Man Group plc Makes New $6.08 Million Investment in Lumen Technologies, Inc. $LUMN

Man Group plc purchased a new stake in Lumen Technologies, Inc. (NYSE:LUMN) in the 2nd quarter, HoldingsChannel reports. The institutional investor purchased 790,988 shares of the technology company’s stock, valued at approximately $6,075,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in LUMN. BlackRock Inc. boosted its holdings in shares of Lumen Technologies by 3.5% in the 2nd quarter. BlackRock Inc. now owns 142,261,845 shares of the technology company’s stock valued at $1,092,571,000 after purchasing an additional 4,796,141 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Lumen Technologies by 324.7% in the 4th quarter. JPMorgan Chase & Co. now owns 22,211,742 shares of the technology company’s stock valued at $172,585,000 after purchasing an additional 16,981,326 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Lumen Technologies by 2.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 18,390,473 shares of the technology company’s stock valued at $142,894,000 after purchasing an additional 473,242 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Lumen Technologies by 1.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 14,994,640 shares of the technology company’s stock worth $104,156,000 after purchasing an additional 144,664 shares in the last quarter. Finally, Norges Bank bought a new position in Lumen Technologies in the 4th quarter valued at approximately $106,557,000. 66.19% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Lumen Technologies

In related news, CEO Kathleen E. Johnson bought 100,000 shares of the company’s stock in a transaction dated Thursday, August 6th. The shares were bought at an average price of $6.13 per share, for a total transaction of $613,000.00. Following the completion of the acquisition, the chief executive officer directly owned 100,000 shares of the company’s stock, valued at $613,000. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 2.30% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on LUMN shares. Zacks Research cut Lumen Technologies from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 5th. Wall Street Zen upgraded Lumen Technologies from a “sell” rating to a “hold” rating in a research report on Sunday, August 9th. Wells Fargo & Company reduced their price target on Lumen Technologies from $9.00 to $7.50 and set an “equal weight” rating on the stock in a report on Wednesday, August 5th. JPMorgan Chase & Co. upped their price objective on Lumen Technologies from $6.00 to $7.00 and gave the company a “neutral” rating in a research note on Monday, May 11th. Finally, The Goldman Sachs Group cut their target price 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 equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and an average price target of $7.86.

Lumen Technologies Price Performance

NYSE LUMN opened at $6.05 on Friday. The stock has a market capitalization of $6.24 billion, a P/E ratio of -5.93 and a beta of 1.78. The business has a 50 day simple moving average of $6.59 and a 200 day simple moving average of $7.60. Lumen Technologies, Inc. has a one year low of $4.57 and a one year high of $11.95.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings results 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 company had revenue of $2.81 billion during the quarter, compared to the consensus estimate of $2.74 billion. During the same period last year, the firm posted ($0.03) earnings per share. The company’s revenue for the quarter was down 9.3% on a year-over-year basis. Equities analysts expect that Lumen Technologies, Inc. will post -0.52 earnings per share for the current year.

Lumen Technologies 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.