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

Front Street Capital Management Inc. increased its stake in Lumen Technologies, Inc. (NYSE:LUMN) by 30.1% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 11,661,112 shares of the technology company’s stock after acquiring an additional 2,697,423 shares during the period. Lumen Technologies makes up 2.5% of Front Street Capital Management Inc.’s investment portfolio, making the stock its 13th largest position. Front Street Capital Management Inc.’s holdings in Lumen Technologies were worth $12,827,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of LUMN. Sawgrass Asset Management LLC boosted its position in shares of Lumen Technologies by 68.5% in the second quarter. Sawgrass Asset Management LLC now owns 22,786 shares of the technology company’s stock worth $25,000 after acquiring an additional 9,263 shares during the last quarter. ANTIPODES PARTNERS Ltd acquired a new position in Lumen Technologies during the second quarter valued at approximately $26,000. HighPoint Advisor Group LLC acquired a new position in Lumen Technologies during the fourth quarter valued at approximately $27,000. Fifth Third Wealth Advisors LLC acquired a new position in Lumen Technologies during the second quarter valued at approximately $33,000. Finally, Fidelis Capital Partners LLC lifted its position in Lumen Technologies by 94.6% during the first quarter. Fidelis Capital Partners LLC now owns 22,142 shares of the technology company’s stock valued at $35,000 after buying an additional 10,764 shares in the last quarter. 66.19% of the stock is owned by institutional investors and hedge funds.

Lumen Technologies Stock Performance

LUMN stock opened at $7.28 on Tuesday. The company has a market capitalization of $7.39 billion, a P/E ratio of -0.67 and a beta of 1.18. The company has a 50-day simple moving average of $4.64 and a 200 day simple moving average of $2.48. Lumen Technologies, Inc. has a fifty-two week low of $0.78 and a fifty-two week high of $7.83. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 39.51.

Lumen Technologies (NYSE:LUMN) last issued its quarterly earnings results 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 business had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.25 billion. During the same period in the previous year, the company posted $0.10 earnings per share. Lumen Technologies’s revenue was down 10.7% compared to the same quarter last year. Sell-side analysts predict that Lumen Technologies, Inc. will post -0.17 earnings per share for the current fiscal year.

Analyst Ratings Changes

LUMN has been the topic of a number of recent research reports. Bank of America lifted their price target on shares of Lumen Technologies from $1.00 to $2.00 and gave the company an “underperform” rating in a research report on Thursday, August 8th. Citigroup raised shares of Lumen Technologies from a “sell” rating to a “neutral” rating and lifted their price target for the company from $1.25 to $3.15 in a research report on Tuesday, August 6th. TD Cowen boosted their target price 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. The Goldman Sachs Group raised shares of Lumen Technologies from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $1.00 to $4.00 in a research report on Wednesday, August 7th. Finally, UBS Group boosted their target price on shares of Lumen Technologies from $1.50 to $5.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Three analysts have rated the stock with a sell rating and five have issued a hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $4.02.

Insiders Place Their Bets

In related news, Director James Fowler acquired 10,000 shares of the business’s stock in a transaction on 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 acquisition, the director now owns 384,056 shares in the company, valued at $1,805,063.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.68% of the company’s stock.

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.