VIRGINIA RETIREMENT SYSTEMS ET Al Buys New Position in Lumen Technologies, Inc. $LUMN

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Lumen Technologies, Inc. (NYSE:LUMN) in the second quarter, HoldingsChannel.com reports. The firm purchased 327,200 shares of the technology company’s stock, valued at approximately $2,513,000.

Several other large investors also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Lumen Technologies by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 602,705 shares of the technology company’s stock worth $2,363,000 after purchasing an additional 26,305 shares in the last quarter. Empowered Funds LLC increased its stake in Lumen Technologies by 26.8% during the 1st quarter. Empowered Funds LLC now owns 272,031 shares of the technology company’s stock worth $1,066,000 after buying an additional 57,522 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Lumen Technologies by 11.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,985,216 shares of the technology company’s stock worth $11,702,000 after buying an additional 300,328 shares during the period. Cetera Investment Advisers lifted its holdings in Lumen Technologies by 15.8% in the 2nd quarter. Cetera Investment Advisers now owns 119,673 shares of the technology company’s stock worth $524,000 after buying an additional 16,332 shares in the last quarter. Finally, Invesco Ltd. boosted its position in Lumen Technologies by 6.3% in the 2nd quarter. Invesco Ltd. now owns 10,928,906 shares of the technology company’s stock valued at $47,869,000 after buying an additional 652,124 shares during the last quarter. Institutional investors and hedge funds own 66.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Lumen Technologies in a research report on Friday, July 17th. Wells Fargo & Company reduced their price target on Lumen Technologies from $9.00 to $7.50 and set an “equal weight” rating for the company in a report on Wednesday, August 5th. The Goldman Sachs Group dropped their price objective on Lumen Technologies from $8.50 to $7.25 and set a “neutral” rating on the stock in a report on Wednesday, August 5th. Wall Street Zen raised Lumen Technologies from a “sell” rating to a “hold” rating in a research report on Sunday, August 9th. Finally, 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. Nine research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $7.86.

Lumen Technologies Stock Performance

Shares of Lumen Technologies stock opened at $6.82 on Friday. Lumen Technologies, Inc. has a 1 year low of $5.45 and a 1 year high of $11.95. The firm’s 50-day simple moving average is $6.40 and its 200-day simple moving average is $7.51. The firm has a market cap of $7.04 billion, a PE ratio of -6.69 and a beta of 1.78.

Lumen Technologies (NYSE:LUMN) last announced its quarterly earnings data on Tuesday, August 4th. The technology company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.06. The firm had revenue of $2.81 billion during the quarter, compared to the consensus estimate of $2.74 billion. During the same period in the prior year, the firm earned ($0.03) earnings per share. The firm’s quarterly revenue was down 9.3% compared to the same quarter last year. On average, equities analysts predict that Lumen Technologies, Inc. will post -0.52 earnings per share for the current year.

Insider Activity at Lumen Technologies

In other news, CEO Kathleen Johnson purchased 100,000 shares of the stock in a transaction dated Thursday, August 6th. The stock was acquired at an average cost of $6.13 per share, for a total transaction of $613,000.00. Following the acquisition, the chief executive officer owned 100,000 shares of the company’s stock, valued at $613,000. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 2.30% of the company’s stock.

Lumen Technologies Profile

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.