Abel Hall LLC Sells 6,268 Shares of Lumen Technologies, Inc. $LUMN

Abel Hall LLC lessened its holdings in Lumen Technologies, Inc. (NYSE:LUMN) by 26.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,226 shares of the technology company’s stock after selling 6,268 shares during the period. Abel Hall LLC’s holdings in Lumen Technologies were worth $75,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Invesco Ltd. grew its holdings in shares of Lumen Technologies by 91.6% during the first quarter. Invesco Ltd. now owns 10,276,782 shares of the technology company’s stock worth $40,285,000 after purchasing an additional 4,911,803 shares during the last quarter. Allianz Asset Management GmbH grew its holdings in shares of Lumen Technologies by 12.6% during the first quarter. Allianz Asset Management GmbH now owns 8,772,315 shares of the technology company’s stock worth $34,387,000 after purchasing an additional 982,038 shares during the last quarter. Nuveen LLC bought a new stake in shares of Lumen Technologies during the first quarter worth about $26,469,000. Principal Financial Group Inc. grew its holdings in shares of Lumen Technologies by 2.7% during the first quarter. Principal Financial Group Inc. now owns 5,053,232 shares of the technology company’s stock worth $19,809,000 after purchasing an additional 131,851 shares during the last quarter. Finally, Public Sector Pension Investment Board grew its holdings in shares of Lumen Technologies by 27.3% during the first quarter. Public Sector Pension Investment Board now owns 3,218,230 shares of the technology company’s stock worth $12,615,000 after purchasing an additional 689,843 shares during the last quarter. Institutional investors own 66.19% of the company’s stock.

Wall Street Analyst Weigh In

LUMN has been the topic of several research reports. The Goldman Sachs Group boosted their price target on Lumen Technologies from $4.10 to $4.60 and gave the stock a “neutral” rating in a report on Friday, October 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Lumen Technologies in a report on Wednesday. BNP Paribas upgraded Lumen Technologies to a “hold” rating in a report on Wednesday, June 25th. Citigroup upped their target price on Lumen Technologies from $6.00 to $7.50 and gave the company a “buy” rating in a report on Thursday, September 25th. Finally, Raymond James Financial upped their target price on Lumen Technologies from $4.50 to $5.00 and gave the company an “outperform” rating in a report on Friday, August 1st. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $5.39.

Insiders Place Their Bets

In related news, CFO Christopher Stansbury purchased 40,000 shares of the stock in a transaction that occurred on Friday, August 15th. The stock was acquired at an average cost of $4.44 per share, with a total value of $177,600.00. Following the transaction, the chief financial officer owned 535,000 shares of the company’s stock, valued at $2,375,400. This represents a 8.08% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Kathleen E. Johnson purchased 135,870 shares of the stock in a transaction that occurred on Tuesday, August 5th. The stock was bought at an average cost of $3.69 per share, with a total value of $501,360.30. Following the completion of the transaction, the chief executive officer directly owned 9,616,947 shares in the company, valued at $35,486,534.43. The trade was a 1.43% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 217,870 shares of company stock valued at $859,140 over the last three months. 2.30% of the stock is currently owned by insiders.

Lumen Technologies Trading Down 2.4%

LUMN opened at $6.87 on Friday. Lumen Technologies, Inc. has a fifty-two week low of $3.01 and a fifty-two week high of $10.33. The firm has a market capitalization of $7.05 billion, a PE ratio of -5.82 and a beta of 1.45. The company has a debt-to-equity ratio of 59.98, a current ratio of 2.13 and a quick ratio of 2.13. The company’s 50-day moving average is $5.22 and its 200 day moving average is $4.43.

Lumen Technologies (NYSE:LUMN) last issued its quarterly earnings data on Thursday, July 31st. The technology company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.24) by $0.21. Lumen Technologies had a negative return on equity of 158.40% and a negative net margin of 9.19%.The firm had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.11 billion. During the same period in the prior year, the business posted ($0.13) earnings per share. The company’s quarterly revenue was down 5.4% compared to the same quarter last year. As a group, research analysts predict that Lumen Technologies, Inc. will post -0.87 earnings per share for the current fiscal year.

Lumen Technologies Profile

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.