124,000 Shares in Lumen Technologies, Inc. $LUMN Bought by Madison Asset Management LLC

Madison Asset Management LLC purchased a new stake in Lumen Technologies, Inc. (NYSE:LUMN) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 124,000 shares of the technology company’s stock, valued at approximately $952,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Kemnay Advisory Services Inc. bought a new stake in shares of Lumen Technologies in the 4th quarter valued at about $25,000. Ascentis Independent Advisors bought a new position in Lumen Technologies during the first quarter worth about $27,000. International Assets Investment Management LLC acquired a new position in Lumen Technologies during the fourth quarter worth approximately $30,000. Versant Capital Management Inc raised its stake in Lumen Technologies by 90.3% in the second quarter. Versant Capital Management Inc now owns 3,920 shares of the technology company’s stock valued at $30,000 after buying an additional 1,860 shares during the period. Finally, Trust Asset Management LLC acquired a new stake in shares of Lumen Technologies in the second quarter valued at approximately $34,000. Institutional investors own 66.19% of the company’s stock.

Analysts Set New Price Targets

LUMN has been the subject of several research analyst reports. Citigroup reduced their target price on Lumen Technologies from $10.00 to $8.25 and set a “neutral” rating for the company in a research note on Tuesday, August 11th. UBS Group raised their price target on Lumen Technologies from $6.00 to $8.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Lumen Technologies in a research report on Friday, July 17th. Zacks Research downgraded shares of Lumen Technologies from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Finally, The Goldman Sachs Group dropped their price objective on shares of Lumen Technologies from $8.50 to $7.25 and set a “neutral” rating on the stock in a research report on Wednesday, August 5th. Nine investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average target price of $7.86.

Insider Transactions at Lumen Technologies

In other Lumen Technologies news, CEO Kathleen E. Johnson bought 100,000 shares of the firm’s stock in a transaction on Thursday, August 6th. The shares were purchased at an average price of $6.13 per share, for a total transaction of $613,000.00. Following the transaction, the chief executive officer directly owned 100,000 shares in the company, valued at approximately $613,000. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.30% of the stock is owned by corporate insiders.

Lumen Technologies Stock Performance

LUMN opened at $5.94 on Friday. The stock has a fifty day moving average of $6.82 and a 200-day moving average of $7.66. The company has a market capitalization of $6.13 billion, a P/E ratio of -5.82 and a beta of 1.78. Lumen Technologies, Inc. has a fifty-two week low of $4.33 and a fifty-two week high of $11.95.

Lumen Technologies (NYSE:LUMN) last released its quarterly earnings results on Tuesday, August 4th. The technology company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.06. The business had revenue of $2.81 billion during the quarter, compared to analyst estimates of $2.74 billion. During the same quarter last year, the company posted ($0.03) earnings per share. The company’s revenue was down 9.3% on a year-over-year basis. On average, equities research analysts predict that Lumen Technologies, Inc. will post -0.42 earnings per share for the current fiscal year.

About Lumen Technologies

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.