Lumen Technologies, Inc. (NYSE:LUMN) Shares Acquired by Victory Capital Management Inc.

Victory Capital Management Inc. raised its stake in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 1,081.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,368,911 shares of the technology company's stock after buying an additional 2,168,325 shares during the quarter. Victory Capital Management Inc. owned about 0.23% of Lumen Technologies worth $16,819,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Envestnet Portfolio Solutions Inc. acquired a new position in Lumen Technologies during the 1st quarter worth $45,000. ProShare Advisors LLC raised its stake in Lumen Technologies by 8.3% during the first quarter. ProShare Advisors LLC now owns 226,243 shares of the technology company's stock worth $353,000 after acquiring an additional 17,243 shares during the period. State Board of Administration of Florida Retirement System boosted its stake in Lumen Technologies by 247.6% in 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 acquiring an additional 814,474 shares during the period. Mitsubishi UFJ Trust & Banking Corp grew its holdings in shares of Lumen Technologies by 22.4% during the first 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 during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of Lumen Technologies by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 120,303,220 shares of the technology company's stock worth $187,673,000 after purchasing an additional 1,975,400 shares during the last quarter. Institutional investors and hedge funds own 66.19% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Citigroup upgraded shares of Lumen Technologies from a "sell" rating to a "neutral" rating and raised their price objective for the company from $1.25 to $3.15 in a research report on Tuesday, August 6th. Wells Fargo & Company cut 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 upped their price objective 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. The Goldman Sachs Group upped their target price on Lumen Technologies from $4.50 to $5.00 and gave the company a "neutral" rating in a research note on Wednesday, November 6th. Finally, TD Cowen dropped their price target on shares of Lumen Technologies from $7.00 to $6.00 and set a "hold" rating for the company in a research report on Wednesday, November 6th. Three equities research analysts have rated the stock with a sell rating and five have given a hold rating to the company's stock. Based on data from MarketBeat, Lumen Technologies presently has a consensus rating of "Hold" and an average target price of $4.02.

Lumen Technologies Trading Down 2.5 %

LUMN traded down $0.19 during trading on Wednesday, hitting $7.55. 9,879,731 shares of the stock traded hands, compared to its average volume of 19,848,766. The firm has a market capitalization of $7.66 billion, a P/E ratio of -3.48 and a beta of 1.21. The firm has a 50-day moving average of $7.07 and a 200 day moving average of $4.16. The company has a debt-to-equity ratio of 53.05, a current ratio of 1.20 and a quick ratio of 1.20. Lumen Technologies, Inc. has a 12-month low of $0.97 and a 12-month high of $10.33.

Lumen Technologies (NYSE:LUMN - Get Free Report) last posted its quarterly earnings results on Tuesday, November 5th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.04). Lumen Technologies had a negative return on equity of 49.74% and a negative net margin of 16.06%. The company had revenue of $3.22 billion during the quarter, compared to analysts' expectations of $3.21 billion. During the same period in the prior year, the firm earned ($0.09) EPS. Lumen Technologies's revenue for the quarter was down 11.5% compared to the same quarter last year. Equities research analysts anticipate that Lumen Technologies, Inc. will post -0.38 EPS for the current year.

Insider Buying and Selling

In related news, Director James Fowler bought 10,000 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were purchased at an average price of $4.70 per share, for a total transaction of $47,000.00. Following the completion of the purchase, the director now directly owns 384,056 shares of the company's stock, valued at $1,805,063.20. This represents a 2.67 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.68% of the stock is currently owned by insiders.

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.