Amalgamated Bank Cuts Stock Position in Lumen Technologies, Inc. (NYSE:LUMN)

Amalgamated Bank decreased its holdings in Lumen Technologies, Inc. (NYSE:LUMN) by 2.8% in the second quarter, HoldingsChannel.com reports. The fund owned 307,677 shares of the technology company’s stock after selling 8,769 shares during the quarter. Amalgamated Bank’s holdings in Lumen Technologies were worth $338,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in 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 period. Palestra Capital Management LLC boosted its position in shares of Lumen Technologies by 71.0% during the fourth quarter. Palestra Capital Management LLC now owns 11,167,585 shares of the technology company’s stock worth $20,437,000 after acquiring an additional 4,637,585 shares during the last quarter. Front Street Capital Management Inc. grew its stake in Lumen Technologies by 30.9% during the first quarter. Front Street Capital Management Inc. now owns 8,963,689 shares of the technology company’s stock valued at $13,983,000 after acquiring an additional 2,114,866 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Lumen Technologies by 11.6% in the 2nd quarter. Renaissance Technologies LLC now owns 8,873,803 shares of the technology company’s stock valued at $9,761,000 after acquiring an additional 919,300 shares during the last quarter. Finally, Allianz Asset Management GmbH boosted its holdings in shares of Lumen Technologies by 27.8% during the 4th quarter. Allianz Asset Management GmbH now owns 4,084,580 shares of the technology company’s stock valued at $7,475,000 after purchasing an additional 888,581 shares during the last quarter. Hedge funds and other institutional investors own 66.19% of the company’s stock.

Insider Buying and Selling at Lumen Technologies

In related news, Director James Fowler purchased 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average price of $4.70 per share, with a total value of $47,000.00. Following the completion of the purchase, the director now owns 384,056 shares of the company’s stock, valued at approximately $1,805,063.20. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 1.68% of the stock is owned by corporate insiders.

Lumen Technologies Trading Up 4.9 %

Shares of NYSE LUMN opened at $7.28 on Monday. 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 debt-to-equity ratio of 39.51, a quick ratio of 1.01 and a current ratio of 1.01. The company has a market cap of $7.39 billion, a price-to-earnings ratio of -0.67 and a beta of 1.18. The business’s 50 day moving average price is $5.10 and its 200-day moving average price is $2.63.

Lumen Technologies (NYSE:LUMN) last released its earnings results on Tuesday, August 6th. The technology company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.07). The business had revenue of $3.27 billion for the quarter, compared to the consensus estimate 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 for the quarter was down 10.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.10 earnings per share. On average, sell-side analysts expect that Lumen Technologies, Inc. will post -0.17 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on LUMN. UBS Group lifted their target price on Lumen Technologies from $1.50 to $5.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. TD Cowen increased their target price on Lumen Technologies from $2.50 to $7.00 and gave the company 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 upped their price target for the company from $1.00 to $4.00 in a research note on Wednesday, August 7th. Bank of America lifted their price objective on shares of Lumen Technologies from $1.00 to $2.00 and gave the stock an “underperform” rating in a research note on Thursday, August 8th. Finally, JPMorgan Chase & Co. raised shares of Lumen Technologies from an “underweight” rating to a “neutral” rating in a report on Wednesday, August 7th. Three equities research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. According to data from MarketBeat.com, Lumen Technologies currently has a consensus rating of “Hold” and a consensus price target of $4.02.

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.