The Manufacturers Life Insurance Company Acquires 9,922 Shares of Lumen Technologies, Inc. (NYSE:LUMN)

The Manufacturers Life Insurance Company lifted its holdings in Lumen Technologies, Inc. (NYSE:LUMN) by 2.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 509,861 shares of the technology company’s stock after purchasing an additional 9,922 shares during the period. The Manufacturers Life Insurance Company’s holdings in Lumen Technologies were worth $561,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of LUMN. HighPoint Advisor Group LLC acquired a new stake in shares of Lumen Technologies in the fourth quarter worth about $27,000. Fidelis Capital Partners LLC boosted 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 worth $35,000 after purchasing an additional 10,764 shares during the period. Sawgrass Asset Management LLC grew its holdings in Lumen Technologies by 68.5% during the second quarter. Sawgrass Asset Management LLC now owns 22,786 shares of the technology company’s stock valued at $25,000 after purchasing an additional 9,263 shares during the last quarter. ANTIPODES PARTNERS Ltd bought a new position in shares of Lumen Technologies in the second quarter valued at approximately $26,000. Finally, Envestnet Portfolio Solutions Inc. acquired a new position in Lumen Technologies in the 1st quarter valued at $45,000. 66.19% of the stock is currently owned by institutional investors.

Lumen Technologies Trading Up 1.6 %

Shares of LUMN opened at $6.18 on Wednesday. The stock has a 50 day simple moving average of $6.07 and a 200-day simple moving average of $3.05. Lumen Technologies, Inc. has a 1 year low of $0.78 and a 1 year high of $7.83. The stock has a market cap of $6.27 billion, a PE ratio of -0.56 and a beta of 1.19. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 39.51.

Lumen Technologies (NYSE:LUMN) last announced its earnings results on Tuesday, August 6th. The technology company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.07). Lumen Technologies had a negative return on equity of 18.52% and a negative net margin of 15.06%. The business had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.25 billion. During the same quarter in the previous year, the company posted $0.10 EPS. Lumen Technologies’s revenue for the quarter was down 10.7% on a year-over-year basis. On average, sell-side analysts predict that Lumen Technologies, Inc. will post -0.18 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director James Fowler purchased 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average cost of $4.70 per share, for a total transaction of $47,000.00. Following the transaction, the director now directly owns 384,056 shares of the company’s stock, valued at approximately $1,805,063.20. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.68% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on LUMN. Moffett Nathanson upped their price target on shares of Lumen Technologies from $1.00 to $3.00 and gave the company a “sell” rating in a report on Wednesday, August 7th. TD Cowen raised their price objective on shares of Lumen Technologies from $2.50 to $7.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Bank of America upped their target price on shares of 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 target for the stock from $1.25 to $3.15 in a research report on Tuesday, August 6th. Finally, The Goldman Sachs Group lifted their price objective on Lumen Technologies from $4.00 to $4.50 and gave the stock a “neutral” rating in a report on Friday, October 4th. Three equities research analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $4.09.

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.