Lumen Technologies, Inc. (NYSE:LUMN – Get Free Report) has been assigned an average rating of “Reduce” from the ten brokerages that are covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation and nine have assigned a hold recommendation to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $7.8571.
Several analysts recently weighed in on LUMN shares. Citigroup reduced their target price on shares of Lumen Technologies from $10.00 to $8.25 and set a “neutral” rating on the stock in a report on Tuesday, August 11th. Wells Fargo & Company cut their target price on Lumen Technologies from $9.00 to $7.50 and set an “equal weight” rating on the stock in a research report on Wednesday, August 5th. Wall Street Zen upgraded shares of Lumen Technologies from a “sell” rating to a “hold” rating in a research note on Sunday, August 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of Lumen Technologies in a report on Friday, July 17th. Finally, The Goldman Sachs Group reduced their price objective on Lumen Technologies from $8.50 to $7.25 and set a “neutral” rating for the company in a research note on Wednesday, August 5th.
View Our Latest Analysis on LUMN
Lumen Technologies Stock Performance
Lumen Technologies (NYSE:LUMN – Get Free Report) last announced its earnings results on Tuesday, August 4th. The technology company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.06. The firm had revenue of $2.81 billion for the quarter, compared to analysts’ expectations of $2.74 billion. During the same quarter last year, the business earned ($0.03) earnings per share. The business’s revenue was down 9.3% compared to the same quarter last year. As a group, research analysts predict that Lumen Technologies will post -0.54 EPS for the current fiscal year.
Insider Activity at Lumen Technologies
In related news, CEO Kathleen Johnson purchased 100,000 shares of the stock in a transaction dated Thursday, August 6th. The shares were acquired at an average cost of $6.13 per share, with a total value of $613,000.00. Following the purchase, the chief executive officer directly owned 100,000 shares in the company, valued at $613,000. This trade represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 2.30% of the company’s stock.
Institutional Investors Weigh In On Lumen Technologies
Large investors have recently bought and sold shares of the stock. Envestnet Portfolio Solutions Inc. boosted its holdings in shares of Lumen Technologies by 2.5% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 122,070 shares of the technology company’s stock worth $937,000 after purchasing an additional 2,936 shares during the last quarter. Envestnet Asset Management Inc. grew its holdings in Lumen Technologies by 55.4% in the 2nd quarter. Envestnet Asset Management Inc. now owns 65,258 shares of the technology company’s stock valued at $501,000 after buying an additional 23,259 shares during the period. State Street Corp boosted its position 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 worth $368,664,000 after acquiring an additional 1,990,860 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in Lumen Technologies by 10.8% in the second quarter. The Manufacturers Life Insurance Company now owns 518,237 shares of the technology company’s stock valued at $3,980,000 after purchasing an additional 50,679 shares during the period. Finally, WINTON GROUP Ltd acquired a new position in Lumen Technologies during the second quarter worth approximately $3,720,000. Institutional investors and hedge funds own 66.19% of the company’s stock.
About Lumen Technologies
Lumen Technologies, Inc (NYSE: LUMN) is a communications and technology company that provides connectivity, networking and digital services to businesses, government organizations and other institutions. Its offerings include fiber-based internet access, wide-area networking, ethernet, software-defined networking, managed network services, cloud connectivity, cybersecurity and unified communications.
The company operates one of the largest fiber networks in the United States and also provides international connectivity through its global network infrastructure.
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