418,500 Shares in Lumen Technologies, Inc. $LUMN Acquired by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System acquired a new stake in Lumen Technologies, Inc. (NYSE:LUMN) during the 1st quarter, Holdings Channel.com reports. The fund acquired 418,500 shares of the technology company’s stock, valued at approximately $2,909,000.

Several other institutional investors have also added to or reduced their stakes in LUMN. Kemnay Advisory Services Inc. bought a new stake in shares of Lumen Technologies in the 4th quarter worth $25,000. International Assets Investment Management LLC bought a new position in shares of Lumen Technologies during the fourth quarter valued at $30,000. Los Angeles Capital Management LLC purchased a new stake in shares of Lumen Technologies during the fourth quarter valued at $35,000. Hantz Financial Services Inc. increased its holdings in Lumen Technologies by 3,093.3% in the 4th quarter. Hantz Financial Services Inc. now owns 6,227 shares of the technology company’s stock worth $48,000 after buying an additional 6,032 shares in the last quarter. Finally, Orion Capital Management LLC purchased a new position in Lumen Technologies in the 4th quarter worth about $50,000. 66.19% of the stock is currently owned by hedge funds and other institutional investors.

Lumen Technologies Stock Performance

Shares of LUMN opened at $8.08 on Monday. The company has a market capitalization of $8.33 billion, a P/E ratio of -4.64 and a beta of 1.70. The business’s 50-day moving average is $9.06 and its two-hundred day moving average is $8.14. Lumen Technologies, Inc. has a fifty-two week low of $3.37 and a fifty-two week high of $11.95.

Lumen Technologies (NYSE:LUMN) last released its quarterly earnings results on Tuesday, May 5th. The technology company reported ($0.47) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.34). The company had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.83 billion. During the same period last year, the firm earned ($0.13) earnings per share. The company’s revenue for the quarter was down 8.9% compared to the same quarter last year. Analysts forecast that Lumen Technologies, Inc. will post -0.39 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. UBS Group raised their price target on Lumen Technologies from $6.00 to $8.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Lumen Technologies in a research report on Tuesday, April 21st. Wall Street Zen raised shares of Lumen Technologies from a “sell” rating to a “hold” rating in a research note on Sunday, May 3rd. Zacks Research downgraded shares of Lumen Technologies from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 5th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Lumen Technologies from $6.00 to $7.00 and gave the company a “neutral” rating in a research report on Monday, May 11th. Nine research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Lumen Technologies presently has an average rating of “Reduce” and an average price target of $7.91.

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.