Russell Investments Group Ltd. Increases Holdings in Lumen Technologies, Inc. $LUMN

Russell Investments Group Ltd. lifted its stake in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 50.1% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,299,042 shares of the technology company’s stock after purchasing an additional 433,624 shares during the quarter. Russell Investments Group Ltd. owned 0.13% of Lumen Technologies worth $9,985,000 as of its most recent SEC filing.

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

Insider Buying and Selling

In related news, CEO Kathleen E. Johnson purchased 100,000 shares of the firm’s stock in a transaction dated Thursday, August 6th. The shares were purchased at an average price of $6.13 per share, with a total value of $613,000.00. Following the acquisition, the chief executive officer directly owned 100,000 shares of the company’s stock, valued at approximately $613,000. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on LUMN shares. Zacks Research cut shares of Lumen Technologies from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 5th. The Goldman Sachs Group lowered 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 note on Wednesday, August 5th. Citigroup reduced their price target on shares of Lumen Technologies from $10.00 to $8.25 and set a “neutral” rating for the company in a research report on Tuesday, August 11th. Wall Street Zen raised shares of Lumen Technologies from a “sell” rating to a “hold” rating in a report on Sunday, August 9th. Finally, JPMorgan Chase & Co. increased their price objective on Lumen Technologies from $6.00 to $7.00 and gave the stock 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 assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $7.86.

Lumen Technologies Trading Up 4.6%

Shares of NYSE LUMN opened at $6.70 on Friday. Lumen Technologies, Inc. has a 12 month low of $4.27 and a 12 month high of $11.95. The firm has a market capitalization of $6.91 billion, a price-to-earnings ratio of -6.56 and a beta of 1.78. The business has a 50-day moving average of $7.06 and a 200-day moving average of $7.76.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings data on Tuesday, August 4th. The technology company reported ($0.07) earnings per share for the quarter, topping 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. The firm’s revenue for the quarter was down 9.3% on a year-over-year basis. During the same quarter last year, the company posted ($0.03) earnings per share. On average, analysts predict that Lumen Technologies, Inc. will post -0.42 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.