Lumen Technologies, Inc. (NYSE:LUMN) Given Average Rating of "Reduce" by Brokerages

Key Points

• Analyst sentiment is cautious: Ten brokerages give Lumen Technologies an average “Reduce” rating, with one sell and nine hold recommendations. The average 12-month price target is $7.86.
• Lumen reported quarterly EPS of -$0.07, beating the consensus estimate of -$0.13, while revenue of $2.81 billion also exceeded estimates. However, revenue declined 9.3% year over year.
• The stock opened at $6.38 and remains well below its 52-week high of $11.95. CEO Kathleen Johnson bought 100,000 shares at an average price of $6.13, while institutional investors own 66.19% of the company.

Shares of Lumen Technologies, Inc. (NYSE:LUMN - Get Free Report) have been given a consensus recommendation of "Reduce" by the ten ratings firms that are presently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation and nine have issued a hold recommendation on the company. The average 1 year price target among brokers that have covered the stock in the last year is $7.8571.

LUMN has been the subject of a number of research analyst reports. Wells Fargo & Company lowered their price target on Lumen Technologies from $9.00 to $7.50 and set an "equal weight" rating for the company in a report on Wednesday, August 5th. Weiss Ratings restated a "sell (d-)" rating on shares of Lumen Technologies in a research report on Friday, July 17th. Citigroup lowered their target price on shares of Lumen Technologies from $10.00 to $8.25 and set a "neutral" rating for the company in a report on Tuesday, August 11th. Wall Street Zen upgraded shares of Lumen Technologies from a "sell" rating to a "hold" rating in a research note on Sunday, August 9th. Finally, The Goldman Sachs Group reduced their price target on shares of Lumen Technologies from $8.50 to $7.25 and set a "neutral" rating for the company in a research report on Wednesday, August 5th.

Lumen Technologies Price Performance

Lumen Technologies stock opened at $6.38 on Monday. The stock has a market cap of $6.58 billion, a PE ratio of -6.25 and a beta of 1.78. The stock's fifty day moving average is $6.42 and its two-hundred day moving average is $7.50. Lumen Technologies has a 1-year low of $5.52 and a 1-year high of $11.95.

Lumen Technologies (NYSE:LUMN - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The technology company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.06. The business had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.74 billion. During the same period in the prior year, the company posted ($0.03) earnings per share. The company's revenue was down 9.3% compared to the same quarter last year. On average, research analysts expect that Lumen Technologies will post -0.52 earnings per share for the current fiscal year.

Insider Activity at Lumen Technologies

In other news, CEO Kathleen Johnson bought 100,000 shares of the business's stock in a transaction dated Thursday, August 6th. The shares were acquired at an average price of $6.13 per share, for a total transaction of $613,000.00. Following the completion of the transaction, the chief executive officer owned 100,000 shares of the company's stock, valued at approximately $613,000. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.30% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in LUMN. The Manufacturers Life Insurance Company grew its position in shares of Lumen Technologies by 10.8% during the second quarter. The Manufacturers Life Insurance Company now owns 518,237 shares of the technology company's stock worth $3,980,000 after acquiring an additional 50,679 shares during the last quarter. WINTON GROUP Ltd purchased a new stake in Lumen Technologies in the 2nd quarter valued at $3,720,000. Squarepoint Ops LLC raised its position in Lumen Technologies by 21.4% in the 2nd quarter. Squarepoint Ops LLC now owns 341,606 shares of the technology company's stock valued at $2,624,000 after purchasing an additional 60,146 shares during the last quarter. Nykredit A S acquired a new stake in Lumen Technologies during the 2nd quarter worth $190,000. Finally, Allianz Asset Management GmbH boosted its stake in Lumen Technologies by 18.7% during the 2nd quarter. Allianz Asset Management GmbH now owns 10,074,316 shares of the technology company's stock worth $77,371,000 after purchasing an additional 1,585,083 shares during the period. Hedge funds and other institutional investors own 66.19% of the company's stock.

Lumen Technologies Company Profile

Lumen Technologies, Inc NYSE: LUMN is a communications and technology company that provides connectivity, networking and digital services to businesses, government organizations and other institutions. Its offerings include fiber-based internet access, wide-area networking, ethernet, software-defined networking, managed network services, cloud connectivity, cybersecurity and unified communications.

The company operates one of the largest fiber networks in the United States and also provides international connectivity through its global network infrastructure.

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