365,131 Shares in Lumen Technologies, Inc. (NYSE:LUMN) Purchased by Congress Asset Management Co.

Congress Asset Management Co. purchased a new stake in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 365,131 shares of the technology company's stock, valued at approximately $2,592,000.

A number of other large investors have also recently made changes to their positions in LUMN. Nisa Investment Advisors LLC grew its stake in Lumen Technologies by 392.1% in the third quarter. Nisa Investment Advisors LLC now owns 72,807 shares of the technology company's stock worth $517,000 after purchasing an additional 58,013 shares during the period. Concord Wealth Partners increased its stake in shares of Lumen Technologies by 98.8% in the 3rd quarter. Concord Wealth Partners now owns 4,008 shares of the technology company's stock worth $28,000 after acquiring an additional 1,992 shares in the last quarter. Semanteon Capital Management LP bought a new stake in Lumen Technologies during the third quarter worth about $283,000. Wealth Enhancement Advisory Services LLC grew its holdings in Lumen Technologies by 47.3% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 74,685 shares of the technology company's stock worth $530,000 after purchasing an additional 23,987 shares during the period. Finally, Arkadios Wealth Advisors increased its stake in shares of Lumen Technologies by 23.6% during the third quarter. Arkadios Wealth Advisors now owns 13,367 shares of the technology company's stock valued at $95,000 after purchasing an additional 2,554 shares in the last quarter. 66.19% of the stock is currently owned by institutional investors.

Lumen Technologies Stock Up 9.5 %

Lumen Technologies stock traded up $0.61 during midday trading on Friday, reaching $7.00. The company's stock had a trading volume of 20,335,722 shares, compared to its average volume of 19,747,662. The stock's 50-day simple moving average is $6.24 and its 200-day simple moving average is $3.48. The stock has a market capitalization of $7.12 billion, a P/E ratio of -3.33 and a beta of 1.19. The company has a debt-to-equity ratio of 39.51, a current ratio of 1.01 and a quick ratio of 1.01. Lumen Technologies, Inc. has a 52-week low of $0.78 and a 52-week high of $7.83.

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). Lumen Technologies had a negative net margin of 15.06% and a negative return on equity of 18.52%. The company had revenue of $3.27 billion for the quarter, compared to analysts' expectations of $3.25 billion. During the same quarter in the previous year, the business posted $0.10 EPS. The business's quarterly revenue was down 10.7% on a year-over-year basis. On average, sell-side analysts expect that Lumen Technologies, Inc. will post -0.18 EPS for the current year.

Insider Transactions at Lumen Technologies

In related news, Director James Fowler acquired 10,000 shares of the firm's stock in a transaction dated Tuesday, September 3rd. The stock was acquired at an average price of $4.70 per share, for a total transaction of $47,000.00. Following the purchase, the director now owns 384,056 shares of the company's stock, valued at $1,805,063.20. This represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.68% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on LUMN. Bank of America raised their price objective on Lumen Technologies from $1.00 to $2.00 and gave the company an "underperform" rating in a research report on Thursday, August 8th. Wells Fargo & Company downgraded shares of Lumen Technologies from an "equal weight" rating to an "underweight" rating and increased their price objective for the company from $1.75 to $4.00 in a research report on Friday, August 16th. UBS Group lifted their target price on shares of Lumen Technologies from $1.50 to $5.00 and gave the stock a "neutral" rating in a report on Wednesday, August 7th. Moffett Nathanson upped their price target on Lumen Technologies from $1.00 to $3.00 and gave the company a "sell" rating in a report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. upgraded Lumen Technologies from an "underweight" rating to a "neutral" rating in a research note on Wednesday, August 7th. Three analysts have rated the stock with a sell rating and five have issued a hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $4.09.

Lumen Technologies Company Profile

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.