Hsbc Holdings PLC acquired a new stake in Lumen Technologies, Inc. (NYSE:LUMN – Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 9,685,625 shares of the technology company’s stock, valued at approximately $74,242,000.
Other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. increased its position in Lumen Technologies by 3.5% in the 2nd quarter. BlackRock Inc. now owns 142,261,845 shares of the technology company’s stock valued at $1,092,571,000 after acquiring an additional 4,796,141 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Lumen Technologies by 324.7% during the fourth quarter. JPMorgan Chase & Co. now owns 22,211,742 shares of the technology company’s stock worth $172,585,000 after purchasing an additional 16,981,326 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Lumen Technologies by 2.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 18,390,473 shares of the technology company’s stock worth $142,894,000 after purchasing an additional 473,242 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in 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 period. Finally, Norges Bank bought a new position in Lumen Technologies during the 4th quarter worth $106,557,000. 66.19% of the stock is currently owned by institutional investors and hedge funds.
Lumen Technologies Trading Up 3.2%
LUMN stock opened at $6.08 on Thursday. The stock has a 50-day moving average price of $6.67 and a 200-day moving average price of $7.63. Lumen Technologies, Inc. has a 1-year low of $4.57 and a 1-year high of $11.95. The firm has a market cap of $6.27 billion, a PE ratio of -5.96 and a beta of 1.78.
Insider Transactions at Lumen Technologies
In other Lumen Technologies news, CEO Kathleen E. Johnson purchased 100,000 shares of the company’s stock in a transaction on Thursday, August 6th. The shares were purchased at an average cost of $6.13 per share, with a total value of $613,000.00. Following the completion of the purchase, the chief executive officer owned 100,000 shares in the company, valued at $613,000. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.30% of the company’s stock.
Wall Street Analysts Forecast Growth
LUMN has been the topic of a number of analyst reports. The Goldman Sachs Group reduced their price target on Lumen Technologies from $8.50 to $7.25 and set a “neutral” rating on the stock in a research report on Wednesday, August 5th. Zacks Research downgraded Lumen Technologies from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 5th. Wells Fargo & Company reduced their target price on Lumen Technologies from $9.00 to $7.50 and set an “equal weight” rating on the stock in a report on Wednesday, August 5th. Wall Street Zen raised shares of Lumen Technologies from a “sell” rating to a “hold” rating in a research report on Sunday, August 9th. Finally, JPMorgan Chase & Co. raised their price target on shares of Lumen Technologies from $6.00 to $7.00 and gave the stock a “neutral” rating in a report on Monday, May 11th. Nine research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Lumen Technologies currently has an average rating of “Reduce” and an average price target of $7.86.
Get Our Latest Stock Analysis on LUMN
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.
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