Lumen Technologies (NYSE:LUMN) Reaches New 1-Year Low – Here’s What Happened

Lumen Technologies, Inc. (NYSE:LUMN)’s stock price hit a new 52-week low during trading on Thursday. The company traded as low as $4.25 and last traded at $4.4050, with a volume of 615,926 shares. The stock had previously closed at $4.46.

Wall Street Analyst Weigh In

LUMN has been the subject of a number of research analyst reports. Wells Fargo & Company dropped their price objective on shares of Lumen Technologies from $9.00 to $7.50 and set an “equal weight” rating for the company in a report on Wednesday, August 5th. The Goldman Sachs Group reduced their target price on Lumen Technologies from $8.50 to $7.25 and set a “neutral” rating on the stock in a research note on Wednesday, August 5th. Wall Street Zen upgraded Lumen Technologies from a “sell” rating to a “hold” rating in a research report on Sunday, August 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Lumen Technologies in a research note on Friday, July 17th. Finally, Citigroup dropped their price target on Lumen Technologies from $10.00 to $8.25 and set a “neutral” rating for the company in a research note on Tuesday, August 11th. Nine equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average price target of $7.86.

Lumen Technologies Trading Up 2.5%

The company has a market cap of $4.71 billion, a P/E ratio of -4.48 and a beta of 1.84. The company’s fifty day moving average is $5.89 and its 200 day moving average is $7.24.

Lumen Technologies (NYSE:LUMN) last released its quarterly earnings data on Tuesday, August 4th. The technology company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.06. The company had revenue of $2.81 billion during the quarter, compared to analysts’ expectations of $2.74 billion. During the same quarter in the prior year, the firm posted ($0.03) EPS. The firm’s quarterly revenue was down 9.3% on a year-over-year basis. Analysts anticipate that Lumen Technologies, Inc. will post -0.54 EPS for the current year.

Insider Buying and Selling

In related news, CEO Kathleen Johnson acquired 100,000 shares of the stock in a transaction on Thursday, August 6th. The stock was purchased at an average price of $6.13 per share, for a total transaction of $613,000.00. Following the completion of the transaction, the chief executive officer owned 100,000 shares of the company’s stock, valued at $613,000. This trade represents a ? increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Lumen Technologies

Several institutional investors have recently added to or reduced their stakes in LUMN. Hsbc Holdings PLC bought a new stake in Lumen Technologies in the 2nd quarter worth about $74,242,000. Bank of New York Mellon Corp boosted its stake in shares of Lumen Technologies by 87.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 10,489,367 shares of the technology company’s stock worth $80,558,000 after acquiring an additional 4,886,999 shares during the last quarter. BlackRock Inc. grew its holdings in Lumen Technologies by 3.5% during the second quarter. BlackRock Inc. now owns 142,261,845 shares of the technology company’s stock valued at $1,092,571,000 after purchasing an additional 4,796,141 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Lumen Technologies in the 2nd quarter worth approximately $24,767,000. Finally, Legal & General Group Plc purchased a new stake in shares of Lumen Technologies in the second quarter worth $18,541,000. Hedge funds and other institutional investors own 66.19% of the company’s stock.

About Lumen Technologies

Lumen Technologies, Inc is a communications and technology company that provides network, connectivity, cloud, cybersecurity and managed services primarily to businesses, government organizations and wholesale customers. Its offerings include fiber-based internet and data transport, software-defined networking, network security, unified communications, voice services, edge computing and related information technology solutions.

The company operates one of the largest enterprise fiber networks in the United States and also serves customers internationally through its global network and wholesale operations.