.59 billion, a P/E ratio of -4.36 and a beta of 1.94.

Lumen Technologies (NYSE:LUMN) last released its quarterly earnings results on Wednesday, November 4th. The technology company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.09. The business had revenue of $2.71 billion for the quarter, compared to analyst estimates of $2.73 billion. On average, equities analysts anticipate that Lumen Technologies, Inc. will post -0.54 EPS for the current fiscal year.

Institutional Investors Weigh In On Lumen Technologies

Several institutional investors have recently bought and sold shares of LUMN. BlackRock Inc. grew its stake in shares of Lumen Technologies by 3.5% during the 2nd quarter. BlackRock Inc. now owns 142,261,845 shares of the technology company’s stock worth $1,092,571,000 after acquiring an additional 4,796,141 shares in the last quarter. State Street Corp raised its holdings in shares of Lumen Technologies by 4.3% in the second quarter. State Street Corp now owns 48,003,189 shares of the technology company’s stock valued at $368,664,000 after purchasing an additional 1,990,860 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Lumen Technologies by 1.0% in the first quarter. Dimensional Fund Advisors LP now owns 14,994,640 shares of the technology company’s stock valued at $104,156,000 after purchasing an additional 144,664 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Lumen Technologies by 87.2% in the second quarter. Bank of New York Mellon Corp now owns 10,489,367 shares of the technology company’s stock worth $80,558,000 after purchasing an additional 4,886,999 shares in the last quarter. Finally, Allianz Asset Management GmbH lifted its position in shares of Lumen Technologies by 18.7% in the second quarter. Allianz Asset Management GmbH now owns 10,074,316 shares of the technology company’s stock worth $77,371,000 after purchasing an additional 1,585,083 shares in the last quarter. Institutional investors own 66.19% of the company’s stock.

Wall Street Analysts Forecast Growth

LUMN has been the subject of several research reports. Moffett Nathanson raised shares of Lumen Technologies from a “sell” rating to a “neutral” rating and set a $4.00 price objective for the company in a research report on Friday, October 30th. Wells Fargo & Company cut their price objective on shares of Lumen Technologies from $7.50 to $5.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 5th. JPMorgan Chase & Co. reduced their target price on shares of Lumen Technologies from $7.00 to $6.00 and set a “neutral” rating for the company in a research note on Thursday, November 5th. Citigroup lowered their target price on Lumen Technologies from $8.25 to $5.50 and set a “neutral” rating for the company in a report on Friday, November 6th. Finally, Wall Street Zen upgraded Lumen Technologies from a “sell” rating to a “hold” rating in a report on Sunday, August 9th. Ten investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Lumen Technologies presently has an average rating of “Reduce” and a consensus target price of $6.19.

Lumen Technologies Company Profile

Lumen Technologies is a telecommunications and technology company that provides network and digital services primarily to businesses, government agencies, and wholesale customers. Its offerings include fiber and internet connectivity, private networking, voice and collaboration services, cloud connectivity, and managed security solutions. The company serves customers across North America and in international markets through its fiber network and related technology platforms. Lumen has shifted its focus toward enterprise services in recent years, including after selling consumer and local-exchange operations in several states.