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

Victory Capital Management Inc. raised its holdings in Lumen Technologies, Inc. (NYSE:LUMN) by 1,081.0% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,368,911 shares of the technology company’s stock after purchasing an additional 2,168,325 shares during the quarter. Victory Capital Management Inc.’s holdings in Lumen Technologies were worth $16,819,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of LUMN. Vanguard Group Inc. raised its holdings in Lumen Technologies by 1.7% during the first 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. Front Street Capital Management Inc. boosted its position in Lumen Technologies by 30.1% during 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 purchasing an additional 2,697,423 shares during the period. Renaissance Technologies LLC boosted 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 worth $9,761,000 after acquiring an additional 919,300 shares during the period. Millennium Management LLC grew its stake in shares of Lumen Technologies by 129.8% during the second quarter. Millennium Management LLC now owns 7,854,906 shares of the technology company’s stock valued at $8,640,000 after acquiring an additional 4,436,710 shares in the last quarter. Finally, AQR Capital Management LLC grew its position in shares of Lumen Technologies by 52.5% during the second quarter. AQR Capital Management LLC now owns 3,621,874 shares of the technology company’s stock worth $3,712,000 after buying an additional 1,246,289 shares in the last quarter. Hedge funds and other institutional investors own 66.19% of the company’s stock.

Insiders Place Their Bets

In other Lumen Technologies news, Director James Fowler acquired 10,000 shares of Lumen Technologies stock in a transaction dated Tuesday, September 3rd. The stock was bought at an average cost of $4.70 per share, with a total value of $47,000.00. Following the acquisition, the director now owns 384,056 shares of the company’s stock, valued at approximately $1,805,063.20. The trade was a 2.67 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on LUMN shares. JPMorgan Chase & Co. raised Lumen Technologies from an “underweight” rating to a “neutral” rating in a research report on Wednesday, August 7th. Bank of America increased their price target on Lumen Technologies from $1.00 to $2.00 and gave the company an “underperform” rating in a research note on Thursday, August 8th. 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. TD Cowen cut their price objective on Lumen Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a research report on Wednesday, November 6th. Finally, UBS Group boosted their price target on shares of Lumen Technologies from $1.50 to $5.00 and gave the company 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 assigned a hold rating to the stock. According to data from MarketBeat, Lumen Technologies presently has an average rating of “Hold” and an average target price of $4.02.

Lumen Technologies Trading Down 4.7 %

NYSE:LUMN opened at $7.75 on Wednesday. The company has a market capitalization of $7.86 billion, a P/E ratio of -3.57 and a beta of 1.21. Lumen Technologies, Inc. has a 52 week low of $0.97 and a 52 week high of $10.33. The stock’s 50 day moving average price is $7.03 and its 200 day moving average price is $4.14. The company has a debt-to-equity ratio of 53.05, a quick ratio of 1.20 and a current ratio of 1.20.

Lumen Technologies (NYSE:LUMN) last announced its earnings results on Tuesday, November 5th. The technology company reported ($0.13) 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 firm had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.21 billion. During the same quarter last year, the business earned ($0.09) EPS. The business’s revenue was down 11.5% compared to the same quarter last year. On average, research analysts forecast that Lumen Technologies, Inc. will post -0.38 EPS for the current fiscal year.

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.