October Effect Ltd Takes $1.48 Million Position in Lumen Technologies, Inc. $LUMN

by · The Markets Daily

October Effect Ltd acquired a new position in shares of Lumen Technologies, Inc. (NYSE:LUMN – Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 189,945 shares of the technology company’s stock, valued at approximately $1,476,000. Lumen Technologies accounts for about 1.6% of October Effect Ltd’s portfolio, making the stock its 25th largest position.

A number of other institutional investors have also recently bought and sold shares of LUMN. Vanguard Group Inc. increased its position in Lumen Technologies by 1.2% during the third quarter. Vanguard Group Inc. now owns 113,552,549 shares of the technology company’s stock worth $694,942,000 after purchasing an additional 1,295,177 shares during the last quarter. Allianz Asset Management GmbH boosted its holdings in shares of Lumen Technologies by 5.6% in the 3rd quarter. Allianz Asset Management GmbH now owns 10,056,824 shares of the technology company’s stock valued at $61,548,000 after purchasing an additional 536,324 shares during the last quarter. Vaughan Nelson Investment Management L.P. grew its stake in shares of Lumen Technologies by 58.3% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 4,768,300 shares of the technology company’s stock valued at $37,050,000 after buying an additional 1,755,368 shares during the period. Private Advisory Group LLC acquired a new stake in shares of Lumen Technologies during the 4th quarter worth $1,200,000. Finally, Public Sector Pension Investment Board raised its position in shares of Lumen Technologies by 5.3% in the 3rd quarter. Public Sector Pension Investment Board now owns 3,682,348 shares of the technology company’s stock worth $22,536,000 after buying an additional 184,883 shares during the period. 66.19% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on LUMN shares. Raymond James Financial reiterated a “market perform” rating on shares of Lumen Technologies in a report on Wednesday, February 4th. Zacks Research upgraded Lumen Technologies from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 8th. Citigroup reduced their price objective on Lumen Technologies from $11.00 to $10.00 and set a “neutral” rating on the stock in a research note on Thursday, February 5th. The Goldman Sachs Group boosted their target price on Lumen Technologies from $5.50 to $7.25 and gave the stock a “neutral” rating in a report on Wednesday, February 4th. Finally, Wall Street Zen upgraded shares of Lumen Technologies from a “sell” rating to a “hold” rating in a report on Sunday, March 8th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $7.25.

Get Our Latest Report on Lumen Technologies

Insiders Place Their Bets

In related news, CEO Kathleen E. Johnson purchased 78,685 shares of the company’s stock in a transaction that occurred on Thursday, February 5th. The stock was acquired at an average price of $6.35 per share, for a total transaction of $499,649.75. Following the completion of the purchase, the chief executive officer owned 8,562,582 shares in the company, valued at approximately $54,372,395.70. This represents a 0.93% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Diankha Linear sold 45,000 shares of the company’s stock in a transaction on Friday, February 20th. The shares were sold at an average price of $7.89, for a total transaction of $355,050.00. Following the completion of the sale, the director directly owned 198,229 shares in the company, valued at $1,564,026.81. This represents a 18.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.30% of the stock is currently owned by insiders.

Lumen Technologies Stock Performance

Shares of LUMN opened at $6.97 on Friday. Lumen Technologies, Inc. has a one year low of $3.01 and a one year high of $11.95. The stock has a 50-day moving average price of $7.36 and a 200 day moving average price of $7.73. The company has a market capitalization of $7.18 billion, a P/E ratio of -4.01 and a beta of 1.52.

Lumen Technologies (NYSE:LUMN – Get Free Report) last posted its quarterly earnings data on Tuesday, February 3rd. The technology company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.44. The business had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $3.04 billion. During the same quarter in the prior year, the firm earned $0.09 earnings per share. Lumen Technologies’s revenue for the quarter was down 8.7% compared to the same quarter last year. As a group, equities research analysts forecast that Lumen Technologies, Inc. will post -0.87 earnings per share for the current fiscal year.

Lumen Technologies Profile

(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.

See Also

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