Public Sector Pension Investment Board Acquires 165,326 Shares of Lumen Technologies, Inc. (NYSE:LUMN)

Public Sector Pension Investment Board grew its stake in Lumen Technologies, Inc. (NYSE:LUMN) by 8.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,233,259 shares of the technology company’s stock after purchasing an additional 165,326 shares during the quarter. Public Sector Pension Investment Board’s holdings in Lumen Technologies were worth $2,457,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Quadrature Capital Ltd acquired a new position in shares of Lumen Technologies in the first quarter valued at approximately $468,000. Mitsubishi UFJ Trust & Banking Corp grew its position in Lumen Technologies by 22.4% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,190,256 shares of the technology company’s stock valued at $3,198,000 after purchasing an additional 401,399 shares in the last quarter. Palestra Capital Management LLC increased its stake in Lumen Technologies by 71.0% in the 4th quarter. Palestra Capital Management LLC now owns 11,167,585 shares of the technology company’s stock valued at $20,437,000 after buying an additional 4,637,585 shares during the last quarter. State Board of Administration of Florida Retirement System lifted its position in Lumen Technologies by 247.6% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 1,143,468 shares of the technology company’s stock worth $1,784,000 after buying an additional 814,474 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of Lumen Technologies by 4.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 827,518 shares of the technology company’s stock worth $1,291,000 after buying an additional 36,559 shares during the last quarter. 66.19% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on LUMN shares. JPMorgan Chase & Co. upgraded Lumen Technologies from an “underweight” rating to a “neutral” rating in a report on Wednesday, August 7th. Citigroup upgraded shares of Lumen Technologies from a “sell” rating to a “neutral” rating and raised their target price for the company from $1.25 to $3.15 in a research note on Tuesday, August 6th. Bank of America upped their price objective on Lumen Technologies from $1.00 to $2.00 and gave the company an “underperform” rating in a research note on Thursday, August 8th. Moffett Nathanson lifted their target price on Lumen Technologies from $1.00 to $3.00 and gave the stock a “sell” rating in a research note on Wednesday, August 7th. Finally, UBS Group upped their price target on shares of Lumen Technologies from $1.50 to $5.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Three investment analysts have rated the stock with a sell rating and five have given a hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $4.02.

Lumen Technologies Stock Up 4.9 %

Shares of LUMN opened at $7.28 on Monday. The firm’s 50 day moving average is $5.10 and its 200-day moving average is $2.63. Lumen Technologies, Inc. has a 12 month low of $0.78 and a 12 month high of $7.83. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 39.51. The stock has a market capitalization of $7.39 billion, a PE ratio of -0.67 and a beta of 1.18.

Lumen Technologies (NYSE:LUMN) last issued its quarterly earnings results on Tuesday, August 6th. The technology company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.07). Lumen Technologies had a negative return on equity of 18.52% and a negative net margin of 15.06%. The company had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.25 billion. The firm’s revenue for the quarter was down 10.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.10 EPS. Equities research analysts forecast that Lumen Technologies, Inc. will post -0.17 EPS for the current year.

Insiders Place Their Bets

In other Lumen Technologies news, Director James Fowler acquired 10,000 shares of Lumen Technologies stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average cost of $4.70 per share, with a total value of $47,000.00. Following the completion of the purchase, the director now directly owns 384,056 shares of the company’s stock, valued at approximately $1,805,063.20. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.68% of the company’s stock.

About Lumen Technologies

Lumen Technologies, Inc, a facilities-based technology and communications company, provides various integrated products and services to business and residential customers in the United States and internationally. The company operates in two segments, Business and Mass Markets. It offers dark fiber, edge cloud services, internet protocol, managed security, software-defined wide area networks, secure access service edge, unified communications and collaboration, and optical wavelengths services; ethernet and VPN data networks services; and legacy services to manage cash flow, including time division multiplexing voice, private line, and other legacy services, as well as sells communication equipment, and IT solutions.