Counterpoint Mutual Funds LLC Purchases Shares of 130,115 Lumen Technologies, Inc. $LUMN

by · The Cerbat Gem

Counterpoint Mutual Funds LLC purchased a new stake in shares of Lumen Technologies, Inc. (NYSE:LUMN – Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm purchased 130,115 shares of the technology company’s stock, valued at approximately $904,000.

Other institutional investors also recently modified their holdings of the company. JPMorgan Chase & Co. raised its stake in Lumen Technologies by 324.7% in the fourth 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 stake in Lumen Technologies by 2.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 18,390,473 shares of the technology company’s stock worth $142,894,000 after buying an additional 473,242 shares in the last quarter. Norges Bank purchased a new position in Lumen Technologies in the 4th quarter worth approximately $106,557,000. Front Street Capital Management Inc. increased its holdings in shares of Lumen Technologies by 1.1% in the 2nd quarter. Front Street Capital Management Inc. now owns 11,969,084 shares of the technology company’s stock worth $52,425,000 after buying an additional 132,131 shares during the last quarter. Finally, Man Group plc raised its position in shares of Lumen Technologies by 3.3% during the 2nd quarter. Man Group plc now owns 11,486,835 shares of the technology company’s stock valued at $50,312,000 after buying an additional 364,436 shares in the last quarter. 66.19% of the stock is currently owned by institutional investors.

Lumen Technologies Stock Performance

LUMN stock opened at $6.41 on Friday. The firm has a market cap of $6.60 billion, a P/E ratio of -3.68 and a beta of 1.75. The firm’s fifty day moving average is $8.90 and its 200 day moving average is $8.09. Lumen Technologies, Inc. has a 52 week low of $3.37 and a 52 week high of $11.95.

Lumen Technologies (NYSE:LUMN – Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The technology company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.34). The business had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.83 billion. During the same period last year, the firm posted ($0.13) EPS. The firm’s revenue for the quarter was down 8.9% on a year-over-year basis. As a group, analysts forecast that Lumen Technologies, Inc. will post -0.39 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Wall Street Zen raised shares of Lumen Technologies from a “sell” rating to a “hold” rating in a report on Sunday, May 3rd. Zacks Research cut Lumen Technologies from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 5th. Wells Fargo & Company lifted their price target on Lumen Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a research note on Friday, May 8th. JPMorgan Chase & Co. upped their price objective on Lumen Technologies from $6.00 to $7.00 and gave the stock a “neutral” rating in a report on Monday, May 11th. Finally, UBS Group increased their price objective on Lumen Technologies from $6.00 to $8.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Nine investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Reduce” and an average price target of $7.91.

Check Out Our Latest Report on LUMN

About Lumen Technologies

(Free Report)

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.

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