Lumen Technologies, Inc. $LUMN Stock Bought by Congress Asset Management Co.

Key Points

• Congress Asset Management Co. increased its Lumen Technologies stake by 21.3% in the third quarter to 1.19 million shares valued at approximately $6.7 million. Institutional investors collectively own 66.19% of the company.
• Lumen shares opened at $5.91, near their 12-month low of $5.38 and below their 50-day and 200-day moving averages. The company beat quarterly EPS and revenue expectations, but revenue declined 9.3% year over year.
• Analysts remain cautious, with a consensus “Reduce” rating and a $7.86 price target after several firms lowered their targets. CEO Kathleen Johnson also purchased 100,000 shares at an average price of $6.13.

Congress Asset Management Co. raised its stake in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 21.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,191,427 shares of the technology company's stock after acquiring an additional 209,416 shares during the quarter. Congress Asset Management Co. owned approximately 0.12% of Lumen Technologies worth $6,672,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. boosted its holdings in Lumen Technologies by 3.5% during the second quarter. BlackRock Inc. now owns 142,261,845 shares of the technology company's stock worth $1,092,571,000 after buying an additional 4,796,141 shares in the last quarter. State Street Corp increased its stake in shares of Lumen Technologies by 4.3% in the 2nd quarter. State Street Corp now owns 48,003,189 shares of the technology company's stock valued at $368,664,000 after purchasing an additional 1,990,860 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Lumen Technologies by 1.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 14,994,640 shares of the technology company's stock worth $104,156,000 after purchasing an additional 144,664 shares during the period. Bank of New York Mellon Corp boosted its position in Lumen Technologies by 87.2% during the second quarter. Bank of New York Mellon Corp now owns 10,489,367 shares of the technology company's stock worth $80,558,000 after purchasing an additional 4,886,999 shares in the last quarter. Finally, Allianz Asset Management GmbH grew its holdings in Lumen Technologies by 18.7% in the second quarter. Allianz Asset Management GmbH now owns 10,074,316 shares of the technology company's stock valued at $77,371,000 after purchasing an additional 1,585,083 shares during the period. Institutional investors and hedge funds own 66.19% of the company's stock.

Lumen Technologies Stock Performance

Shares of NYSE:LUMN opened at $5.91 on Thursday. The company has a market capitalization of $6.10 billion, a price-to-earnings ratio of -5.79 and a beta of 1.84. Lumen Technologies, Inc. has a 12-month low of $5.38 and a 12-month high of $11.95. The business has a 50-day moving average price of $6.28 and a 200 day moving average price of $7.42.

Lumen Technologies (NYSE:LUMN - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The technology company reported ($0.07) earnings per share for the quarter, topping analysts' consensus estimates of ($0.13) by $0.06. The company had revenue of $2.81 billion for the quarter, compared to analysts' expectations of $2.74 billion. During the same period in the previous year, the business posted ($0.03) EPS. The business's revenue for the quarter was down 9.3% on a year-over-year basis. As a group, equities research analysts predict that Lumen Technologies, Inc. will post -0.54 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Citigroup dropped their price target on shares of Lumen Technologies from $10.00 to $8.25 and set a "neutral" rating on the stock in a research note on Tuesday, August 11th. Weiss Ratings reissued a "sell (d-)" rating on shares of Lumen Technologies in a research note on Friday, July 17th. Wall Street Zen raised shares of Lumen Technologies from a "sell" rating to a "hold" rating in a research note on Sunday, August 9th. The Goldman Sachs Group cut their price objective on Lumen Technologies from $8.50 to $7.25 and set a "neutral" rating for the company in a research note on Wednesday, August 5th. Finally, Wells Fargo & Company lowered their price target on Lumen Technologies from $9.00 to $7.50 and set an "equal weight" rating on the stock in a research note on Wednesday, August 5th. Nine investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Reduce" and a consensus price target of $7.86.

Insider Transactions at Lumen Technologies

In other Lumen Technologies news, CEO Kathleen Johnson purchased 100,000 shares of the firm's stock in a transaction on Thursday, August 6th. The stock was bought at an average price of $6.13 per share, with a total value of $613,000.00. Following the transaction, 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 position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.30% of the stock is currently owned by company insiders.

Lumen Technologies Profile

Lumen Technologies, Inc is a telecommunications and technology company that provides connectivity, networking, cloud, security and communications services to businesses, government organizations and other customers. Its offerings include fiber-based internet access, wide-area networking, software-defined networking, managed network services, cybersecurity, voice and unified communications, and data center and edge-computing solutions.

The company also serves residential customers in selected U.S.

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