Millennium Management LLC Increases Holdings in Lumen Technologies, Inc. (NYSE:LUMN)

Millennium Management LLC boosted its holdings in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 129.8% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,854,906 shares of the technology company's stock after acquiring an additional 4,436,710 shares during the quarter. Millennium Management LLC owned 0.77% of Lumen Technologies worth $8,640,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of LUMN. Quadrature Capital Ltd purchased a new position in shares of Lumen Technologies during the first quarter worth approximately $468,000. Mitsubishi UFJ Trust & Banking Corp raised its position in Lumen Technologies by 22.4% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,190,256 shares of the technology company's stock valued at $3,198,000 after purchasing an additional 401,399 shares in the last quarter. Front Street Capital Management Inc. lifted its holdings in shares of Lumen Technologies by 30.1% in the 2nd quarter. Front Street Capital Management Inc. now owns 11,661,112 shares of the technology company's stock worth $12,827,000 after buying an additional 2,697,423 shares during the period. Palestra Capital Management LLC grew its position in shares of Lumen Technologies by 71.0% during the 4th quarter. Palestra Capital Management LLC now owns 11,167,585 shares of the technology company's stock worth $20,437,000 after buying an additional 4,637,585 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System increased its stake in shares of Lumen Technologies by 247.6% during the first quarter. State Board of Administration of Florida Retirement System now owns 1,143,468 shares of the technology company's stock valued at $1,784,000 after buying an additional 814,474 shares during the period. Institutional investors own 66.19% of the company's stock.

Lumen Technologies Stock Performance

Shares of LUMN stock traded up $0.06 during mid-day trading on Wednesday, reaching $6.49. The stock had a trading volume of 8,716,550 shares, compared to its average volume of 20,179,006. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 39.51. Lumen Technologies, Inc. has a 1-year low of $0.78 and a 1-year high of $7.83. The firm has a market cap of $6.58 billion, a price-to-earnings ratio of -0.59 and a beta of 1.19. The business's fifty day moving average is $5.78 and its 200-day moving average is $2.88.

Lumen Technologies (NYSE:LUMN - Get Free Report) last released its quarterly earnings data on Tuesday, August 6th. The technology company reported ($0.13) earnings per share for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.07). The business had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.25 billion. Lumen Technologies had a negative return on equity of 18.52% and a negative net margin of 15.06%. The firm's revenue was down 10.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.10 EPS. On average, research analysts forecast that Lumen Technologies, Inc. will post -0.17 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Wells Fargo & Company lowered shares of Lumen Technologies from an "equal weight" rating to an "underweight" rating and upped their price objective for the stock from $1.75 to $4.00 in a research note on Friday, August 16th. Moffett Nathanson boosted their price target on Lumen Technologies from $1.00 to $3.00 and gave the stock a "sell" rating in a research report on Wednesday, August 7th. Citigroup upgraded Lumen Technologies from a "sell" rating to a "neutral" rating and upped their price objective for the stock from $1.25 to $3.15 in a research note on Tuesday, August 6th. UBS Group increased their price target on shares of Lumen Technologies from $1.50 to $5.00 and gave the company a "neutral" rating in a research report on Wednesday, August 7th. Finally, TD Cowen lifted their price objective on shares of Lumen Technologies from $2.50 to $7.00 and gave the stock a "hold" rating in a research report on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. Based on data from MarketBeat, Lumen Technologies currently has a consensus rating of "Hold" and an average price target of $4.09.

Insiders Place Their Bets

In other Lumen Technologies news, Director James Fowler bought 10,000 shares of the company's stock in a transaction dated Tuesday, September 3rd. The stock was acquired at an average price of $4.70 per share, with a total value of $47,000.00. Following the completion of the acquisition, the director now directly owns 384,056 shares of the company's stock, valued at $1,805,063.20. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.68% of the stock is owned by company insiders.

About Lumen Technologies

Lumen Technologies, Inc, a facilities-based technology and communications company, provides various integrated products and services to business and residential customers in the United States and internationally. The company operates in two segments, Business and Mass Markets. It offers dark fiber, edge cloud services, internet protocol, managed security, software-defined wide area networks, secure access service edge, unified communications and collaboration, and optical wavelengths services; ethernet and VPN data networks services; and legacy services to manage cash flow, including time division multiplexing voice, private line, and other legacy services, as well as sells communication equipment, and IT solutions.